UPDATE 1-First Marblehead in loan deal with SunTrust Bank

* Says to facilitate $200 mln in loans under program

* Says deal to be effective in quarter ending Sept. 30

April 26 (Reuters) - First Marblehead Corp (FMD.N), a securitizer of student loans, said it has entered into a loan program agreement with SunTrust Bank (STI.N) to facilitate about $200 million in loans.

Under the agreement, First Marblehead will perform services in support of a school-certified private education loan program, including loan processing, production support, portfolio management among others, to be funded by SunTrust.

The agreement is expected to become effective during the quarter ending Sept. 30, First Marblehead said.

The loan program enables lenders to customize a loan to meet risk control and return objectives, the company said.

Shares of First Marblehead closed at $3.63 Friday on the New York Stock Exchange. (Reporting by Archana Shankar in Bangalore; Editing by Unnikrishnan Nair)