For the first time in nearly two decades, a new locally owned community bank is on track to open in Owensboro. Cornerstone Community Bank (In Organization) has secured conditional approval from both state and federal regulators, clearing a major hurdle toward becoming the first new Kentucky bank chartered since 2009.
The approval letters from the Kentucky Department of Financial Institutions and the Federal Deposit Insurance Corporation (FDIC) mark a major regulatory milestone for the organizing group, which plans to open the locally owned bank at 1819 Frederica Street by June 2026.
Cornerstone will be locally owned and operated, with shareholders and a founding board made up of individuals who live and work in Owensboro and Daviess County. Organizers say the goal is to keep lending decisions, relationships, and long-term investment rooted locally.
“These approvals validate what our community already knows: there is real demand for a bank that is owned by the people it serves,” said Kyle Aud, proposed president and CEO of Cornerstone Community Bank. “Every decision, every loan, every relationship will stay right here where it matters most. We are not community in name only. Our shareholders are your neighbors.”
Cornerstone is structured as a C Corporation, allowing broad shareholder participation while ensuring no single individual or investor group holds a controlling interest. Ownership is open to local investors with a minimum investment of $25,000, a structure organizers say reinforces the bank’s community-first mission.
Interest from local investors has already exceeded the $20 million required offering, according to the organizing group. The maximum offering is $30 million, with a funding deadline of March 31, 2026.
“We truly hope this becomes a bank owned by as many people in this community as possible,” Aud said. “The response so far has been incredibly strong, and we fully expect to reach our maximum offering. If someone has an interest in being part of this, I would encourage them to inquire sooner rather than later. Once we are fully subscribed, we will close the offering.”
While meeting with state and federal regulators in Frankfort, members of the organizing group said, officials took notice that every member of the founding team was from the community the bank intends to serve.
“They said, ‘That’s what we like about you all. You’re all from the community, and you’re wanting to do something for the community.’ That meant a lot to our entire group,” said T. Tommy Littlepage, a board member and managing partner at Wilson, Hutchinson & Littlepage.
The proposed executive leadership team brings more than 70 years of combined banking experience. Aud has more than 20 years of community banking experience in Daviess County, with a background in relationship growth and credit management. Billy Duvall is slated to serve as chief financial officer, bringing more than 30 years of banking and accounting experience, while Tom Ed Booth is proposed as chief credit officer with more than 34 years of experience in commercial lending and underwriting, much of it in Owensboro and Daviess County.
The proposed board of directors includes Jonathan A. Lawson, a past owner of Bank of Ohio County and founding member of the Bankers Bank of Kentucky; Chris W. Anderson, president of Sun Windows Inc.; Nick Thompson, president of Thompson Homes; Suzanne Cecil White, director of operations at Cecil Farms and owner of the White Chateau; Littlepage; John T. Yager, co-owner of Construction Engineering Solutions; Michael E. Horn, retired owner of Titan Contracting; and Steven M. Ford and Steven Neel Ford, partners at EM Ford Insurance.
The bank’s founding location will sit directly across from Owensboro High School on Frederica Street. From that location, Cornerstone plans to serve customers throughout Daviess, Ohio, Hancock, McLean, and Henderson counties.
The bank intends to focus on relationship banking for business owners, agricultural operations, and consumer borrowers, pairing local decision-making with modern digital services.
“I want people to feel like we will meet them where they are,” said White, who represents the agriculture community on the board. “Whether that’s in a field, at their business, or at our branch. I want them to know we really do care about them and will meet them where they are, literally, in every aspect.”
Individuals, corporations, partnerships, and limited liability companies interested in learning more about the investment opportunity can visit investors.ourccbank.com to request a confidential opportunity overview. Shares are priced at $10 each, with a minimum investment of $25,000 and a maximum of $1 million. Each investment includes warrants at a ratio of one for every four shares purchased.
Cornerstone Community Bank (In Organization) would be the first new community bank founded in Owensboro since 1997 and the first new Kentucky bank charter since 2009. The bank is projected to open in June 2026.
