Cornerstone Capital Bank acquires People’s Bank of Lubbock

Cornerstone Capital Bank, based in Houston, completed its acquisition of Peoples Bank of Lubbock, Texas.

© Shutterstock

All acquired branches remain open as Peoples Bank, a division of Cornerstone Capital Bank.

“This marks a major step forward for Cornerstone,” Scott Almy, president and CEO of Cornerstone, said. “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.”

The combined organization now holds more than $3.4 billion in assets. Cornerstone operates 16 full-service banking locations across major Texas markets and more than 150 mortgage offices nationwide.

“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,” Almy said.

Larry Allen, the former chairman and CEO of Peoples Bank, has joined the boards of Cornerstone Capital Bancorp, which is the bank’s holding company, and Cornerstone Capital Bank. Allen will serve as area chairman, Peoples Bank.

Further, all the Peoples Bank leadership team, branch presidents, and support teams remain in place.

The company has served nearly 700,000 customers through its family of brands, including Cornerstone Home Lending, Roscoe Bank, Peoples Bank, Cornerstone Servicing, and Cornerstone Insurance.