Indie mortgage company Cornerstone Home Lending now a bank

Mortgage company Cornerstone Home Lending is now a bank

The acquisition and merger with Roscoe State Financial institution pave the best way for the lender to offer new merchandise, companies and assets via superior applied sciences.

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Houston-based unbiased mortgage firm Cornerstone Dwelling Lending says it’s set to offer new services and products to a whole lot of hundreds of shoppers and referral sources nationwide as a financial institution, having accomplished its acquisition and merger with Roscoe State Financial institution.

The ensuing firm, Cornerstone Capital Financial institution, holds greater than $380 million in regulatory capital and $1.5 billion in property, making it the very best initially capitalized new financial institution in Texas historical past, the corporate mentioned.

Marc Laird

“This thrilling transaction permits us to offer extra complete monetary companies to our prospects nationwide,” mentioned Cornerstone founder and Chairman Marc Laird in a statement Monday. “We’ll create a category-defining expertise that can strengthen our present companies and reinforce our mission of offering a optimistic distinction within the lives of others.”

 

Along with making the corporate extra resilient throughout financial ups and downs, Cornerstone mentioned the merger will enable the corporate to:

  • Enhance engagement and product growth to greater than 500,000 U.S. households and mortgage referral sources served by Cornerstone
  • Provide new merchandise, companies and assets via superior applied sciences to higher serve prospects together with cellular banking, video banking, on-line banking and free checking
  • Appeal to new prospects via the addition of business banking companies that leverage Cornerstone’s model

Scott Almy

Scott Almy, a former LegacyTexas Financial institution govt, has been appointed Laird’s successor as CEO of Cornerstone Capital Financial institution and has additionally joined Cornerstone’s board of administrators. Laird will proceed to function the chairman of Cornerstone’s board of administrators.

A 1994 graduate of the Texas Tech College Faculty of Regulation, Almy has served as lead enterprise adviser on Cornerstone’s financial institution merger software and conversion mission since 2019.

“I’m honored to hitch Cornerstone at an thrilling time, and to work with such gifted and devoted staff members,” Almy mentioned in an announcement. “We stay up for extending the success of two revered manufacturers, increasing our scope of companies, and persevering with our dedication to being referred to as a most popular office.”

Adam Laird

Adam Laird, Cornerstone’s present president, has been named CEO of mortgage banking, with duty for overseeing Cornerstone’s nationwide mortgage lending origination and servicing enterprise.

With roots courting to 1988, Cornerstone Dwelling Lending is licensed in 40 states and sponsors 454 mortgage loan originators understanding of 108 department areas, in keeping with the Nationwide Mortgage Licensing System and Registry.

In April, Cornerstone announced an initiative to deliver its mortgage mortgage servicing in-house, utilizing software program supplied by Black Knight Inc. to gather funds on new mortgage originations.

Roscoe State Financial institution was established in 1906 in Roscoe, Texas, and operates department places of work in Sweetwater and Bastrop, in keeping with the Federal Deposit Insurance coverage Corp (FDIC).

Roscoe’s Chairman and CEO John Jay will serve on the Cornerstone Capital Financial institution’s board of administrators.

John Jay

“We’re thrilled to staff up with Cornerstone, combining two family-owned organizations with an extended historical past of serving the wants of others,” Jay mentioned in an announcement. “This transaction will enable us to higher serve present prospects and supply a platform for future development and diversification.”

Cornerstone Capital Financial institution will proceed to function its residential mortgage operations underneath the Cornerstone Dwelling Lending model. Cornerstone Capital Financial institution will hold The Roscoe State Financial institution title in Nolan County and Bastrop County, Texas, and function as Cornerstone Capital Financial institution elsewhere in Texas and in digital markets.

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