Cornerstone did not disclose the price it will pay for the $213 million-asset Roscoe State or when it expects to complete the acquisition.
The acquisition "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 [Roscoe State] ... and will produce additional growth opportunities for team members at both Cornerstone and Roscoe," Marc Laird, Cornerstone's chairman and CEO, said in the release.
John Jay, Roscoe State's chairman and CEO, is expected to join Cornerstone's board and will remain active with the company.
Otteson Shapiro and Scott Almy advised Cornerstone. Piper Sandler and Thompson Knight advised Roscoe State.
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