SunTrust to Buy Sun America Mortgage

SunTrust Banks Inc., Atlanta, has announced an agreement to acquire Sun America Mortgage Corp., also based in Atlanta.The terms of the deal were not disclosed. Under the agreement, Sun America will become part of SunTrust Mortgage Inc., SunTrust's mortgage banking subsidiary, but it will operate as a locally managed unit under its own name, SunTrust said. Sun America's two principals, Bo Means and Ted Harrison Jr., will continue to manage the company's day-to-day operations. The majority of Sun America's mortgage loan production comes from builder-referred, move-up, and first-time homebuyers, SunTrust said. "Sun America's consistent focus on the builder community and originating purchase loans fits right in with our growth strategies," said Sterling Edmunds Jr., president and chief executive officer of SunTrust Mortgage. The company can be found online at http://www.suntrustmortgage.com.