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For Immediate Release
                                                   For More Information Contact:
                                                                David E. Ritter,
                                                             Senior V.P., C.F.O.
                                                Greater Atlantic Financial Corp.
                                                                  (703) 390-0340

                  GREATER ATLANTIC FINANCIAL CORP. EXTENDS ITS
                 CONVERTIBLE TRUST PREFERRED SECURITIES OFFERING

      (RESTON, VIRGINIA, FEBRUARY 26, 2002) - The Board of Directors of Greater
Atlantic Financial Corp. (Nasdaq: GAFC) announced today that the Company has
extended its previously announced subscription rights offering of convertible
trust preferred securities.  The offering has been extended from 5:00 p.m.
Eastern time, March 5, 2002 to 5:00 p.m. Eastern time, March 15, 2002. The
offering has been extended in order to provide all stockholders additional time
to consider whether to purchase the convertible trust preferred securities.

      In the offering, the Company is distributing to each stockholder of record
on February 4, 2002, the right to purchase 0.365 shares of 6 1/2% convertible
trust preferred securities of Greater Atlantic Capital Trust I for each share of
the Company's common stock owned on the record date at a purchase price of
$10.00 per convertible trust preferred security. The convertible trust preferred
securities will be convertible into shares of the Company's common stock at a
conversion price of $7.00 per share or one share of the convertible trust
preferred security for 1.429 shares of common stock. Details of the offering and
the convertible trust preferred securities are contained in the prospectus which
has been mailed to all shareholders.

      Greater Atlantic Financial Corp. conducts its business operations through
its wholly-owned subsidiary, Greater Atlantic Bank and the Bank's independent,
wholly-owned subsidiary, Greater Atlantic Mortgage Corporation. Greater Atlantic
Bank offers traditional banking services to customers through nine branches
located throughout the greater Washington, D.C./Baltimore Metropolitan area.

      THIS RELEASE MAY CONTAIN FORWARD-LOOKING STATEMENTS WITH RESPECT TO THE
COMPANY'S BELIEFS, PLANS, OBJECTIVES, GOALS, EXPECTATIONS, ANTICIPATIONS,
ESTIMATES, AND INTENTIONS THAT ARE SUBJECT TO SIGNIFICANT RISKS AND
UNCERTAINTIES, AND ARE SUBJECT TO CHANGE BASED ON VARIOUS FACTORS, SOME OF WHICH
ARE BEYOND THE COMPANY'S CONTROL. THE COMPANY DOES NOT UNDERTAKE TO UPDATE ANY
FORWARD-LOOKING STATEMENT, WHETHER WRITTEN OR ORAL, THAT MAY BE MADE FROM TIME
TO TIME ON OR ON BEHALF OF THE COMPANY.

      THIS IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY
CONVERTIBLE PREFERRED SECURITIES. THE OFFER IS MADE ONLY BY THE PROSPECTUS WHICH
WILL ACCOMPANY THE SUBSCRIPTION ORDER FORM. THE COMPANY FILED A REGISTRATION
STATEMENT ON FORM SB-2, INCLUDING A PRELIMINARY PROSPECTUS AND OTHER RELEVANT
DOCUMENTS, CONCERNING THE RIGHTS OFFERING AND THE CONVERTIBLE TRUST PREFERRED
SECURITIES WITH THE SECURITIES AND EXCHANGE COMMISSION (SEC) ON DECEMBER 20,
2001, AND AS AMENDED ON FEBRUARY 1, 2002. WE URGE INVESTORS TO READ THE
PROSPECTUS AND ANY OTHER RELEVANT

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DOCUMENTS FILED WITH THE SEC BECAUSE THEY CONTAIN IMPORTANT INFORMATION.
INVESTORS WILL BE ABLE TO OBTAIN THE DOCUMENTS FREE OF CHARGE AT THE SEC'S
WEBSITE, WWW.SEC.GOV. IN ADDITION DOCUMENTS FILED WITH THE SEC BY THE COMPANY
WILL BE AVAILABLE FREE OF CHARGE FROM THE SECRETARY OF THE COMPANY AT 10700
PARKRIDGE BOULEVARD, SUITE P50, RESTON, VA 20191, TELEPHONE (703) 391-1300. READ
THE PROSPECTUS CAREFULLY BEFORE MAKING A DECISION CONCERNING THE RIGHTS
OFFERING.