The acquisition and merger with Roscoe Condition Bank pave the way for the lender to present new products, products and services and assets by sophisticated systems.
Be part of market visionaries Pete Flint, Spencer Rascoff, Ryan Serhant and additional at Inman Join New York, Jan. 24-26. Punch your ticket to the long run by joining the smartest men and women in actual estate at this must-go to function. Sign-up listed here.
Houston-centered impartial mortgage corporation Cornerstone Home Lending suggests it’s established to give new products and solutions to hundreds of thousands of buyers and referral resources nationwide as a lender, getting completed its acquisition and merger with Roscoe State Bank.
The ensuing business, Cornerstone Capital Lender, retains a lot more than $380 million in regulatory money and $1.5 billion in property, building it the highest in the beginning capitalized new bank in Texas history, the organization claimed.
Marc Laird
“This fascinating transaction enables us to present much more thorough money services to our shoppers nationwide,” mentioned Cornerstone founder and Chairman Marc Laird in a assertion Monday. “We will generate a category-defining knowledge that will reinforce our current corporations and reinforce our mission of giving a good variance in the lives of others.”
In addition to generating the organization more resilient through financial ups and downs, Cornerstone mentioned the merger will permit the enterprise to:
- Increase engagement and solution growth to a lot more than 500,000 U.S. households and mortgage loan referral resources served by Cornerstone
- Supply new merchandise, solutions and means by advanced technologies to better serve buyers together with cellular banking, video banking, on the web banking and totally free checking
- Attract new clients as a result of the addition of commercial banking products and services that leverage Cornerstone’s manufacturer
Scott Almy
Scott Almy, a former LegacyTexas Financial institution executive, has been appointed Laird’s successor as CEO of Cornerstone Funds Financial institution and has also joined Cornerstone’s board of directors. Laird will proceed to provide as the chairman of Cornerstone’s board of directors.
A 1994 graduate of the Texas Tech University Faculty of Legislation, Almy has served as lead organization adviser on Cornerstone’s lender merger software and conversion challenge due to the fact 2019.
“I’m honored to join Cornerstone at an thrilling time, and to work with these kinds of proficient and committed crew users,” Almy claimed in a assertion. “We appear ahead to extending the achievement of two revered makes, growing our scope of companies, and continuing our motivation to staying acknowledged as a favored place of work.”
Adam Laird
Adam Laird, Cornerstone’s recent president, has been named CEO of house loan banking, with duty for overseeing Cornerstone’s national mortgage lending origination and servicing company.
With roots courting to 1988, Cornerstone Household Lending is licensed in 40 states and sponsors 454 mortgage loan financial loan originators performing out of 108 branch locations, according to the Nationwide Home finance loan Licensing Process and Registry.
In April, Cornerstone announced an initiative to deliver its home finance loan financial loan servicing in-house, applying software program delivered by Black Knight Inc. to gather payments on new mortgage originations.
Roscoe Point out Lender was set up in 1906 in Roscoe, Texas, and operates department workplaces in Sweetwater and Bastrop, in accordance to the Federal Deposit Insurance Corp (FDIC).
Roscoe’s Chairman and CEO John Jay will provide on the Cornerstone Money Bank’s board of directors.
John Jay
“We’re thrilled to team up with Cornerstone, combining two family-owned corporations with a long heritage of serving the desires of many others,” Jay mentioned in a assertion. “This transaction will let us to improved serve existing customers and give a platform for long term expansion and diversification.”
Cornerstone Capital Lender will go on to run its household mortgage operations less than the Cornerstone Home Lending manufacturer. Cornerstone Money Financial institution will keep The Roscoe Condition Bank title in Nolan County and Bastrop County, Texas, and work as Cornerstone Funds Bank elsewhere in Texas and in digital markets.
Get Inman’s More Credit score Newsletter sent appropriate to your inbox. A weekly roundup of all the most important information in the earth of mortgages and closings sent each individual Wednesday. Click on below to subscribe.
E-mail Matt Carter
