Mutual of Omaha Bank and an affiliate of PlainsCapital Bank in Dallas have partnered to sell residential mortgages.
The new business, called Mutual of Omaha Mortgage, will begin offering mortgages in the third quarter, according to a Wednesday news release.
The $7 billion-asset Mutual of Omaha Bank and PrimeLending, a unit of the $8.8 billion-asset PlainsCapital, formed a joint venture called PrimeLending Ventures Management to manage the new operation. Financial details of the joint venture were not disclosed.
Mutual of Omaha Mortgage will begin recruiting employees in the next 45 to 60 days.
The insurance giant Mutual of Omaha established its bank in 2007. It has grown through acquisitions, including the purchase of failed banks. It operates primarily as an online bank, although it operates 32 branches in Nebraska, Arizona, Nevada and other states.
PrimeLending, a wholly owned subsidiary of PlainsCapital Bank, operates from 280 locations in 41 states. It originates about 22% of its mortgages in Texas and 15% in California. Both PrimeLending and PlainsCapital Bank are owned by Hilltop Holdings in Dallas.