Union Planters to Buy Ala. Mortgage Unit

Union Planters Corp. said it agreed to buy the wholesale mortgage originations franchise of Colonial Mortgage Co., a subsidiary of Colonial BancGroup Inc. of Montgomery, Ala.

Terms were not disclosed.

The Colonial unit produced $3.6 billion of mortgages last year, and more than $1.7 billion in the first half. Union Planters originated $2.5 billion last year, and $1.8 billion in the first half.