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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K
                                 CURRENT REPORT

           Pursuant to Section 13 or 15(d) of the Securities Exchange
               Act of 1934 Date of Report (Date of Earliest Event
                           Reported) January 22, 2002

                        GREATER ATLANTIC FINANCIAL CORP.
                        --------------------------------
             (Exact Name of Registrant as Specified in Its Charter)

         Delaware                      000-26467               54-18773112
         ---------                    ------------             -----------
(State or other Jurisdiction of       (Commission             (IRS Employer
 Incorporation or Organization)       File Number)          Identification No.)

                10700 Parkridge Boulevard, Reston, Virginia 20191
                -------------------------------------------------
               (Address of Principal Executive Offices) (Zip Code)

                                 (703) 391-1300
                                 ---------------
              (Registrant's Telephone Number, including Area Code)

                                 Not Applicable
                                 --------------
          (Former Name or Former Address, If Changed Since Last Report)



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ITEM 5.  OTHER EVENTS.
         ------------

         On January 22, 2002, the registrant issued a release announcing that it
will be distributing to each stockholder of record on February 4, 2002, the
right to purchase .365 shares of 6 1/2% convertible trust preferred securities
of Greater Atlantic Capital Trust I for each share of the registrant's common
stock owned on the record date at a purchase price of $10.00 per convertible
trust preferred security.


         The press release announcing the distribution is attached as Exhibit
99.1.

ITEM 7.  FINANCIAL STATEMENTS AND OTHER EXHIBITS.
         ---------------------------------------

         Exhibit 99.1 Press Release dated January 22, 2002.



                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


Dated:  January 22, 20002            By: /s/ Carroll E. Amos
                                         -------------------------------------
                                         Carroll E. Amos
                                         President and Chief Executive Officer




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