Cornerstone Home Lending has entered a definitive agreement to acquire The Roscoe State Bank, a community bank in Texas, US.
The family-owned companies will together have about $2bn in assets and over $300m in equity capital.
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Founded in 1906 in Roscoe, The Roscoe State Bank also has offices in the Sweetwater and Bastrop regions of Texas. It provides all forms of consumer, commercial and real estate loans.
In addition, the bank facilitates digital banking, including mobile deposit, account and debit card alerts, mobile wallets and electronic statements.
At the acquisition closing, Roscoe’s CEO John Jay will join the board of directors of the combined entity. Jay will remain involved in the combined business, including commercial banking loan committees.
Jay said: “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 organisations that share a similar culture and a commitment to building long-term relationships.”
Cornerstone Home Lending
Established in 1988 in Houston, Cornerstone is a residential mortgage company. It has helped families on more than 430,000 home financing transactions, including 49,266 last year.
The company, with a team of 1,900 members, enables mortgage loans in 39 states and the District of Columbia.
Cornerstone chairman, co-founder and CEO Marc Laird said: “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.”
The companies did not disclose the financial details of the deal.
Otteson Shapiro acted as legal advisor to Cornerstone while Scott Almy served as a business advisor. Piper Sandler was financial advisor to The Roscoe State Bank and Thompson Knight was its legal counsel.
