Based on past reports, this bank requires new customers to come into the branch to open accounts. Branches are located in Atlanta, Decatur and Sandy Springs, Georiga.
The bank's ratings for safety and soundness are weak: 2 stars (problematic) at BauerFinancial and 1 star (lowest) at Bankrate.com. Both ratings are based on 6/30/09 financial data.
On the plus side, I can't find any public enforcement actions from regulators that have been issued against this bank based on the list at Calculated Risk blog.
Cornerstone Bank has been a FDIC member since 2001 (FDIC Certificate # 35027).
Thanks to the reader who emailed me info on this special.
Problem with Georgia Banks?
With Georgia leading the nation this year with the number of failed banks (21 so far this year), consumers may be concerned with opening accounts at weak Georgia banks. Even though your insured deposits are safe, the CD interest rate (after a closure) is not. A reader recently asked me why Georgia has so many failed banks. This Atlanta Journal-Constitution article has a good review of the problems.
Other Competitive Certificate of Deposit Rates