Mutual of Omaha Bank Completes Synergy One Acquisition
July 18, 2018
Mutual of Omaha Bank has announced the completion of its purchase of Synergy One Lending Inc., thus enabling the company to expand into the reverse mortgage market.
Synergy One, which operates in 45 states, and will become a subsidiary of Mutual of Omaha Bank and retain its operations in San Diego. The financial terms of the acquisition were not disclosed. Terry Connealy, President of Mutual of Omaha Mortgage, will oversee Synergy One’s operations.
Mutual of Omaha Bank will now be a participant in the reverse mortgage sector via the Home Equity Conversion Mortgage (HECM) products through Synergy One’s Retirement Funding Solutions arm. Mutual of Omaha Bank Chairman and Chief Executive Officer Jeff Schmid cited this as a key reason for the acquisition.
“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.”
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