MEMPHIS, TENNESSEE - National Commerce Financial agreed to acquire mortgage lender BancMortgage Financial Corporation, an Atlanta-based unit of Habersham Bank, which is a unit of Habersham Bancorp. <br>
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National Commerce did not disclose the terms of the transaction. <br>
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In a news release Thursday, holding company National Commerce said the purchase will approximately double its mortgage origination business. <br>
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BancMortgage posted $1.4 billion in loan volume in 2001 and a compound annual growth rate of 43 percent during the five years ended 2001. <br>
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The company said the purchase also will speed its penetration into the Atlanta market. In October, the company purchased 15 Wachovia branch buildings with lease obligations on seven others. It had previously agreed to open 30 branches inside Kroger grocery stores by the end of 2003. <br>
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BancMortgage locations will continue to operate under the same name.
