A South Carolina mortgage lender was acquired last month by SunTrust Banks Inc., the company said.
In a press release accompanying their second quarter 2003 earnings statement, the Atlanta-Georgia based company said it had completed its acquisition of Lighthouse Financial Services in early June. Lighthouse was described as holding $567 million in loans, operating five branches, and holding the title of largest lender on Hilton Head Island.
Suntrust reported $82.1 million in mortgage production for second quarter 2003, up a whopping 2,681 percent over second quarter 2002’s $3.0 million. The number also almost doubled the prior quarter’s production of $40.8 million.
Mortgage servicing, however, was reported at negative $80.1 million for the quarter, compared to $807,000 for second quarter 2002. For the year-to-date, servicing is at negative $127.1 million, the company said.
