 |
| The Roscoe State Bank. |
The Board of Directors of the Roscoe State Bank has agreed to sell the Bank to Cornerstone Home Lending, a family-owned Houston-based mortgage company that has operated successfully since originating in 1988. The merged organization will be known as Cornerstone Capital Bank, although the Roscoe State Bank name will continue to be used in Nolan and Bastrop Counties. This unique merger is subject to approval by federal and state regulators, which is expected to occur in the 4th quarter.
The acquisition will give Cornerstone a bank charter that allows it to greatly expand the financial products and services it can provide to new and existing customers that they cannot do now as a mortgage lender. This includes offering all types of consumer and commercial loans along with various deposit products, including state of the art electronic/mobile banking services. For the Roscoe State Bank, it will allow for a transition of ownership while continuing to operate under its current policies, procedures, and existing management. Most importantly, all of the RSB employees will remain intact and continue to serve customers as they always have in their same friendly and responsive manner. The employees will also have the opportunity for future growth with a much larger, rapidly growing organization. RSB President John Jay will stay on as Chairman of the Loan Committee and will remain involved with the merged entity. He will also serve as a shareholder and Board member of Cornerstone Capital Bank.
Initially, RSB customers will not see any major changes. The products and services will stay the same, customer’s accounts will not change, the branch locations will remain open, and the Bank will continue using its existing loan underwriting guidelines and approval process. In the future, any changes that occur will be enhancements in products and services, including more robust mobile and electronic banking functionality that will further benefit customers.
Jay says he has received significant interest in recent years from other banks interested in acquiring RSB. After careful consideration, he decided to entertain a few select offers he believed would be the best cultural fit for the Bank and that would meet his transaction goals. After reviewing multiple offers, he and the RSB Board selected Cornerstone as it preserves the Bank’s successful business model and its ability to continue taking care of its customers. The Cornerstone transaction also satisfactorily addresses Jay’s goals of taking care of the employees and the communities served by the Bank.
The acquisition will give Cornerstone a bank charter that allows it to greatly expand the financial products and services it can provide to new and existing customers that they cannot do now as a mortgage lender. This includes offering all types of consumer and commercial loans along with various deposit products, including state of the art electronic/mobile banking services. For the Roscoe State Bank, it will allow for a transition of ownership while continuing to operate under its current policies, procedures, and existing management. Most importantly, all of the RSB employees will remain intact and continue to serve customers as they always have in their same friendly and responsive manner. The employees will also have the opportunity for future growth with a much larger, rapidly growing organization. RSB President John Jay will stay on as Chairman of the Loan Committee and will remain involved with the merged entity. He will also serve as a shareholder and Board member of Cornerstone Capital Bank.
Initially, RSB customers will not see any major changes. The products and services will stay the same, customer’s accounts will not change, the branch locations will remain open, and the Bank will continue using its existing loan underwriting guidelines and approval process. In the future, any changes that occur will be enhancements in products and services, including more robust mobile and electronic banking functionality that will further benefit customers.
Jay says he has received significant interest in recent years from other banks interested in acquiring RSB. After careful consideration, he decided to entertain a few select offers he believed would be the best cultural fit for the Bank and that would meet his transaction goals. After reviewing multiple offers, he and the RSB Board selected Cornerstone as it preserves the Bank’s successful business model and its ability to continue taking care of its customers. The Cornerstone transaction also satisfactorily addresses Jay’s goals of taking care of the employees and the communities served by the Bank.
In order to answer customer questions about the various bank services,
the bank has posted an FAQ (Frequently Asked Questions) page on its
website that provides details about possible concerns. It can be
accessed by clicking on this link:
https://www.rsb.bank/wp-content/uploads/2021/06/RSB-Cornerstone-FAQs.pdf
Almost all questions are answered on that page, but for ones that aren’t, Jay says he’ll be happy to discuss them or see that they are answered.
Almost all questions are answered on that page, but for ones that aren’t, Jay says he’ll be happy to discuss them or see that they are answered.
--o--
Editor's note: This is Cornerstone Home Lending's official press release of June 14, 2021.
