Houston-based nonbank mortgage lender Cornerstone Home Lending is buying Roscoe State Bank, a traditional depository bank headquartered in Roscoe, Texas.
The transaction is subject to customary regulatory approvals. Financial terms of the deal were not disclosed and it’s unclear when the deal will close.
The prospective merger – relatively rare for a nonbank mortgage lender – would create an organization with approximately $2 billion in assets and more than $300 million in equity capital, the companies said in a joint release. The merged organization is to be known as Cornerstone Capital Bank, and the mortgage division will continue to be known as Cornerstone Home Lending.
The name Roscoe details ⇒
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