Granite Bank in Portsmouth, N.H., has acquired Cousins Home Lending.

The residential lending company, also based in Portsmouth, will become a division of the $268 million-asset bank and retain its name. The lender's founder, Anna-Lisa Cousins, will join Granite as senior vice president of residential mortgage lending to manage and develop the division.

Granite said current Cousins Home Lending employees will join one of Granite's loan production offices. Financial terms of the transaction, which was announced Wednessday, were not disclosed.

The acquisition expands the loan options available to Granite's customers, including mortgages guaranteed by the Department of Veterans Affairs, the Federal Housing Administration and the U.S. Department of Agriculture.

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