Memphis, TN-based National Commercial Financial, ranked No. 1 or No. 2 in the banking industry by Lehman Brothers for the past seven quarters, is buying BancMortgage for an undisclosed sum.
The deal is complex. Habersham Bancorp of Cornelia, GA owns BancMortgage. Habersham is selling BancMortgage for an undisclosed sum to the two vice chairmen of BancMortgage--Robert S. Cannon and Anthony L. Lewis.
The deal is structured this way because Cannon and Lewis are exercising a pre-existing option to buy BancMortgage, the company says in a prepared statement. After closing on the deal, Cannon and Lewis will sell BancMortgage to NCF.
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