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SunTrust Bank closes Pillar Financial deal

SunTrust Banks Inc. closed the acquisition of all assets of Pillar Financial LLC's operating subsidiaries, including receiving license transfer approvals from Fannie Mae, Freddie Mac, and the Federal Housing Administration Agency.

The acquired assets include Pillar Financial's multifamily lending business and the commercial real estate investors services and mortgage banking businesses of Chicago-based Cohen Financial.

Pillar Financial and Cohen Financial will now operate as part of SunTrust's commercial real estate line of business. The company has also retained the leadership teams of Pillar Financial and Cohen Financial. Anand Gajjar, CEO and senior managing director of Pillar Financial, will serve as head of the Pillar Division, including Cohen Financial.