Mutual of Omaha's Synergy One set to acquire assets of BBMC Mortgage
Mutual of Omaha Bank company Synergy One Lending is preparing to acquire certain assets of BBMC Mortgage, a Lombard, Ill.-based national mortgage company and division of Bridgeview Bank, which will expand its Midwest footprint and improve its strategic direction.
Synergy One, which is a wholly owned subsidiary of Mutual of Omaha and also operating as Mutual of Omaha Mortgage, plans to transition most BBMC employees to the company in addition to its acquisition of particular assets and leases. The deal is expected to close by Jan. 31. Financial terms were not disclosed.
The news comes about a month after Bridgeview's other retail mortgage operation, Bemortgage, announced it will become a part of CrossCountry Mortgage.
"BBMC has built an impressive team and we are a strong cultural fit — with both firms committed to a relentless drive toward 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," Synergy One CEO Terry Connealy said in a press release.
BBMC provides a suite of financing services from traditional to reverse mortgage products through a network of loan officers and direct sales channels. Their mission to support borrowers mirrors that of Synergy One, according to BBMC.
"Synergy One and Mutual of Omaha Bank put their customers first," said Jeff Gennarelli, President of BBMC Mortgage. "I'm confident this will be an excellent fit for our mortgage customers and employees."
Mutual of Omaha agreed to purchase Synergy One back in May. The deal, which closed on July 16, expanded the bank's product offering to include reverse mortgages.