Massachusetts Mutual Life Insurance Company has completed the purchase of First Mercantile Trust Company from SunTrust Banks.
Headquartered in Memphis, Tennessee, First Mercantile provides retirement plan recordkeeping and investment management services throughout the US. First Mercantile’s operations add complementary products and further scale to Massachusetts Mutual Life Insurance Company’s (MassMutual) existing retirement plan business.
In a statement, the company said that this transaction is a true win-win for both MassMutual and First Mercantile.
Elaine Sarsynski, executive vice president of retirement services division at MassMutual, said: 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.