Roscoe State Bank partners with BEDC and Long Term Recovery Team

Roscoe State Bank partners with BEDC and Long Term Recovery Team Main Photo

28 Nov 2022


Roscoe State Bank’s commitment to supporting the Bastrop-area community’s economic growth is being seen on multiple fronts – a commitment which was given an additional boost with the bank’s recent merger with Cornerstone Capital Bank, SSB, officials said. At the Nov. 21 meeting of the Board of Directors of the Bastrop Economic Development Corporation, Rick Womble, Executive Vice-President of Roscoe State Bank, presented the BEDC with a $20,000 check – the first of five installments which will total $100,000 – which will go towards the establishment of a micro business loan or grant program for the community, as well as other economic assistance. “On behalf of Roscoe State Bank, a division of Cornerstone Capital Bank, SSB, we are excited to pledge our support for the Bastrop Economic Development Corporation – as a part of our ongoing commitment to invest in Bastrop,” Womble said. “We live in a wonderful place with a very giving community. I am happy to offer this five-year commitment. We want to do our part. This is a gesture which says, we believe in Bastrop, we believe in the future of Bastrop.”

Specifics of Grant Use

Womble said the grant money can assist permanent job creation, retention, and improvement for persons/geographic areas which are characterized as low- or moderate-income, as well as for areas targeted for redevelopment by federal, state, local or tribal governments. The grant will also provide technical assistance support for small businesses, farms, job training and workforce-development programs. Bret Gardella, BEDC’s Chief Executive Officer, told the BEDC Board of Directors that with the recent merger of Roscoe State Bank with Cornerstone Capital Bank, SSB, “They ended up with some resources that they wanted to invest back in our community.” Gardella said he would present details of the proposed program at the BEDC’s December meeting.

Roscoe assists Long Term Recovery Team

Roscoe State Bank also recently presented a $50,000 check to the Bastrop County Long Term Recovery Team to assist in continuation of the team’s Disaster Mortgage Assistance Program. “This investment in the Bastrop Long Term Recovery Team by Roscoe State Bank represents one of several commitments made within Bastrop County as a show of support for the local areas served by Roscoe State Bank,” said Sheila Lowe, BCLTRT Executive Director.

Like the funding the Long Term Recovery Team received for their COVID-19 Mortgage Assistance Program, the $50,000 commitment by Roscoe will allow the Recovery Team to help families that have been financially affected by one of the three disasters Bastrop County has seen since 2021, Lowe said. Families that are rebounding from COVID-19, the historic 2021 winter storms as well as the Texas tornadoes that affected Elgin, are eligible to apply.

By Terry Hagerty – Contributing writer