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                        GREATER ATLANTIC FINANCIAL CORP.

         10700 Parkridge Boulevard o Suite P50 o Reston, Virginia 20191 o
                      (703) 391-1300 o Fax: (703) 391-1506

NEWS RELEASE

DATE:     DECEMBER 6, 2004

CONTACT:  CARROLL E. AMOS
          (703) 390-0344

                     GREATER ATLANTIC ANNOUNCES BRANCH SALE

Greater Atlantic Financial Corp. (the "Company"), the holding company for
Greater Atlantic Bank (the Bank") announced today that the Bank has entered into
a definitive agreement with WashingtonFirst Bank for the sale of the Bank's
branch office located at 46901 Cedar Lakes Plaza, Sterling, Virginia. At October
31, 2004, the office held approximately $7.9 million in deposits. The sale
provides for the assumption of the deposits by WashingtonFirst and the transfer
to it of the physical assets. WashingtonFirst will also assume the lease on the
premises. Except for certain overdraft lines linked to checking accounts, no
loans are being sold as part of the transaction.

"The sale of this branch brings to a close our branch sale plans based on a
strategic plan undertaken by the Board of Directors in fiscal 2003, and will
allow the Bank to redeploy its capital and to increase its operating
efficiencies," said Carroll E. Amos, President and Chief Executive Officer. "Our
intention is to make the transition as smooth as possible for the customers and
for the employees of the office," he added.

Continuing, Mr. Amos said: "The decision to sell the Sterling office does not in
any way reflect a shift in our community banking strategy. Rather, the decision
is part of our continuing effort to increase shareholder value. The sale will
allow us to provide a broader array of more competitive financial products and
services in the markets we will continue to serve."

Based on the terms of the agreement, and on the deposits outstanding on October
31, 2004, the transaction is expected to result in an estimated pre-tax gain of
$293,000, net of transaction expenses, and an annual reduction in net
non-interest expense of $400,000. Mr. Amos pointed out that the estimated gain
and the reductions in net non-interest expense will only be realized upon the
closing of the transaction. The transaction is expected to be completed prior to
March 31, 2005, after obtaining required regulatory approvals.



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