Press Release – Cornerstone Home Lending Completes Acquisition of the Roscoe State Bank

Mark RamosPress Releases

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Your Mortgage Lender and Your Bank?

We get buyers home happy and now we make banking happy, too. 

For over 34 years, we have been leading the mortgage industry in quick, easy, and happy closings. And while that has been our number one focus, we knew years ago that we wanted to do even more for our partners and clients. So, what did we do?

We Bought a Bank!

What does this mean for Cornerstone Home Lending, our partners, and our clients? 

  • Our mortgage team will continue to serve partners and clients long after closing by providing connections to financial services beyond home loans. Plus, some of these offerings will be available only to our partners and clients.
  • Adding a banking platform to our growing residential lending platform will position Cornerstone for sustained success and growth, enhancing the personalized service we’re known for by giving us access to more products and tools that can make our partners’ and clients’ lives better. 
  • We launched our in-house servicing division earlier this year, so the post-close servicing of most loans stays in our hands and is handled by our own team members. That means our clients get the best service from prequalification to well beyond closing day. 

The positioning of Cornerstone Home Lending has never been better. Paired with our service-oriented model and amazing team members ready to go all in for you makes us more excited than ever to be your go-to lender – and now your go-to bank.

Press Release:

HOUSTON, October 3, 2022 — Cornerstone Home Lending, one of the nation’s premier independent residential mortgage companies, today announced the completion of its previously announced acquisition of and merger with The Roscoe State Bank of Roscoe, Texas.

The merger results in the formation of Cornerstone Capital Bank (the “Company”), which will hold more than $380 million in regulatory capital and greater than $1.5 billion in assets. Its formation creates the highest initially capitalized new bank in Texas history. Cornerstone Capital Bank will operate in three business segments: mortgage lending and servicing, commercial and retail banking, and institutional banking.

“This exciting transaction allows us to provide more comprehensive financial services to our customers nationwide,” said Marc Laird, Founder, Chairman, and CEO of Cornerstone. “We will create a category-defining experience that will strengthen our existing businesses and reinforce our mission of providing a positive difference in the lives of others.”

Roscoe’s Chairman and Chief Executive Officer John W. Jay added, “We’re thrilled to team up with Cornerstone, combining two family-owned organizations with a long history of serving the needs of others. This transaction will allow us to better serve existing customers and provide a platform for future growth and diversification.”

Cornerstone expects to realize compelling strategic and financial benefits from the transaction, including:

  • Increasing engagement and product expansion to more than 500,000 U.S. families and mortgage referral sources served by Cornerstone since inception.
  • Enabling Cornerstone to offer new products, services, and resources through advanced technologies to better serve customers, including mobile banking, video banking, online banking, and fee-free checking.
  • Attracting new customers through the addition of commercial banking services that leverage Cornerstone’s exceptional brand.
  • Diversifying and increasing earnings, reducing average cost of funds, and generating additional and recurring net interest income.
  • Enhancing resiliency over various economic cycles.

The Company announced today that Scott Almy has been appointed to serve as Chief Executive Officer of Cornerstone Capital Bank, and that Scott has joined Cornerstone’s board of directors. Scott brings more than 30 years of banking and mortgage industry experience to Cornerstone Capital Bank, including executive assignments with both public and private community and regional banks. Most recently, he served as Executive Vice President, Chief Operating Officer at LegacyTexas Bank and its publicly traded holding company, one of the fastest growing banking franchises the Southwest. Marc Laird will remain as Chairman of the Company.

“We believe in our ability to help usher in a new model in financial services, balancing the exceptional service record of two respected and historically successful organizations. I’m honored to join Cornerstone at an exciting time, and to work with such talented and dedicated team members,” said Scott Almy. “We look forward to extending the success of two respected brands, expanding our scope of services, and continuing our commitment to being known as a preferred workplace.”

In addition, Cornerstone announced that Adam Laird, Cornerstone’s current President, has been named Chief Executive Officer – Mortgage Banking, with continued responsibility for overseeing Cornerstone’s nationally respected mortgage lending origination and servicing business. “This is an incredible milestone for Cornerstone,” said Adam Laird. “The strategic combination of mortgage lending, loan servicing, commercial and digital banking, and additional financial services and products, together with caring team members and our award-winning culture, will propel our continued success for generations to come.”

After closing, Cornerstone Capital Bank will continue to operate its residential mortgage operations under its longstanding “Cornerstone Home Lending” brand. Cornerstone Capital Bank will continue to operate under the “Roscoe” name in Nolan County and Bastrop County, Texas markets, and as “Cornerstone Capital Bank” in metropolitan Texas and digital markets.

Cornerstone plans to add seasoned commercial lending and digital services bankers beginning in 2022 and announced that Chuck Phelan, former regulator and executive with national correspondent bank TIB, N.A., and Mary Clouthier, experienced regulator and commercial bank executive, have been appointed to serve as Cornerstone’s Chief Financial Officer and Chief Risk Officer, respectively. Brook Silvestri, most recently with Texas Capital Bank, joins Cornerstone as Executive Vice President, Institutional Bank. David Fraser, formerly with both Texas Capital Bank and Veritex Community Bank, is expected to serve as Chief Credit Officer beginning in the fourth quarter. In addition to Marc Laird, Adam Laird, and Scott Almy, Cornerstone’s board of directors will be comprised of experienced bankers and bank advisors including John Jay, Molly Curl, Howard Key, and Mark Williamson. 

Advisors

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 Holland & Knight LLP served as its legal counsel.

About Cornerstone Capital Bank

Created by Cornerstone Home Lending’s acquisition of and merger with The Roscoe State Bank, Houston-based Cornerstone Capital Bank (“Cornerstone”) has a combined operating history dating back to 1906, and includes mortgage banking, mortgage loan servicing, commercial banking, and institutional banking divisions. Its nationally recognized residential lending team, operating as Cornerstone Home Lending, has assisted families with nearly 500,000 home financing transactions since inception in 1988. Cornerstone Home Lending currently originates mortgage loans in 38 states, plus the District of Columbia, and provides full-service, in-house mortgage loan servicing operations which combine a superior record of customer care and industry-leading technologies. The institutional banking division offers deposit and lending services to community banks across the country. Cornerstone’s more than 1,800 team members across the country are guided by a non-negotiable Mission, Vision, and Convictions statement. Cornerstone is known for its commitment to on-time delivery of services; its caring, passionate, and experienced team members; a comprehensive array of innovative products and services; certified Great Place to Work® status with multiple Best Workplaces™ awards; and recognition as a “Top Workplace” in multiple major markets. The Roscoe State Bank is the oldest bank in Nolan County, Texas, first opening its doors for business on December 6, 1906, and has branch locations in Bastrop, Roscoe, and Sweetwater, Texas. Cornerstone is primarily regulated by the Federal Deposit Insurance Corporation, and the Texas Department of Savings and Mortgage Lending. For more information, please visit www.cornerstonecapital.com, www.houseloan.com, and www.rsb.bank.

For more information contact:

Scott Almy
713.212.3077
[email protected]

Adam Laird
713.623.9558
[email protected]

Cornerstone Capital Bank
1177 West Loop South, Suite 700
Houston, Texas 77027

You won’t experience any changes in how we manage our relationship with you. We are still directly accessible through the LoanFly app, and by email or phone.

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