Mutual of Omaha Bank Completes Acquisition of Synergy One Lending
OMAHA, Neb. and SAN DIEGO – Mutual of Omaha Bank has completed the purchase of Synergy One Lending, Inc., a national mortgage company based in San Diego, Mutual of Omaha Bank Chairman and CEO Jeff Schmid announced.
Mutual of Omaha Bank announced an agreement to acquire Synergy One in early May and received regulatory approval from the Office of the Comptroller of the Currency this month. The transaction closed July 16. Terms of the deal were not disclosed.
As a wholly owned subsidiary of Mutual of Omaha Bank, Synergy One Lending will retain its operations in San Diego, ensuring a seamless transition for customers.
Synergy One operates in 45 states, offering a full suite of home financing products and services through a wide network of financial advisors, brokers and direct sales channels. Synergy One also brings comprehensive mortgage back office operations to Mutual of Omaha Bank.
The acquisition also expands Mutual of Omaha Bank’s product offerings to include the Home Equity Conversion Mortgage (HECM), more commonly known as the reverse mortgage. In 2013, the U.S. Department of Housing and Urban Development (HUD) dramatically changed the product to make it a more consumer-friendly and valuable financial planning tool for seniors. HECM products are offered through Synergy One’s Retirement Funding Solutions arm.
“This acquisition brings together two organizations that complement each other strategically and culturally,” Schmid said. “By combining our collective strengths, Mutual of Omaha Bank and Synergy One will be able to serve more customers who are in the market for a traditional or reverse mortgage. With a strong capital base, dynamic distributions and robust back office operations, we will be able to offer a best-in-class mortgage experience.”
Terry Connealy, president of Mutual of Omaha Mortgage, will oversee Synergy One’s operations on behalf of Mutual of Omaha Bank.
About Mutual of Omaha Bank
Mutual of Omaha Bank is a full-service bank providing financial solutions to individuals and businesses across the United States. With more than $8 billion in assets, Mutual of Omaha Bank is a subsidiary of Mutual of Omaha, a Fortune 500 insurance and financial services company founded in 1909. For more information about Mutual of Omaha Bank, visit www.mutualofomahabank.com.
About Synergy One Lending, Inc.
Synergy One Lending is an agency approved Seller/Servicer, operating in 45 States. The firm is strategically built to support and grow both retail and wholesale business channels, while operating under the brand Retirement Funding Solutions for its reverse mortgage lending activities. Synergy One was incorporated in 2013 and has been a leader in creating the modern mortgage company. For more information on Synergy One Lending, visit www.s1lending.com.