Join industry visionaries Pete Flint, Spencer Rascoff, Ryan Serhant and more at Inman Connect New York, Jan. 24-26. Punch your ticket to the future by joining the smartest people in real estate at this must-attend event. Register here.
Houston-based independent mortgage company Cornerstone Home Lending says it’s set to provide new products and services to hundreds of thousands of customers and referral sources nationwide as a bank, having completed its acquisition and merger with Roscoe State Bank.
The resulting company, Cornerstone Capital Bank, holds more than $380 million in regulatory capital and $1.5 billion in assets, making it the highest initially capitalized new bank in Texas history, the company said.
“This exciting transaction allows us to provide more comprehensive financial services to our customers nationwide,” said Cornerstone founder and Chairman Marc Laird in a statement Monday. “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.”
In addition to making the company more resilient during economic ups and downs, Cornerstone said the merger will allow the company to:
- Increase engagement and product expansion to more than 500,000 U.S. families and mortgage referral sources served by Cornerstone
- Offer new products, services and resources through advanced technologies to better serve customers including mobile banking, video banking, online banking and free checking
- Attract new customers through the addition of commercial banking services that leverage Cornerstone’s brand
Scott Almy, a former LegacyTexas Bank executive, has been appointed Laird’s successor as CEO of Cornerstone Capital Bank and has also joined Cornerstone’s…