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                    U.S. SECURITIES AND EXCHANGE COMMISSION

                            WASHINGTON, D. C. 20549

                                 AMENDMENT NO. 1
                                      TO
                                   FORM 10-Q

             [x] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
                    SECURITIES EXCHANGE ACT OF 1934 For the
                   quarterly period ended September 30, 2000


             [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934
                 For the transition period from _____ to _____

                         Commission file number 0-13153


                               HABERSHAM BANCORP
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             (Exact name of registrant as specified in its charter)

          Georgia                                                58-1563165
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(State or other jurisdiction of                               (I.R.S. Employer
incorporation or organization)                               Identification No.)

Highway 441 N.   P.O. Box 1980,   Cornelia, Georgia                 30531
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   (Address of principal executive offices)                       (Zip code)


                                 (706) 778-1000
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                (Issuer's telephone number, including area code)



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              (Former name, former address and former fiscal year,
                       if changed since last report)

         Check whether the issuer: (1) filed all reports required to be filed
by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for
such shorter period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days.

                                                  Yes [X]    No [ ]

State the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date:

 2,698,746 shares, common stock, $1.00 par value, as of October 31, 2000


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HABERSHAM BANCORP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) For the Nine Month Periods Ended September 30, 2000 and 1999
(dollars in thousands)

<TABLE>
<CAPTION>
CASH FLOWS FROM OPERATING ACTIVITIES:                            2000               1999
<S>                                                         <C>                <C>
  Net income                                                $     2,348        $     1,247
  Adjustments to reconcile net income to net cash
   (used by) provided by operating activities:
      Provision for loan losses                                     715                677
      Depreciation                                                1,022              1,041
      Gain on sale of investment securities                         (37)               (16)
      Proceeds from sale of trading securities                       --                596
      Unrealized holding loss on trading securities                 306                725
      Loss (gain) on sale of other real estate                       11                (16)
      Net gain on sale of loans                                  (9,624)            (7,576)
      Amortization of intangible assets                             233                243
      Equity in earnings of investee                               (128)              (143)
      Deferred income tax benefit                                   (31)               (24)
      Proceeds from sale of loans held for sale                 423,314            456,110
      Net increase in loans held for sale                      (436,057)          (416,018)

  Changes in assets and liabilities:
      Increase in interest receivable                              (725)              (357)
      (Increase) decrease in other assets                          (934)                38
      Increase (decrease) in interest payable                       644               (486)
      Increase (decrease) in other liabilities                   15,075             (1,449)
                                                            -----------        -----------
  Net cash (used by) provided by operating activities            (3,868)            34,591
                                                            -----------        -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Investment securities available for sale:
      Proceeds from maturity                                      4,230              9,278
      Proceeds from sale                                          2,403              5,016
      Purchases                                                  (5,845)            (8,393)
  Investment securities held to maturity:
      Proceeds from maturity                                      1,059              1,360
      Purchases                                                    (499)              (199)
  Other investments:
      Proceeds from sale                                            712              7,218
      Purchases                                                  (3,192)            (5,486)

  Net cash paid for purchase of CB Financial Corp.
   common stock                                                      --               (116)
  Loans:
      Proceeds from sale                                         12,858             32,970
      Net increase in loans                                     (64,037)          (113,864)
  Purchases of premises and equipment                            (1,185)            (1,260)
  Proceeds from sale of other real estate                           249                270
  Dividends received from other investment                           28                 --
                                                            -----------        -----------
  Net cash used in investing activities                         (53,219)           (73,206)
                                                            -----------        -----------
</TABLE>


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                                   SIGNATURES



    In accordance with the requirements of the Exchange Act, the registrant has
caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.


                                  HABERSHAM BANCORP
                                     (Registrant)



Date November 20, 2000                  /s/ David D. Stovall
                                     ------------------------------------
                                     President and
                                     Chief Financial Officer
                                     (for the Registrant and as the
                                     Registrant's principal financial and
                                     accounting officer)