Mutual of Omaha Bank, the banking arm of insurance giant Mutual of Omaha, is expanding its mortgage platform by acquiring Synergy One Lending, a mortgage lender based in California.
Synergy One is licensed in 45 states and offers a variety of home financing products and services, including mortgages and reverse mortgages, through a network of loan officers, mortgage brokers, and direct sales channels.
One important piece of the deal for Mutual of Omaha: acquiring Synergy One will allow the company to expand into reverse mortgage lending.
“Synergy One is an impressive company with a very talented team and dynamic management. We are a strong cultural fit – with both of us committed to collaboration, accountability and customer-focus – and our businesses are extremely complementary,” Mutual of Omaha Bank Chairman and CEO Jeff 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.”
Upon completion of the deal, Synergy One will operate as a wholly-owned subsidiary of Mutual of Omaha Bank and continue to be based in San Diego.
“We already have a banking presence in San Diego, so it makes perfect sense for Synergy One’s headquarters and team to remain and expand there,” Schmid said.
As for what Synergy One has to gain from selling to Mutual of Omaha, the companies say that deal will help both companies grow.
According to Schmid, Synergy One will “benefit from Mutual of Omaha Bank’s financial strength, strong brand and national presence, while the acquisition brings a comprehensive product portfolio, dynamic distributions and robust mortgage back office operations to the Bank.”
Synergy One President and CEO Torrey Larsen added that Mutual of Omaha Bank is a “respected, trusted brand” that adds a “significant base of capital” to its operation.
“The impact of two high performance teams working as one provides an undeniable opportunity to grow market share by executing every day on behalf of our customers,” Larsen said. “The combined company is fully aligned on vision, culture and purpose as we aim to build the best mortgage enterprise in the market, while maintaining our core values and commitment to serving others.”
According to the companies, Terry Connealy, the president of Mutual of Omaha Mortgage, will oversee Synergy One’s operations on behalf of Mutual of Omaha Bank.
The companies expect the deal to close in June. Financial terms were not disclosed.