Cornerstone Home Lending, one of the nation’s premier independent residential mortgage companies, announced that it has received all bank regulatory approvals necessary to complete its planned acquisition of and merger with The Roscoe State Bank. Cornerstone Home Lending expects the transaction to close on or around October 1, 2022, subject to completion of the remaining customary closing conditions.
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The merger results in the formation of Cornerstone Capital Bank, which will hold more than $380 million in consolidated capital and more than $1.5 billion in consolidated assets. Its formation creates the highest initially capitalized new bank in Texas history. The bank will operate in three business segments: mortgage lending and servicing, commercial and retail banking, and institutional banking.
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“We are delighted to reach this key milestone and look forward to executing plans that will enhance our ability to serve customers and communities nationwide,” said Marc Laird, founder, Chairman, and CEO of Cornerstone Home Lending. “Our experience as a technology innovator will create a category-defining experience that will expand our scope of services to customers, complement and diversify our business, and lower our cost of funds. Additionally, we plan to add seasoned commercial bankers to complement our existing team of mortgage lending professionals and offer more products and services to our customers.”
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