Springfield, Mass., June 2, 2008 –Massachusetts Mutual Life Insurance Company (MassMutual) announced today it has completed its previously announced purchase of First Mercantile Trust Company from SunTrust Banks, Inc. (NYSE: STI).
Headquartered in Memphis, Tennessee, First Mercantile provides retirement plan recordkeeping and investment management services throughout the U.S. With nearly $5 billion in assets under management as of Dec. 31, 2007, First Mercantile’s operations adds complementary products and further scale to MassMutual’s existing $40 billion retirement plan business.
“We are pleased to complete this transaction and welcome First Mercantile into the MassMutual Financial Group family of companies,” says Elaine A. Sarsynski, executive vice president of MassMutual’s Retirement Services Division. “Over time, we look forward to working with First Mercantile to support growth, product innovation, and outstanding customer service as we continue to build momentum in the marketplace.”
“This transaction is a true win-win for both MassMutual and First Mercantile,” Ms. Sarsynski continued. “Both organizations have a number of key strengths that create value for the marketplace, including outstanding recordkeeping platforms, client service teams, investment platforms and due diligence processes. While both organizations will certainly gain efficiencies and learn best practices from one another, we intend to keep these functions separate between our two organizations.”
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual and its subsidiaries had more than $500 billion in assets under management at year-end 2007. Assets under management include assets and certain external investment funds managed by MassMutual's subsidiaries.
Founded in 1851, MassMutual is a mutually owned financial protection, accumulation and income management company headquartered in Springfield, Mass. MassMutual's major affiliates include: OppenheimerFunds, Inc.; Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; MML Investors Services, Inc., member FINRA and SIPC (www.finra.org and www.sipc.org); MassMutual International LLC and The MassMutual Trust Company, FSB. MassMutual is on the Internet at www.massmutual.com.