Cornerstone Home Lending is buying the $212.6 million-asset Roscoe State Bank in Roscoe, Texas.
Cornerstone, of Houston, did not say when it expects the deal to close or how much it agreed to pay for Roscoe State Bank, which first opened its doors in 1906.
Owning a bank will allow the mortgage lender “to significantly expand product and service offerings to our hundreds of thousands of customers and referral sources throughout the country,” Marc Laird, founder, chairman and CEO of Cornerstone, said in a Monday press release Monday.
Cornerstone has helped finance more than 430,000 mortgages since its launch in 1988. The combined company will have $2 billion in assets and $300 million in equity capital, according to Cornerstone.
Roscoe State Bank operates three branches in Roscoe, Sweetwater and Bastrop, near Austin. Chairman and CEO John Jay will join Cornerstone’s board of directors and play an active role in its operation.
Cornerstone is "the perfect fit for our bank as we combine two family-owned organizations that share a similar culture and a commitment to building long-term relationships,” Jay said in the release. Jay’s family has owned Roscoe State Bank since 1976.
A mortgage company acquiring a community bank is by no means unheard of.
