Mutual of Omaha to buy national mortgage lender
Mutual of Omaha Bank in Nebraska has agreed to buy Synergy One Lending, a national mortgage lender in San Diego.
The $8.1 billion-asset Mutual of Omaha said in a press release that the acquisition would expand its product offerings to include reverse mortgages. Synergy One will benefit from Mutual of Omaha’s “financial strength, strong brand and national presence,” Jeff Schmid, the bank's chairman and CEO, said in the release.
The deal is expected to be completed in June. Mutual of Omaha did not disclose the price.
Synergy One, licensed in 45 states, offers home financing products and services, including mortgages and reverse mortgages through a network of loan officers, mortgage brokers and direct sales channels. After the deal closes, Synergy One will operate as a unit of Mutual of Omaha while keeping its name and headquarters.
“We are a strong cultural fit — with both of us committed to collaboration, accountability and customer-focus — and our businesses are extremely complementary,” Schmid said. “We are excited by the potential this acquisition offers both companies to expand and serve more customers in the mortgage and reverse mortgage markets.”
Terry Connealy, president of Mutual of Omaha Mortgage, will oversee Synergy One’s operations.