Mutual of Omaha Insurance Co. has formed a thrift holding company under which it would consolidate its three recent community bank acquisitions, according to an application filed with the Office of Thrift Supervision last month.
The application, a portion of which was released by the OTS on Monday, said the company would use Security Federal Savings, which it applied to buy in May, as its primary thrift subsidiary.
The insurer said it would move the thrift's headquarters from Lincoln, Neb., to the company's main campus in Omaha. (The thrift's current headquarters would be redesignated as a branch, the application said.)
Once its purchase of Peak National Bank in Golden, Colo., which was also announced in May, closes, Mutual of Omaha said, the national bank would be merged into Security Federal Savings.
The company said in the July 3 application it was choosing a thrift charter because it would let the holding company "expand easily into other states and would allow future bank acquisitions to become branches of the existing thrift."
Once all the deals close, the holding company, Omaha Financial Holdings, would have combined assets of about $600 million.