CORNERSTONE HOME LENDING TO ACQUIRE THE ROSCOE STATE BANK
HOUSTON, TEXAS /PRNewswire/— Cornerstone Home Lending, one of the nation’s premier independent residential mortgage companies, announced that it has signed a definitive agreement to acquire The Roscoe State Bank of Roscoe, Texas.
These two family-owned companies with nearly 150 years of collective operating success will combine to create an organization holding approximately $2 billion in assets and more than $300 million in equity capital.
“For more than 33 years, Cornerstone’s daily mission has been to use and improve upon our God-given talents to make a positive difference to the lives of our team members, customers, shareholders and the people who provide services to us. This combination of two great teams will allow Cornerstone to significantly expand product and service offerings to our hundreds of thousands of customers and referral sources throughout the country, will provide a vast array of additional home lending products and services to the customers and communities served by The Roscoe State Bank, and will produce additional growth opportunities for team members at both Cornerstone and Roscoe,” said Marc Laird, Chairman, CEO and co-founder of Cornerstone. “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,” added Judy Belanger, Vice Chairman, President and co-founder of Cornerstone.
The Roscoe State Bank boasts 115 years of exceptional service to Texans in Roscoe, Sweetwater and Bastrop, with the last 46 years of successful operations and service under the leadership of Clyde Jay and current Chairman and CEO John Jay. The Roscoe State Bank is known for its superior banking experience for consumers and small businesses. John Jay is expected to join the resulting board of directors at closing and will remain active with the merged organization going forward, including with its commercial banking loan committees.
"I am very excited about our transaction with Cornerstone, and I believe they are the 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,” commented John Jay. “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, and in expansion markets. We are very proud of Roscoe’s history of serving our communities through every economic cycle since 1906, and we look forward to bringing that legacy to the national stage through this transaction.”
The transaction is subject to customary regulatory approvals.
Advisors
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 The Roscoe State Bank in connection with the transaction, and Thompson Knight, LLP served as its legal counsel.
HOUSTON, TEXAS /PRNewswire/— Cornerstone Home Lending, one of the nation’s premier independent residential mortgage companies, announced that it has signed a definitive agreement to acquire The Roscoe State Bank of Roscoe, Texas.
These two family-owned companies with nearly 150 years of collective operating success will combine to create an organization holding approximately $2 billion in assets and more than $300 million in equity capital.
“For more than 33 years, Cornerstone’s daily mission has been to use and improve upon our God-given talents to make a positive difference to the lives of our team members, customers, shareholders and the people who provide services to us. This combination of two great teams will allow Cornerstone to significantly expand product and service offerings to our hundreds of thousands of customers and referral sources throughout the country, will provide a vast array of additional home lending products and services to the customers and communities served by The Roscoe State Bank, and will produce additional growth opportunities for team members at both Cornerstone and Roscoe,” said Marc Laird, Chairman, CEO and co-founder of Cornerstone. “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,” added Judy Belanger, Vice Chairman, President and co-founder of Cornerstone.
The Roscoe State Bank boasts 115 years of exceptional service to Texans in Roscoe, Sweetwater and Bastrop, with the last 46 years of successful operations and service under the leadership of Clyde Jay and current Chairman and CEO John Jay. The Roscoe State Bank is known for its superior banking experience for consumers and small businesses. John Jay is expected to join the resulting board of directors at closing and will remain active with the merged organization going forward, including with its commercial banking loan committees.
"I am very excited about our transaction with Cornerstone, and I believe they are the 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,” commented John Jay. “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, and in expansion markets. We are very proud of Roscoe’s history of serving our communities through every economic cycle since 1906, and we look forward to bringing that legacy to the national stage through this transaction.”
The transaction is subject to customary regulatory approvals.
Advisors
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 The Roscoe State Bank in connection with the transaction, and Thompson Knight, LLP served as its legal counsel.
About Cornerstone Home Lending
Founded in 1988 in Houston, Texas, Cornerstone has assisted families on over 430,000 home financing transactions, including 49,266 home financing transactions in 2020. Cornerstone originates mortgage loans in 39 states plus the District of Columbia. Cornerstone’s 1,900 team members are guided by a non-negotiable Mission, Vision & Convictions statement. Cornerstone is known for its commitment to closing mortgage loans on time; its refreshing culture; caring, passionate and experienced team members; a comprehensive array of innovative mortgage lending products and services; and a workplace that is recognized year after year as a “Top Workplace.” For more information, please visit www.houseloan.com.
