SunTrust Banks Inc. has agreed to sell First Mercantile Trust Co., a Memphis provider of retirement plan record-keeping and investment management services, to Massachusetts Mutual Life Insurance Co.
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First Mercantile would keep its headquarters, and its management team would remain with the business. The unit serves more than 3,100 plans with 140,000 participants. It had $5 billion of assets under management at yearend.
MassMutual, whose retirement plan business has $40 billion of assets, did not say how much it would pay.
The deal, announced Thursday, is expected to close next quarter.
