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 AND EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): September 8, 2006
-----------------
GREATER ATLANTIC FINANCIAL CORP.
--------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE
--------
(State or other jurisdiction of incorporation)
0-26467 54-1873112
- ------------------------------ ----------
(Commission File Number) (IRS Employer
Identification Number)
10700 Parkridge Boulevard, Suite P50 Reston, Virginia 20191
- ----------------------------------------------------- -----
(Address of Principal Executive Offices) (Zip Code)
(703) 391-1300
--------------
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
ITEM 8.01 OTHER EVENTS.
------------
On September 8, 2006, Greater Atlantic Financial Corp. (the "Company"),
the holding company for Greater Atlantic Bank (the "Bank'), issued a news
release announcing that a Demand for Arbitration Before the American Arbitration
Association has been filed against the Company, the Bank, Greater Atlantic
Mortgage Corporation ("GAMC"), and Carroll E. Amos, President and Chief
Executive Officer of the Company and the Bank. The Demand for Arbitration has
been filed by Stamm Mortgage Management, Inc. ("Stamm Mortgage") and T. Mark
Stamm, President of Stamm Mortgage in connection with the Management Agreement
among Stamm Mortgage, the Bank, and GAMC that governed the management of GAMC by
Stamm Mortgage before the Bank terminated GAMC's operations earlier this year,
as previously disclosed, and certain aspects of the Company's public disclosures
of that event. The text of the news release is attached as Exhibit 99.1 and is
incorporated herein by reference.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
---------------------------------
Exhibit 99.1 News Release dated September 8, 2006.
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.
GREATER ATLANTIC FINANCIAL CORP.
Date: September 8, 2006 By: /s/ Carroll E. Amos
---------------------------------------
Carroll E. Amos
President and Chief Executive Officer
Date: September 8, 2006 By: /s/ David E. Ritter
---------------------------------------
David E. Ritter
Senior Vice President and Chief
Financial Officer