Cornerstone Home Lending Acquires Texas Community Bank

Cornerstone Home Lending buys Roscoe State Bank with $212.6 million in assets in Roscoe, Texas.

Cornerstone, of Houston, did not say when he expects the deal to close or how much he has agreed to pay for Roscoe State Bank, which opened in 1906.

Owning a bank will allow the mortgage lender “to significantly expand product and service offerings to our hundreds of thousands of customers and referral sources across the country,” said Marc Laird, Founder, President and CEO. of Cornerstone, in a press release issued Monday.

Cornerstone has helped fund more than 430,000 mortgages since its launch in 1988. The combined company will have $2 billion in assets and $300 million in equity, according to Cornerstone.

Roscoe State Bank operates three branches in Roscoe, Sweetwater and Bastrop near Austin. President and CEO John Jay will join Cornerstone’s Board of Directors and play an active role in its operation.

Cornerstone is “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,” Jay said in the release. Jay’s family has owned Roscoe State Bank since 1976.

A mortgage company acquiring a community bank is by no means unknown. Real Estate Capital DLP announced plans to acquire a $98 million Sunnyside Bancorp asset in Irvington, New York, for $12 million in March. Gateway Mortgage Group in Tulsa, Oklahoma, acquired Farmers Exchange Bank with $314 million in assets in Cherokee, Oklahoma in May 2019.

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