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Ky. group gets conditional approval to open Cornerstone Community Bank

A group in Owensboro, Ky., has received conditional approval from the Federal Deposit Insurance Corp. to form a bank.

The organizers of the proposed Cornerstone Community Bank need to raise $20 million of initial capital before opening the bank. The application was submitted in August.

Kyle Aud, a former market president at German American Bank, would serve as CEO.

Jonathan Lawson, a former chairman and president of Bank of Ohio County, which sold to First United Bank in 2016, and Steven Ford, a former director at Cardinal Federal Savings Bank and First Security Bank of Owensboro, are among the proposed board members.

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Paul Davis has 20+ years of experience following the banking industry. He is currently director of market intelligence at SRM, an advisory firm that operates in North America and Europe.

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