Habersham Bancorp said last week that it would buy Prestwick Mortgage Group of Alexandria, Va.

The $327 million-asset Cornelia, Ga.-based holding company declined to disclose the purchase price.

Prestwick would operate as a division of BancMortgage Financial Corp., Habersham's mortgage banking subsidiary created less than two years ago.

An investment banking firm specializing in evaluating mortgage-related assets, Prestwick would buy loans on behalf of Habersham.

"This will take us into the next arena of buying and selling pools of mortgages," said David D. Stovall, chief executive officer at Habersham Bancorp.

He added that the bank's mortgage division is bringing in as much as $40 million a month.

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