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Read more: Cornerstone Home Lending launches in-house mortgage servicing unit
“This exciting transaction allows us to provide more comprehensive financial services to our customers nationwide,” said 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.”
In addition to new products and services, Cornerstone said the merger would enable it to diversify and increase its earnings, reduce average cost of funds, and generate additional and recurring net interest income.
In terms of leadership, Scott Almy has been tapped as CEO of the new company. Scott, who brings more than three decades of banking and mortgage industry experience, most recently served as chief operating officer of LegacyTexas Bank. Marc Laird will remain as chairman of the company.
“We believe in our ability to help usher in a new model in financial services, balancing the exceptional service record of two respected and historically successful organizations. I’m honored to join Cornerstone at an exciting time and to work with such talented and dedicated team members,” said Almy. “We look forward to extending the success of two respected brands, expanding our scope of services, and continuing our commitment to being known as a preferred workplace.”
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