On October 3, Houston-based Cornerstone Home Lending, one of the nation’s largest independent residential mortgage companies, announced the completion of its previously announced acquisition of and merger with Roscoe-based Roscoe State Bank. The merger results in the formation of Cornerstone Capital Bank, which will hold more than $380 million in regulatory capital and greater than $1.5 billion in assets. Its formation creates the highest initially capitalized new bank in Texas history. Cornerstone Capital Bank will operate in three business segments: mortgage lending and servicing, commercial and retail banking, and institutional banking.
Cornerstone Capital Bank will continue to operate its residential mortgage operations under its longstanding Cornerstone Home Lending brand. Cornerstone Capital Bank will continue to operate under the Roscoe State Bank name in Nolan County and Bastrop County markets and as Cornerstone Capital Bank in metropolitan Texas and digital markets.
“This exciting transaction allows us to provide more comprehensive financial services to our customers nationwide,” says Marc Laird, founder, chairman and CEO of Cornerstone. “We will create a category-defining experience that will strengthen our existing businesses and reinforce our mission of providing a positive difference in the lives of others.”
“We’re thrilled to team up with Cornerstone, combining two family-owned organizations with a long history of serving the needs of others,” says John W. Jay, Roscoe State Bank’s chairman and CEO. “This transaction will allow us to better serve existing customers and provide a platform for future growth and diversification.”
The company announced that Scott Almy has been appointed to serve as CEO of Cornerstone Capital Bank and joins Cornerstone’s board of directors. He brings more than 30 years of banking and mortgage industry experience to Cornerstone Capital Bank, including executive assignments with both public and private community and regional banks. Most recently, he served as executive vice president/chief operating officer at LegacyTexas Bank and its publicly traded holding company. Marc Laird will remain as chairman of the company.
In addition, the company announced that Adam Laird, Cornerstone’s current president, has been named CEO/mortgage banking, with continued responsibility for overseeing the company’s nationally respected mortgage lending origination and servicing business. “The strategic combination of mortgage lending, loan servicing, commercial and digital banking, and additional financial services and products, together with caring team members and our award-winning culture, will propel our continued success for generations to come,” Laird says.
Chuck Phelan, former regulator and executive with national correspondent bank TIB NA, and Mary Clouthier, experienced regulator and commercial bank executive, have been appointed to serve as the bank’s chief financial officer and chief risk officer, respectively. Brook Silvestri, most recently with Texas Capital Bank, joins Cornerstone as executive vice president/institutional bank. David Fraser, formerly with both Texas Capital Bank and Veritex Community Bank, is expected to serve as chief credit officer beginning in the fourth quarter. In addition to Marc Laird, Adam Laird and Scott Almy, Cornerstone’s board of directors will be comprised of experienced bankers and bank advisors, including John Jay, Molly Curl, Howard Key and Mark Williamson.
Otteson Shapiro LLP served as legal advisor to Cornerstone and Scott Almy served as its business advisor. Piper Sandler & Co. served as financial advisor to Roscoe State Bank in connection with the transaction and Holland & Knight LLP served as its legal counsel.
Pictured above: The Cornerstone Capital Bank board of directors includes Marc Laird, John Jay, Scott Almy and Adam Laird. Also on the board, but not pictured, are Molly Curl, Howard Key and Mark Williamson.