San Diego–based Synergy One Lending has reached a definitive agreement to acquire certain assets of BBMC Mortgage, a national mortgage company based in Lombard, Illinois, Business Wire reports. Described in the release as a division of Bridgeview Bank, BBMC offers a full suite of home-financing products and services including traditional mortgage products and reverse mortgages through a network of loan officers, as well as through direct sales channels.
In addition to acquiring select assets and leases, Synergy One expects to transition most BBMC employees to the company, a wholly owned subsidiary of Mutual of Omaha Bank that also does business as Mutual of Omaha Mortgage, the statement says. The terms of the transaction were not disclosed.
Synergy One’s CEO Terry Connealy is quoted in the release as saying, “BBMC has built an impressive team and we are a strong cultural fit.” He adds that his company is “excited by the potential this transaction offers to expand and serve more customers in the traditional and reverse mortgage markets.”
The transaction significantly expands Synergy One’s footprint in the Midwest and brings complementary strengths to the company while building on common culture, technologies and talent, according to Connealy, who adds, “The impact of combining these organizations is impressive. It is unusual for market timing, talent and strategic direction to align in such a compelling manner, and we’re excited by the possibilities that lie ahead.”