MassMutual to buy First Mercantile

Massachusetts Mutual Life Insurance Co. announced today that it had completed its purchase of First Mercantile Trust Co. from SunTrust Banks Inc. of Atlanta. Headquartered in Memphis, Tenn., First Mercantile provides retirement plan record keeping and investment management services in the United States. With nearly $5 billion in assets under management as of Dec. 31, First Mercantile's offerings complement MassMutual's $40 billion retirement plan business, company officials said. "We are pleased to complete this transaction and welcome First Mercantile into the MassMutual Financial Group family of companies," Elaine A. Sarsynski, executive vice president of MassMutual's retirement services division, said in a statement. Massachusetts Mutual Life Insurance Co. and MassMutual Financial Group are located in Springfield, Mass. MassMutual and its subsidiaries had more than $500 billion in assets under management at yearend.