Mutual of Omaha Bank to Acquire Synergy One Lending

OMAHA, Neb. and SAN DIEGO – Mutual of Omaha Bank has reached a definitive agreement to acquire Synergy One Lending, Inc., a national mortgage company based in San Diego, Mutual of Omaha Bank Chairman and CEO Jeff Schmid announced.

The transaction is expected to be finalized in June, pending regulatory approval. The terms of the transaction were not disclosed.

Licensed in 45 states, Synergy One offers a full suite of home financing products and services including mortgages and reverse mortgages through a wide network of loan officers, mortgage brokers as well as direct sales channels. It will operate as a wholly owned subsidiary of Mutual of Omaha Bank.

“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. We are excited by the potential this acquisition offers both companies to expand and serve more customers in the mortgage and reverse mortgage markets,” Schmid said.

“Mutual of Omaha Bank is a respected, trusted brand with a complementary team of people, a significant base of capital and a commitment to excellence,” said Synergy One President and CEO Torrey Larsen. “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. 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.”

As a wholly owned subsidiary of Mutual of Omaha Bank, the company will continue to operate under the Synergy One name and its headquarters will remain 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.

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, Schmid said.

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.

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

About Synergy One Lending, Inc.
Synergy One Lending is an agency approved Seller/Servicer, licensed to conduct mortgage origination activities 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 and More Lending for its specialty product wholesale channel. 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 for more information.