Cornerstone Bancorp (AMEX:CBN)
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From May 2019 to May 2024
Merrill J. Forgotson, President of Cornerstone Bancorp,
Inc., announced that the shareholders of Cornerstone Bancorp, at its
annual meeting held on August 10, 2005, approved the Agreement and
Plan of Merger, dated as of April 12, 2005, among Cornerstone Bancorp,
Inc., Cornerstone Bank, NewAlliance Bancshares, Inc. and NewAlliance
Bank, which provides for the merger of Cornerstone Bancorp, Inc. into
NewAlliance Bancshares, Inc. and the simultaneous merger of
Cornerstone Bank into NewAlliance Bank. Shareholders holding 831,753
shares, or approximately 94% of the shares voted on the merger
proposal, cast votes to approve the Agreement and Plan of Merger. It
is expected that the transactions will be consummated at the beginning
of 2006. Regulatory applications are pending.
Also at the annual meeting, the following five directors, each of
whom was currently a director, were elected to three-year terms on the
Board of Directors: Joseph F. Field, Merrill J. Forgotson, J. James
Gordon, Courtney A. Nelthropp and Donald Sappern. The shareholders
also ratified the appointment of KPMG LLP as Cornerstone Bancorp's
independent registered public accounting firm for the fiscal year
ending December 31, 2005.
In Connecticut, Cornerstone Bancorp, through its subsidiary
Cornerstone Bank, operates from three full-service locations in
Stamford, one full-service location in Greenwich, Norwalk and
Westport. The Bancorp also operates one business development office in
Norwalk and four limited service mobile branches. The Bancorp's common
stock is traded on the American Stock Exchange under the symbol CBN.
The statements contained in this press release that are not
historical are "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended. Examples of such
forward-looking statements include, without limitation, statements
regarding expectations for earnings, credit quality, and other
financial and business matters. When used in this report, the words
"anticipate," "plan," "believe," "estimate," "expect" and similar
expressions as they relate to the Company or its management are
intended to identify forward-looking statements. All forward-looking
statements involve risks and uncertainties. Actual results may differ
materially from those discussed in, or implied by, the forward-looking
statements as a result of certain factors, including but not limited
to, competitive pressures on loan and deposit product pricing; other
actions of competitors; changes in economic conditions; technological
changes; the extent and timing of actions of the Federal Reserve
Board, including changes in monetary policies and interest rates;
customer deposit disintermediation; changes in customers' acceptance
of the Bank's products and services; and the extent and timing of
legislative and regulatory actions and reforms. The forward-looking
statements contained in this report speak only as of the date on which
such statements are made.