SIB Mortgage Corp. a subsidiary of Staten Island Bancorp, has agreed to buy Ivy Mortgage Corp. of Branchburg, N.J.

Ivy originated $200 million of mortgages last year, and $300 million in the first nine months of this year. The deal would let SIB originate mortgages outside its territory, which is limited to the New York City boroughs of Staten Island and Brooklyn.

Ivy's network of retail branches and correspondent lenders spans 21 states, mostly on the East Coast. BayView Financial Trading Group, the Miami investment bank, advised SIB on the sale.

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