On March 2, Cornerstone Capital Bancorp Inc., the holding company for Houston-based Cornerstone Capital Bank, announced the successful completion of its acquisition of Peoples Bancorp Inc., the holding company for Lubbock-based Peoples Bank. The combined organization now holds more than $3.4 billion in assets. All acquired branches remain open as Peoples Bank, a division of Cornerstone Capital Bank.
“Together, we’re building a more powerful platform—strengthening our funding, expanding our capabilities and unlocking meaningful, sustainable growth opportunities for each of our lines of business,” says Scott Almy, president and CEO of Cornerstone. “We look forward to expanding our banking, retail mortgage, mortgage joint venture, homeowners insurance and loan-servicing platforms across additional Texas markets."
Larry Allen, former chairman and CEO of Peoples Bank, has joined the boards of Cornerstone Capital Bancorp and Cornerstone Capital Bank, and will serve as area chairman/Peoples Bank. All of the Peoples Bank leadership team, branch presidents and support teams remain in place.
Established in 1968, Peoples Bank has 12 locations in the Texas Panhandle, North Texas, Central Texas and the Dallas/Fort Worth metroplex. Established in 1988, Cornerstone Capital Bank operates a community and business banking franchise alongside a premier national home lending, servicing and home insurance platform-based financial services company. It has 16 full‑service banking locations across major Texas markets and more than 150 mortgage offices nationwide.
