Cornerstone Home Lending to acquire The Roscoe State Bank
HOUSTON, June 14, 2021 /PRNewswire/ -- Cornerstone Home Lending, one of the nation's premier independent residential mortgage companies, announced that it has signed a definitive agreement to acquire The Roscoe State Bank of Roscoe, Texas.
These two family-owned companies with nearly 150 years of collective operating success will combine to create an organization holding approximately $2 billion in assets and more than $300 million in equity capital.
"For more than 33 years, Cornerstone's daily mission has been to use and improve upon our God-given talents to make a positive difference to the lives of our team members, customers, shareholders and the people who provide services to us. This combination of two great teams will allow Cornerstone to significantly expand product and service offerings to our hundreds of thousands of customers and referral sources throughout the country, will provide a vast array of additional home lending products and services to the customers and communities served by The Roscoe State Bank, and will produce additional growth opportunities for team members at both Cornerstone and Roscoe," said Marc Laird, Chairman, CEO and co-founder of Cornerstone.
"With advanced digital technologies and the support of caring team members who are committed to friendly service, we will continue to uphold our key Core Conviction of providing a remarkable experience for every family we serve, whether through mortgage lending, commercial banking or digital banking services," added Judy Belanger, Vice Chairman, President and co-founder of Cornerstone.
The Roscoe State Bank boasts 115 years of exceptional service to Texans in Roscoe, Sweetwater and Bastrop, with the last 46 years of successful operations and service under the leadership of Clyde Jay and current Chairman and CEO John Jay. The Roscoe State Bank is known for its superior banking experience for consumers and small businesses. John Jay is expected to join the resulting board of directors at closing and will remain active with the merged organization going forward, including with its commercial banking loan committees.
"I am very excited about our transaction with Cornerstone, and I believe they are the perfect fit for our bank as we combine two family-owned organizations that share a similar culture and a commitment to building long-term relationships," commented John Jay. "I have been so impressed with the Cornerstone family and the successful business model they have achieved. Their respectful approach to integrating our own successful business model makes me confident that this deal will result in stronger growth and investments in markets we currently serve, and in expansion markets. We are very proud of Roscoe's history of serving our communities through every economic cycle since 1906, and we look forward to bringing that legacy to the national stage through this transaction."
The transaction is subject to customary regulatory approvals.
Otteson Shapiro LLP served as legal advisor to Cornerstone, and Scott Almy served as its business advisor. Piper Sandler & Co. served as financial advisor to The Roscoe State Bank in connection with the transaction, and Thompson Knight, LLP served as its legal counsel.
About Cornerstone Home Lending
Founded in 1988 in Houston, Texas, Cornerstone has assisted families on over 430,000 home financing transactions, including 49,266 home financing transactions in 2020. Cornerstone originates mortgage loans in 39 states plus the District of Columbia. Cornerstone's 1,900 team members are guided by a non-negotiable Mission, Vision & Convictions statement. Cornerstone is known for its commitment to closing mortgage loans on time; its refreshing culture; caring, passionate and experienced team members; a comprehensive array of innovative mortgage lending products and services; and a workplace that is recognized year after year as a "Top Workplace." For more information, please visit www.houseloan.com.
About The Roscoe State Bank
Founded in 1906, The Roscoe State Bank is a respected community-based bank with three banking centers in Roscoe and Sweetwater in West Texas, and in Bastrop near Austin, Texas. The bank believes in service to others and convenience banking. Roscoe offers an array of products and services, including business checking, personal checking, internet banking, online bill pay, mobile banking, mobile check deposit, and telephone banking. For more information, please visit www.rsb.bank.
For more information contact:
Executive Vice President and Chief Administrative Officer
Cornerstone Home Lending, Inc.
1177 West Loop South, Suite 700
Houston, Texas 77027
SOURCE Cornerstone Home Lending, Inc.