Houston-based Cornerstone Home Lending, one of the nation’s largest independent residential mortgage companies, announced that it has signed a definitive agreement to acquire Roscoe-based Roscoe State Bank. These two family-owned companies with nearly 150 years in business will combine to create an organization holding approximately $2 billion in assets and more than $300 million in equity capital.
Roscoe State Bank boasts 115 years of service in Roscoe, Sweetwater and Bastrop, with the past 46 years of operations under the leadership of Clyde Jay and current Chairman and CEO John Jay. John Jay is expected to join the resulting board of directors at closing and will remain active with the merged organization going forward, including its commercial banking loan committees.
“This combination of two great teams will allow Cornerstone to expand product and service offerings significantly to our hundreds of thousands of customers and referral sources throughout the country,” says Marc Laird, chair, CEO and co-founder of Cornerstone Home Lending. “It will provide a vast array of additional home-lending products and services to the customers and communities served by Roscoe State Bank, [as well as producing] additional growth opportunities for team members at both Cornerstone and Roscoe.”
“With advanced digital technologies and the support of caring team members who are committed to friendly service, we will continue to uphold our key core conviction of providing a remarkable experience for every family we serve, whether through mortgage lending, commercial banking or digital banking services,” adds Judy Belanger, vice chair, president and co-founder of Cornerstone Home Lending.
Established in 1988, Cornerstone Home Lending has assisted families on more than 430,000 home financing transactions, including 49,266 home financing transactions in 2020. It originates mortgage loans in 39 states plus the District of Columbia and employs approximately 1,900 team members.
“I am very excited about our transaction with Cornerstone and I believe it is a 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,” John Jay says. “I have been so impressed with the Cornerstone family and the successful business model they have achieved. Their respectful approach to integrating our own successful business model makes me confident that this deal will result in stronger growth and investments in markets we currently serve, [as well as] in expansion markets. We are very proud of Roscoe State Bank’s history of serving our communities through every economic cycle…and we look forward to bringing that legacy to the national stage through this transaction.”
Established in 1906, Roscoe State Bank is a community-based bank with three branches in Roscoe and Sweetwater in West Texas and Bastrop in Central Texas.
