Studying Time: 5 minutes
Your Mortgage Lender and Your Financial institution?
We get consumers dwelling comfortable and now we make banking comfortable, too.
For over 34 years, we have now been main the mortgage {industry} in fast, straightforward, and comfortable closings. And whereas that has been our primary focus, we knew years in the past that we needed to do much more for our companions and purchasers. So, what did we do?
We Purchased a Financial institution!
What does this imply for Cornerstone Residence Lending, our companions, and our purchasers?
- Our mortgage workforce will proceed to serve companions and purchasers lengthy after closing by offering connections to monetary providers past dwelling loans. Plus, a few of these choices shall be obtainable solely to our companions and purchasers.
- Including a banking platform to our rising residential lending platform will place Cornerstone for sustained success and development, enhancing the customized service we’re identified for by giving us entry to extra merchandise and instruments that may make our companions’ and purchasers’ lives higher.
- We launched our in-house servicing division earlier this 12 months, so the post-close servicing of most loans stays in our palms and is dealt with by our personal workforce members. Which means our purchasers get one of the best service from prequalification to nicely past closing day.
The positioning of Cornerstone Residence Lending has by no means been higher. Paired with our service-oriented mannequin and superb workforce members able to go all in for you makes us extra excited than ever to be your go-to lender – and now your go-to financial institution.
Press Launch:
HOUSTON, October 3, 2022 — Cornerstone Residence Lending, one of many nation’s premier unbiased residential mortgage corporations, at the moment introduced the completion of its beforehand introduced acquisition of and merger with The Roscoe State Financial institution of Roscoe, Texas.
The merger leads to the formation of Cornerstone Capital Financial institution (the “Firm”), which can maintain greater than $380 million in regulatory capital and higher than $1.5 billion in property. Its formation creates the best initially capitalized new financial institution in Texas historical past. Cornerstone Capital Financial institution will function in three enterprise segments: mortgage lending and servicing, business and retail banking, and institutional banking.
“This thrilling transaction permits us to offer extra complete monetary providers to our prospects nationwide,” mentioned Marc Laird, Founder, Chairman, and CEO of Cornerstone. “We’ll create a category-defining expertise that may strengthen our present companies and reinforce our mission of offering a optimistic distinction within the lives of others.”
Roscoe’s Chairman and Chief Govt Officer John W. Jay added, “We’re thrilled to workforce up with Cornerstone, combining two family-owned organizations with a protracted historical past of serving the wants of others. This transaction will permit us to raised serve present prospects and supply a platform for future development and diversification.”
Cornerstone expects to comprehend compelling strategic and monetary advantages from the transaction, together with:
- Growing engagement and product enlargement to greater than 500,000 U.S. households and mortgage referral sources served by Cornerstone since inception.
- Enabling Cornerstone to supply new merchandise, providers, and sources via superior applied sciences to raised serve prospects, together with cellular banking, video banking, on-line banking, and fee-free checking.
- Attracting new prospects via the addition of economic banking providers that leverage Cornerstone’s distinctive model.
- Diversifying and rising earnings, decreasing common value of funds, and producing extra and recurring internet curiosity revenue.
- Enhancing resiliency over numerous financial cycles.
The Firm introduced at the moment that Scott Almy has been appointed to function Chief Govt Officer of Cornerstone Capital Financial institution, and that Scott has joined Cornerstone’s board of administrators. Scott brings greater than 30 years of banking and mortgage {industry} expertise to Cornerstone Capital Financial institution, together with government assignments with each private and non-private group and regional banks. Most lately, he served as Govt Vice President, Chief Working Officer at LegacyTexas Financial institution and its publicly traded holding firm, one of many quickest rising banking franchises the Southwest. Marc Laird will stay as Chairman of the Firm.
“We imagine in our means to assist usher in a brand new mannequin in monetary providers, balancing the distinctive service report of two revered and traditionally profitable organizations. I’m honored to hitch Cornerstone at an thrilling time, and to work with such gifted and devoted workforce members,” mentioned Scott Almy. “We sit up for extending the success of two revered manufacturers, increasing our scope of providers, and persevering with our dedication to being generally known as a most well-liked office.”
