UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of
1934
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Date
of Report (Date of earliest event reported)
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October
19, 2007
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CORNERSTONE
BANCSHARES, INC.
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(Exact
name of registrant as specified in its
charter)
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Tennessee
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000-30497
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62-1175427
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(State
or other jurisdiction
of
incorporation)
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(Commission
File
Number)
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(I.R.S.
Employer
Identification
No.)
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5319
Highway 153, Chattanooga, Tennessee
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37343
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code
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(423)
385-3000
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(Former
name or former address, if changed since last
report.)
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Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under
any
of the following provisions (see General Instruction A.2. below):
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o
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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o
Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 8.01
Other Events
On
August 19, 2007, the board of directors of the registrant authorized a
stock repurchase program. The program calls for a repurchase of up to 150,000
shares of the registrant’s outstanding common stock. Based on Security Bank’s
current outstanding shares of 6.5 million, the repurchase program
represents 2.3% of total shares outstanding and will be funded through internal
cash and borrowings at the holding company level. The repurchases will be made
from time to time by the company in the open market as conditions allow and
the
repurchase plan will be open for one year unless shortened or extended by the
board of directors. The number, price and timing of the repurchases will be
at
the company’s sole discretion and the program may be re-evaluated periodically,
depending on market conditions, liquidity needs and other factors.
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Item
9.01
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Financial
Statements and
Exhibits.
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(c)
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Exhibits
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99.1
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Press
release dated October 19, 2007 announcing the stock repurchase
program.
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
| CORNERSTONE BANCSHARES, INC. | ||
| (Registrant) | ||
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Date : October 19, 2007 |
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| By: | /s/ Nathaniel F. Hughes | |
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Nathaniel F. Hughes |
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President
and CFO
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