Frank Hughes of Cornerstone Bank

Parent company of Cornerstone Bank boosts profits

The parent company of Cornerstone Bank boosted its earnings by 20 percent last year to $1.68 million.

Cornerstone CEO Frank Hughes said the bank "continued to make steady progress in earnings," recording its 12th consecutive quarter of profits in the fourth quarter when Cornerstone made $403,000 in net income.

Cornerstone, the 18-year-old Chattanooga bank with $432 million in assets, cut its foreclosed assets by 36 percent and in nonaccruing loans by 40 percent during 2013.

Michaels sued for data breach

Michaels Stores Inc. is being sued by a customer for failing to safeguard data after the company said last week it is the latest retailer to be hit by possible fraudulent activity involving payment-card information.

The world's largest arts-and-crafts retailer, which operates stores in Chattanooga at both Hamilton Place and Northgate mall, said Saturday that it "recently learned of possible fraudulent activity" of information on credit or debit cards used at Michaels.