Exhibit 10.1 FEDERAL DESPOSIT INSURANCE CORPORATION WASHINGTON D.C. - -------------------------------- In the Matter of ) STIPULATION ) TO THE ISSUANCE OF A CORNERSTONE COMMUNITY BANK ) CONSENT ORDER CHATTANOOGA, TENNESSEE ) ) ) FDIC-10-037b (INSURED STATE NOVEMBER BANK) ) - -------------------------------- Subject to the acceptance of this STIPULATION THE ISSUANCE OF A CONSENT ORDER ("STIPULATION") by the Federal Deposit Insurance Corporation ("FDIC"), it is hereboy stipulated and agreed by and between a representative of the Legal Division of the FDIC and Cornerstone Community Bank, Chattanooga, Tennessee, ("Bank") as follows: 1. The Bank has been advised of its right to the issuance and service of a NOTICE OF CHARGES AND OF HEARING detailing the unsafe or unsound banking practices and violations of law and/or regulations alleged to have been committed by the Bank and of its right to a hearing on the alleged charges under section 8(b) of the Federal Deposit Insurance Act ("Act"), 12 U.S.C. ss. 1818(b), and the Bank has waved those rights. 2. The Bank, solely for the purpose of this proceeding and without admitting or denying any of the charges unsafe or unsound banking practices and violations of law and/or regulations, hereby consents and agrees to the issuance of a CONSENT ORDER ("ORDER") by the FDIC. The Bank further stipulates and agrees that such ORDER shall be deemed to be a final ORDER and that said ORDER shall become effective upon its issuance by the FDIC and shall be fully enforceable by the FDIC pursuant to the provisions of section 8(i) of the Act, 12 U.S.C. ss. 1818(i), subject only to the conditions set forth in paragraph 3 of this STIPULATION. 3. In the event the FDIC accepts the STIPULATION and issues the ORDER, it is agreed that no action will be taken by the FDIC to enforce said ORDER in a United States District Court unless the Bank or any institution-affiliated party has violated or is about to violate any provision of the ORDER. 4. Solely for the purpose of this proceeding, the Bank hereby waives: (a) The issuance and service of a NOTICE OF CHARGES AND OF HEARING; (b) All defenses to the alleged charges in the NOTICE OF CHARGES AND OF HEARING; (c) A hearing for the purpose of taking evidence on such alleged charges; (d) The filing of PROPOSED FINDINGS OF FACT AND CONCLUSIONS OF LAW; (e) A RECOMMENDED DECISION of an Administrative Law Judge; (f) The filing of exceptions with respect to such RECOMMENDED DECISION; and (g) Review of the ORDER by any Federal court. Dated this____day of____, 2010. FEDERAL DESPOSIT INSURANCE CORPORATION LEGAL DIVISION BY: ------------------ Michael R. Tregle Counsel CORNERSTONE COMMUNITY BANK CHATTANOOGA, TENNESSEE BY: /s/ Frank Hughes ------------------ Frank Hughes BY: /s/ Wesley M. Welborn --------------------- Wesley M. Welborn