As well as, Cornerstone introduced that Adam Laird, Cornerstone’s present President, has been named Chief Govt Officer – Mortgage Banking, with continued duty for overseeing Cornerstone’s nationally revered mortgage lending origination and servicing enterprise. “That is an unimaginable milestone for Cornerstone,” mentioned Adam Laird. “The strategic mixture of mortgage lending, mortgage servicing, business and digital banking, and extra monetary providers and merchandise, along with caring workforce members and our award-winning tradition, will propel our continued success for generations to come back.”
After closing, Cornerstone Capital Financial institution will proceed to function its residential mortgage operations beneath its longstanding “Cornerstone Residence Lending” model. Cornerstone Capital Financial institution will proceed to function beneath the “Roscoe” identify in Nolan County and Bastrop County, Texas markets, and as “Cornerstone Capital Financial institution” in metropolitan Texas and digital markets.
Cornerstone plans so as to add seasoned business lending and digital providers bankers starting in 2022 and introduced that Chuck Phelan, former regulator and government with nationwide correspondent financial institution TIB, N.A., and Mary Clouthier, skilled regulator and business financial institution government, have been appointed to function Cornerstone’s Chief Monetary Officer and Chief Threat Officer, respectively. Brook Silvestri, most lately with Texas Capital Financial institution, joins Cornerstone as Govt Vice President, Institutional Financial institution. David Fraser, previously with each Texas Capital Financial institution and Veritex Group Financial institution, is anticipated to function Chief Credit score Officer starting within the fourth quarter. Along with Marc Laird, Adam Laird, and Scott Almy, Cornerstone’s board of administrators shall be comprised of skilled bankers and financial institution advisors together with John Jay, Molly Curl, Howard Key, and Mark Williamson.
Advisors
Otteson Shapiro LLP served as authorized advisor to Cornerstone, and Scott Almy served as its enterprise advisor. Piper Sandler & Co. served as monetary advisor to The Roscoe State Financial institution in reference to the transaction, and Holland & Knight LLP served as its authorized counsel.
About Cornerstone Capital Financial institution
Created by Cornerstone Residence Lending’s acquisition of and merger with The Roscoe State Financial institution, Houston-based Cornerstone Capital Financial institution (“Cornerstone”) has a mixed working historical past relationship again to 1906, and contains mortgage banking, mortgage mortgage servicing, business banking, and institutional banking divisions. Its nationally acknowledged residential lending workforce, working as Cornerstone Residence Lending, has assisted households with almost 500,000 dwelling financing transactions since inception in 1988. Cornerstone Residence Lending at present originates mortgage loans in 38 states, plus the District of Columbia, and supplies full-service, in-house mortgage mortgage servicing operations which mix a superior report of buyer care and industry-leading applied sciences. The institutional banking division affords deposit and lending providers to group banks throughout the nation. Cornerstone’s greater than 1,800 workforce members throughout the nation are guided by a non-negotiable Mission, Imaginative and prescient, and Convictions assertion. Cornerstone is thought for its dedication to on-time supply of providers; its caring, passionate, and skilled workforce members; a complete array of modern services and products; licensed Nice Place to Work® standing with a number of Greatest Workplaces™ awards; and recognition as a “High Office” in a number of main markets. The Roscoe State Financial institution is the oldest financial institution in Nolan County, Texas, first opening its doorways for enterprise on December 6, 1906, and has department areas in Bastrop, Roscoe, and Sweetwater, Texas. Cornerstone is primarily regulated by the Federal Deposit Insurance coverage Company, and the Texas Division of Financial savings and Mortgage Lending. For extra data, please go to www.cornerstonecapital.com, www.houseloan.com, and www.rsb.financial institution.
For extra data contact:
Scott Almy
713.212.3077
[email protected]
Adam Laird
713.623.9558
[email protected]
Cornerstone Capital Financial institution
1177 West Loop South, Suite 700
Houston, Texas 77027
You gained’t expertise any modifications in how we handle our relationship with you. We’re nonetheless immediately accessible via the LoanFly app, and by electronic mail or telephone.
