Cornerstone Bank is an American bank which is based in New Jersey. While it is a relatively new bank (it began trading in 1999), it is far from a been a small bank. It has grown its initial equity holding from $7.7million to $354million (2011). To learn more about Cornerstone and the services it provides, read this article.
An overview of Cornerstone Bank
While only trading since 1999, the Cornerstone bank has made significant progress, which has resulted, in its present asset base of $354million.
-Named “Top Lender" by the New Jersey Economic Development Authority (2011).
-Named “Preferred Lender" by the New Jersey Economic Development Authority (2008). · Named as “Best Bank for small business lending in New Jersey" by Entrepreneur.com (2008).
Personal Checking Cornerstone provides three options.
The most popular is the Supreme Checking Account.
With a minimum opening balance of $50, this account has no fees, it comes with a free ATM/debit card and interest is paid on balances which are great then $1.
There are two options, the first one, which is called Statement Savings and only requires $50 to open. The second account, Tiered Statement Savings, which requires the same opening balance. However, for high level savers it comes with the advantage of higher interest rates on balances which are above $5,000. CD's and IRA's Both the savings certificates and individual retirement plans have the same conditions attached to them, even though they are different investment vehicles. Both require a minimum deposit of $500 to open the account and provide flexible terms form seven days to four years. Business banking Checking Cornerstone provides three types of checking account. Budget Account This account is designed for low volume small businesses. Business Checking Account The Business Checking Account is aimed at medium sized companies and corporate customers with high value transactions. Checking Interest Account This account is designed to suit the needs of small business owners, who wish to make interest on their checking account. Money market The Indexed Money Market Plan provides investments form an initial deposit of $500, and has premium rates of interest payable on balances which are in excess of $5,000. Loans Cornerstone provides both term loans along with Small Business Administration (SBA) re low interest loans. Lines of Credit Cornerstone cab provides its business account holders both with lines of credit and letters of credit. Mortgages Cornerstone provides a wide range of mortgages to suit various business needs which include the following: • Retail
• Multi-Family Residential Remote Capture This is a software and hardware which enables customers to scan checks and then lodge them directly from their location.