"Cornerstone said the deal will expand its statewide market share, moving it into the top 20 Texas banks with less than $10 billion in assets, while reducing its cost of deposits by about 68 basis points. The merger is also expected to boost the bank's mortgage origination and servicing divisions by creating additional lending capacity and generating significant pricing and revenue synergies without compromising asset quality, according to the announcement."
"All Peoples Bank branches and employees will be retained. Larry Allen, chairman and CEO of Peoples Bank, will join the boards of both Cornerstone Capital Bancorp and Cornerstone Capital Bank, and he will serve as area chairman of Peoples Bank. Todd McKee will be area vice chairman, Tim Farris will be area president, and Jon Drake and William Booe will serve as senior and executive vice presidents, respectively."
Cornerstone will merge with Peoples Bank, expanding its statewide market share and moving into the top 20 Texas banks with less than $10 billion in assets. The merger will reduce deposit costs by about 68 basis points and increase mortgage origination and servicing capacity by creating lending capacity and generating pricing and revenue synergies without compromising asset quality. Peoples Bank will keep its name and operate as a division within Cornerstone's Community Banking Division; all branches and employees will be retained. Several Peoples executives and regional advisory board members will join Cornerstone's boards and regional leadership. The deal targets closing in Q1 2026 pending approvals.
Read at www.housingwire.com
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