SunTrust, Crestar Merger To Create 15th Top Originator

The combination of SunTrust Banks Inc., Atlanta, with Crestar Financial Corp., Richmond, Va., will create the nation's 15th largest mortgage originator.The two announced a $9.5 billion merger transaction Monday morning. According to a statement issued by the parties, one of the strengths Crestar brings to the table in the deal is its residential mortgage operation. Crestar currently is the nation's 26th largest producer of residential mortgages, with annualized volume of $9.2 billion, according to the Database Products Group, a MortgageWire affiliate. SunTrust is ranked 36th, with annualized volume of $6.7 billion. Combined, the two have production of just under $16 billion. On the servicing side, the combination will be the nation's 23rd largest servicer, with a portfolio of $30.45 billion as of March 31, 1998. Individually, SunTrust is the nation's 30th largest servicer, with a $17 billion portfolio, while Crestar is 37th at $13.4 billion.