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Your Mortgage Lender and Your Financial institution?
We get patrons house pleased and now we make banking pleased, too.
For over 34 years, now we have been main the mortgage {industry} in fast, simple, and pleased 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 group will proceed to serve companions and purchasers lengthy after closing by offering connections to monetary companies past house loans. Plus, a few of these choices will likely be out there 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 recognized 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 yr, so the post-close servicing of most loans stays in our arms and is dealt with by our personal group members. Meaning our purchasers get the very best service from prequalification to effectively past closing day.
The positioning of Cornerstone Residence Lending has by no means been higher. Paired with our service-oriented mannequin and superb group 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, immediately introduced the completion of its beforehand introduced acquisition of and merger with The Roscoe State Financial institution of Roscoe, Texas.
The merger ends in the formation of Cornerstone Capital Financial institution (the “Firm”), which is able to maintain greater than $380 million in regulatory capital and larger than $1.5 billion in property. Its formation creates the very best initially capitalized new financial institution in Texas historical past. Cornerstone Capital Financial institution will function in three enterprise segments: mortgage lending and servicing, industrial and retail banking, and institutional banking.
“This thrilling transaction permits us to supply extra complete monetary companies to our clients nationwide,” mentioned Marc Laird, Founder, Chairman, and CEO of Cornerstone. “We are going to create a category-defining expertise that can strengthen our present companies and reinforce our mission of offering a constructive distinction within the lives of others.”
Roscoe’s Chairman and Chief Govt Officer John W. Jay added, “We’re thrilled to group up with Cornerstone, combining two family-owned organizations with an extended historical past of serving the wants of others. This transaction will enable us to raised serve present clients and supply a platform for future development and diversification.”
Cornerstone expects to understand compelling strategic and monetary advantages from the transaction, together with:
- Rising engagement and product growth to greater than 500,000 U.S. households and mortgage referral sources served by Cornerstone since inception.
- Enabling Cornerstone to supply new merchandise, companies, and sources by superior applied sciences to raised serve clients, together with cell banking, video banking, on-line banking, and fee-free checking.
- Attracting new clients by the addition of economic banking companies that leverage Cornerstone’s distinctive model.
- Diversifying and growing earnings, decreasing common value of funds, and producing further and recurring web curiosity revenue.
- Enhancing resiliency over varied financial cycles.
The Firm introduced immediately 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 govt assignments with each private and non-private group and regional banks. Most not too long ago, 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 potential to assist usher in a brand new mannequin in monetary companies, balancing the distinctive service document 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 group members,” mentioned Scott Almy. “We sit up for extending the success of two revered manufacturers, increasing our scope of companies, and persevering with our dedication to being often 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 accountability 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, industrial and digital banking, and extra monetary companies and merchandise, along with caring group members and our award-winning tradition, will propel our continued success for generations to return.”
After closing, Cornerstone Capital Financial institution will proceed to function its residential mortgage operations below its longstanding “Cornerstone Residence Lending” model. Cornerstone Capital Financial institution will proceed to function below the “Roscoe” title 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 industrial lending and digital companies bankers starting in 2022 and introduced that Chuck Phelan, former regulator and govt with nationwide correspondent financial institution TIB, N.A., and Mary Clouthier, skilled regulator and industrial financial institution govt, have been appointed to function Cornerstone’s Chief Monetary Officer and Chief Threat Officer, respectively. Brook Silvestri, most not too long ago 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 Neighborhood 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 will likely 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 courting again to 1906, and consists of mortgage banking, mortgage mortgage servicing, industrial banking, and institutional banking divisions. Its nationally acknowledged residential lending group, working as Cornerstone Residence Lending, has assisted households with almost 500,000 house financing transactions since inception in 1988. Cornerstone Residence Lending at the moment originates mortgage loans in 38 states, plus the District of Columbia, and gives full-service, in-house mortgage mortgage servicing operations which mix a superior document of buyer care and industry-leading applied sciences. The institutional banking division gives deposit and lending companies to group banks throughout the nation. Cornerstone’s greater than 1,800 group 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 companies; its caring, passionate, and skilled group members; a complete array of revolutionary services; licensed Fortune Nice Place to Work® standing with a number of Finest 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 places 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 info, please go to www.cornerstonecapital.com, www.houseloan.com, and www.rsb.financial institution.
For extra info 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 adjustments in how we handle our relationship with you. We’re nonetheless instantly accessible by the LoanFly app, and by e-mail or cellphone.
