Mutual of Omaha Bank’s wholly-owned subsidiary Synergy One Lending has agreed to purchase certain assets of BBMC Mortgage, a unit of Bridgeview Bank. Financial terms of the acquisition were not disclosed.
BBMC Mortgage is engaged in providing home financing products and services including conventional mortgage products and reverse mortgages.
The company offers its services through direct sales channels as well as through a network of loan officers.
The acquisition of selected assets and leases will bolster Synergy One’s footprint in the Midwest region. Additionally, the company expects to employ most of the BBMC employees to support its businesses.
Synergy One CEO Terry Connealy said: “BBMC has built an impressive team and we are a strong cultural fit – with both firms committed to a relentless drive towards an exceptional customer experience through the combination of talent, technology, and digital marketing expertise.
“We are excited by the potential this transaction offers to expand and serve more customers in the traditional and reverse mortgage markets.”
BBMC Mortgage president Jeff Gennarelli added: “Synergy One and Mutual of Omaha Bank put their customers first, which aligns closely with BBMC’s culture and commitment to honesty, fair dealing and superior customer service.
“I’m confident this will be an excellent fit for our mortgage customers and employees.”
Synergy One Lending is licensed to carry out mortgage origination activities in 45 US states. It also conducts business as Mutual of Omaha Mortgage.