About The Roscoe State Bank
Founded in 1906, The Roscoe State Bank is a respected community-based bank with three banking centers in Roscoe and Sweetwater in West Texas, and in Bastrop near Austin, Texas. The bank believes in service to others and convenience banking. Roscoe offers an array of products and services, including business checking, personal checking, internet banking, online bill pay, mobile banking, mobile check deposit, and telephone banking. For more information, please visit www.rsb.bank.
About The Roscoe State Bank
Founded in 1906, The Roscoe State Bank is a respected community-based bank with three banking centers in Roscoe and Sweetwater in West Texas, and in Bastrop near Austin, Texas. The bank believes in service to others and convenience banking. Roscoe offers an array of products and services, including business checking, personal checking, internet banking, online bill pay, mobile banking, mobile check deposit, and telephone banking. For more information, please visit www.rsb.bank.
--o--
ROSCOE CELEBRATES JULY 4TH THIS SATURDAY
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| Mike and the Moonpies |
The celebration begins at ten o’clock when the parade comes down Broadway, followed by the Plowboy Mudbog at George Parks Field beginning at twelve.
During the afternoon, street vendors will be open and selling food and other wares along Broadway, Cypress, and Old Town Park, and the Roscoe Historical Museum will be open for visitors.
The Roscoe Express will be available to shuttle people free of charge between downtown and the Plowboy Mudbog during the afternoon.
Music will begin “on the bricks” of Cypress with Lyndall Underwood and the Dusty Creek Band at 6:00pm, followed by Kody West at 7:00. Then, Mike and the Moonpies will take the stage at eight and play until 9:30, followed by the ever-popular fireworks show beginning at about 9:45.
Here are more details about the various events of the day:
THE PARADE
The parade will start at 10:00am. Line-up will be on West Broadway at 9:30am, and judging will be at 9:45am.
For more information, call Valerie Pruitt at 325-338-4666.
THE PLOWBOY MUDBOG
This year’s Plowboy Mudbog at George Parks Field will once again feature mudboggers from all over. Registration for entrants begins at 9:30am Saturday morning at the northwest corner of the baseball field at Second and Sycamore Streets. The driver entry fee is $30.Entries will be in five classes, possibly six:
1. Street: 35” tires and under with limited engine modification.
2. Super Street: 35” with engine vac under 13”.
3. Modified: 36” to 39” with limited engine modification.
4. Super Modified: 36” to 39” with engine vac under 13”.
5. Open: 40” and over.
6 (Tractor Tire: If enough entries for separate class)
Since there’s an advantage in going last rather than first, each mud vehicle makes two runs, with the second run in reverse order from the first.
The public gate will open at 11:00am with mudbog action beginning at noon. Admission is free of charge. The concession stand will be open.
Time permitting, there will also be a Plowboy Mudbog “Dash for Cash,” an entertaining event featuring kids running through knee-deep mud.
Spectators are encouraged to bring sunblock, mosquito repellent, canopy, and lawn chairs. For more information, see the Plowboy Mudbog Facebook page, or contact Felix Pantoja at 325-514-8384.
THE FREE CONCERT AND STREET DANCE
Lyndall Underwood and the Dusty Creek Band will open the show at 6:00, followed by Kody West at 7:00. Then at 8:00, he will be followed by this year’s feature act, Mike & the Moonpies, who will play until 9:30 or so.
THE FIREWORKS SHOW
The fireworks show should once again be a memorable event that fittingly tops off the day.The show begins at about 9:45pm and will last about twenty minutes.
AFTER THE FIREWORKS
So, if you're in the area on Saturday, make plans to attend, bring lawn chairs and coolers, and help us celebrate the country’s independence!
