Cornerstone Capital Bancorp, Inc., the holding company for Cornerstone Capital Bank, announced the successful completion of its acquisition of Peoples Bancorp, Inc., the holding company for Peoples Bank of Lubbock, Texas. The transaction creates a combined organization with more than $3.4 billion in assets, expanding the company’s footprint across Texas and enhancing its ability to serve communities, businesses, and homeowners nationwide.
All acquired branches will remain open as Peoples Bank, operating as a division of Cornerstone Capital Bank. The merger strengthens Cornerstone’s community banking franchise while broadening its retail mortgage, mortgage joint venture, homeowners insurance, and loan servicing capabilities across additional Texas markets.
Larry Allen, former Chairman and CEO of Peoples Bank, has joined the boards of Cornerstone Capital Bancorp and Cornerstone Capital Bank and will serve as Area Chairman for Peoples Bank. The Peoples Bank leadership team, including branch presidents and support staff, will remain in place.
Headquartered in Houston, Cornerstone Capital Bancorp operates 16 full-service banking locations across major Texas markets and more than 150 mortgage offices nationwide. The company has served nearly 700,000 customers through brands including Cornerstone Home Lending, Roscoe Bank, Peoples Bank, Cornerstone Servicing, and Cornerstone Insurance. Formed through the combination of Cornerstone Home Lending and The Roscoe State Bank, the company describes itself as the highest-capitalized new bank in Texas history and employs approximately 1,600 team members.
KEY QUOTE:
“This marks a major step forward for Cornerstone. Peoples Bank brings the same passion for relationship-driven banking and mortgage origination, empowered local decision-making, and long-term community investment that defines our culture. Together, we’re building a more powerful platform—strengthening our funding, expanding our capabilities, and unlocking meaningful, sustainable growth opportunities for each of our lines of business. We look forward to expanding our banking, retail mortgage, mortgage joint venture, homeowners insurance and loan servicing platforms across additional Texas markets.”
Scott Almy, President And CEO Of Cornerstone Capital Bank
