Staten Island Bancorp said its new subsidiary, SIB Mortgage Corp., has bought the residential mortgage production operations and certain assets of Ivy Mortgage Corp., Branchburg, N.J.

The transaction closed Nov. 20. The price was not disclosed.

Ivy Mortgage Corp. maintained an extensive branch and correspondent network in 21 states and originated $300 million of loans through the first nine months of 1998. SIB Mortgage Corp. will conduct its business under the name Ivy Mortgage from this branch network.

Staten Island Bancorp is the parent of Staten Island Savings Bank, which has 16 full-service branches and three limited-service offices on Staten Island and one branch in Brooklyn, N.Y.

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