--o--
ROSCOE POLICE DEPARTMENT ALERT
Felix Pantoja
Roscoe Police Chief
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| The new Roscoe Police vehicle--with decals. |
--o--
TWO ROSCOE BOYS ON WINNING BASKETBALL TEAMS
Jace Arnwine and Jayton Boston were both on division-winning basketball teams in the Southwest Hoops Tournament in Abilene this past weekend. Both are members of the Abilene Select Basketball Program, which offers basketball training for several age groups and travels the state playing in tournaments.
Jayton will be in the 6th grade this fall at Highland, and Jace will be in the 8th at Roscoe Collegiate.
--o--
WEATHER REPORT: COOLER WITH MORE RAIN
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| Yesterday's evening sky. |
The latter half of last week saw windy days and continued heat. Wednesday through Saturday had mostly sunny skies and strong southerly winds with highs from 95° to 98° and lows in the mid-seventies.
Then, on Saturday evening a norther blew in, and since then, we’ve had a return to cooler weather along with light northeasterly winds, humidity, and more rain. The rain began with a light, intermittent downfall around 9:30 Saturday night. Then, around 1:20 early Sunday morning, it began falling harder, and by 7:30am I had 2.35” in my rain gauge. Another tenth fell that morning in a light, steady sprinkle, so my total came to 2.45”. Roscoe weatherman Kenny Landfried recorded an official 2.00". Others west of town and Champion got 2.5" or more.
Monday, there were more hard showers in the Roscoe area, but not here in town. When I returned in the afternoon from a trip to Lubbock, I found .33” in my rain gauge, and Landfried had .15". However, I came through a hard shower between Hermleigh and Inadale and talked to someone who also said a hard shower fell between Sweetwater and Roscoe. Then, yesterday I had almost nothing in my gauge but Landfried had .67". In any case, with the extra rain we got this week, the entire area is now pretty well saturated.
Along with the rainclouds and northerly winds, temperatures have been noticeably milder. Sunday’s high was 84°, Monday’s 80°, and yesterday’s 86° with lows dropping into the sixties.
Today’s high should also be around 86° and tomorrow’s 89° before a light front moves in on Friday dropping the maximum to 85° with clouds and scattered thunderstorms and a 36% chance of rain. Saturday’s high should be only about 82°, which should make for a pleasant Plowboy Mudbog as long as we don’t get rained on. The chances of rain Saturday are 39%, on Sunday 36%, and on Monday 37%, so we may get another shower or two before this time next week.
It appears that the record-breaking heat and drought out west are being offset by the cooler, wetter weather we are getting here in Texas.
Then, on Saturday evening a norther blew in, and since then, we’ve had a return to cooler weather along with light northeasterly winds, humidity, and more rain. The rain began with a light, intermittent downfall around 9:30 Saturday night. Then, around 1:20 early Sunday morning, it began falling harder, and by 7:30am I had 2.35” in my rain gauge. Another tenth fell that morning in a light, steady sprinkle, so my total came to 2.45”. Roscoe weatherman Kenny Landfried recorded an official 2.00". Others west of town and Champion got 2.5" or more.
Monday, there were more hard showers in the Roscoe area, but not here in town. When I returned in the afternoon from a trip to Lubbock, I found .33” in my rain gauge, and Landfried had .15". However, I came through a hard shower between Hermleigh and Inadale and talked to someone who also said a hard shower fell between Sweetwater and Roscoe. Then, yesterday I had almost nothing in my gauge but Landfried had .67". In any case, with the extra rain we got this week, the entire area is now pretty well saturated.
Along with the rainclouds and northerly winds, temperatures have been noticeably milder. Sunday’s high was 84°, Monday’s 80°, and yesterday’s 86° with lows dropping into the sixties.
Today’s high should also be around 86° and tomorrow’s 89° before a light front moves in on Friday dropping the maximum to 85° with clouds and scattered thunderstorms and a 36% chance of rain. Saturday’s high should be only about 82°, which should make for a pleasant Plowboy Mudbog as long as we don’t get rained on. The chances of rain Saturday are 39%, on Sunday 36%, and on Monday 37%, so we may get another shower or two before this time next week.
It appears that the record-breaking heat and drought out west are being offset by the cooler, wetter weather we are getting here in Texas.
--o--
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