BancMortgage Financial Corp. launched a wholesale division on June 1 that will work with correspondents along the East Coast from Maryland to Florida.

The new division represents the latest expansion move by four-month-old BancMortgage. The company was formed as a unit of Habersham Bancorp of Georgia when two former chief executives of mortgage lending companies became available to run the business.

They are Anthony Watts, who formerly headed Mount Vernon Federal Savings Bank, and Robert Cannon, who was CEO and president of HomeBanc Mortgage Corp.

BancMortgage will be opening a retail branch office later this month and another in August.

Mr. Watts will serve as a principal director and chief executive of BancMortgage. Mr. Cannon will also be a principal director.

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