Services/Jobs not running on SP 2010 Servers

We encountered problem with Timer Service on one of the servers in SP 2010 Farm. The System log was filled with error events [Event Id 7024 - The SharePoint 2010 Timer service terminated with service-specific error %%-2147467259] and [Event Id 7031 - The SharePoint 2010 Timer service terminated unexpectedly.  It has done this 20 time(s).  The following corrective action will be taken in 30000 milliseconds: Restart the service] every 2 minutes causing the Timer service and jobs to fail.

Not sure, but assuming that this issue might be caused after recent Windows and SP security patches/updates.

We tried with Microsoft Support ticket for $499. They couldn't resolve and we got refund. Also tried solutions from different blogs and local MSFT certified vendors (charged $200 per hour). But, nothing worked.

In SP 2007, we don't see any CONFIG files in the BIN folder.
[C:\Program Files\Common Files\Microsoft Shared\Web Server Extensions\12\BIN]

But, from SP 2010 onward, we see new additional CONFIG files in the BIN folder.
[C:\Program Files\Common Files\Microsoft Shared\Web Server Extensions\14\BIN]

Luckily, the Timer service is working fine on one of the SP 2010 Farm servers.
[As part of Rollback plan for the activity Change Request, we took snapshots for both the servers, DB backups and also copied the original config files as backup into another folder].

• Copied both the OWSTIMER.EXE.CONFIG and PSCONFIG.EXE.CONFIG files from the working server and pasted into the folder of the problematic server.

• Ran the below PSConfig command successfully on both the servers. 

            PSConfig.exe -cmd upgrade -inplace b2b -force -wait

• Also ran the SharePoint 2010 Products Configuration Wizard successfully on both the servers.
• Re-booted both the servers

Magically the Timer service started working, the error events disappeared from the log and the jobs started running on both the servers.