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For Immediate Release

December 22, 2015 

After careful deliberation, the management, the board of directors and shareholders have approved the merger of Peoples State Bank with Cornerstone State Bank.

Today's financial environment requires greater levels of expertise and resources for consumer compliance regulations, mortgage products, data processing, and cyber-security. This in turn necessitates economies of scale in the banking industry. We have decided that a merger of Peoples State Bank with Cornerstone State Bank would be in the best interest of stockholders, employees, and most importantly, our customers. Through this merger, we will be able to continue to provide our long tradition of excellence in service, while expanding our financial products. Peoples State Bank's two locations will be added to the five existing Cornerstone locations in Le Sueur, Cloquet, Belle Plaine, Green Isle, and Montgomery.

A primary reason for partnering with Cornerstone is their history of retaining staff and management while continuing the local decision-making and level of personalized attention that our customers have come to expect. As a family-owned business, it was important that we join a fellow family-owned bank with similar values and culture. Cornerstone has grown from a single bank in Le Sueur in the 1970s to a multiple-branch bank today. We are excited that Cornerstone's concentration on mortgage loans will provide an important service to the expanding housing market in and around the growing community of Madison Lake and Eagle Lake.

We anticipate that the merger will be effective by end of February, pending State Banking Commissioner and FDIC approval. We realize that our customers will have questions, and staff at both locations will be happy to answer them. We will strive to make this transition as smooth as possible. For more information, please contact either branch.

Madison Lake: 243-3511

Eagle Lake: 257-3544

Welcome to
CornerStone State Bank

CornerStone State Bank thanks you for coming to our internet site. We hope you will enjoy our internet banking package using it often and responsibly for many of your banking needs. The internet site will provide you with 24 hours of banking opportunities, information about CornerStone State Bank, interest rates, and secure information about your accounts.

Our commitment to you is to provide the best banking experience possible at very competitive prices, interest rates, technology, banking products, and services.

Chartered in 1974, as one office in Le Sueur, Minnesota, now CornerStone State Bank has grown into five communities; Le Sueur, Cloquet, Belle Plaine, Montgomery, and Green Isle, Minnesota. As an independent locally owned bank, all staff at CornerStone State Bank is committed to hometown service and the growth of our customers and communities.

Save, borrow, plan for retirement, buy a home, buy a business, buy a car, CORNERSTONE STATE BANK wants to be the Bank of your financial future. We appreciate your banking business, on-line or in person

Locations

CornerStone State Bank of Le Sueur
Le Sueur
415 North Main St
Le Sueur, MN 56058
507-665-4200
President: Chad Olness
CornerStone State Bank of Cloquet
Cloquet
1516 Cloquet Ave
Cloquet, MN 55720
218-879-6781
President: James Simmons
CornerStone State Bank of Belle Plaine
Belle Plaine
406 East Commerce Dr.
Belle Plaine, MN 56011
952-873-2500
President: Matt Fogarty
CornerStone State Bank of Green Isle
Green Isle
451 3rd St
PO Box 128
Green Isle, MN 55338
507-326-3200
952-873-4200
President: Sue Vos
CornerStone State Bank of Montgomery
Montgomery
PO Box 79
401 Fourth St. NW
Montgomery, MN 56069
507-364-bank (2265)
President: Connie L. White Tupy
CornerStone State Bank of Madison Lake
Madison Lake
500 Main Street
Madison Lake, MN 56063
507-243-3511
President: Jim Van Deusen
CornerStone State Bank of Eagle Lake
Eagle Lake
405 Parkway
Eagle Lake, MN 56024
507-257-3544
President: Bob Van Deusen