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): October 2, 2006
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GREATER ATLANTIC FINANCIAL CORP.
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(Exact name of registrant as specified in its charter)
DELAWARE
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(State or other jurisdiction of incorporation)
0-26467 54-1873112
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(Commission File Number) (IRS Employer
Identification Number)
10700 Parkridge Boulevard, Suite P50 Reston, Virginia 20191
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(Address of Principal Executive Offices) (Zip Code)
(703) 391-1300
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(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 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
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Effective October 2, 2006, the registrant's subsidiary, Greater
Atlantic Bank, implemented an Employee Severance Compensation Plan to provide
severance benefits to eligible employees who lose their positions of employment
with the Bank following a "Change in Control" of the Bank or of the registrant.
Employees who have completed one year of service as of the date of termination
would be eligible for benefits under the plan which would vary depending upon
the employee's base compensation and years of service. Employees who have
entered into a separate employment or change in control agreement with the Bank
or the Company are not eligible for benefits under the plan.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
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(d) Exhibits
Number Description
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10.1 Greater Atlantic Bank Employee Severance
Compensation Plan effective October 2, 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: October 5, 2006 By: /s/ Carroll E. Amos
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Carroll E. Amos, President and Chief
Executive Officer
Date: October 5 , 2006 By: /s/ David E. Ritter
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David E. Ritter, Senior Vice President and
Chief Financial Officer