[GREATER ATLANTIC FINANCIAL CORP. LETTERHEAD]


Contact:
- -------
David Ritter
(703) 390-0344

                        GREATER ATLANTIC FINANCIAL CORP.
                         ANNOUNCES RECEIPT OF ADDITIONAL
                        NASDAQ STAFF DETERMINATION LETTER

         Reston, Virginia - February 12, 2007. Greater Atlantic Financial Corp.
(Nasdaq: GAFC) (the "Company"), the holding company for Greater Atlantic Bank
(the "Bank"), announced today that on February 6, 2007, it received an
Additional Nasdaq Staff Determination Letter (the "Letter") indicating that the
Company's failure to maintain the minimum of $10,000,000 stockholders' equity
requirement for continued listing on The Nasdaq Global Market as set forth in
Marketplace Rule 4450(a)(3) serves as an additional basis for delisting the
Company's securities from the Nasdaq Global Market. The Letter is formal
notification that the Nasdaq Listing Qualifications Panel (the "Panel") will
consider this matter in rendering a determination regarding the Company's
continued listing on The Nasdaq Global Market.

         In its SEC Form 10-K for the period ended September 30, 2006, the
Company reported stockholders' equity of $8,850,000. In these circumstances, the
Company will not make a presentation to the Panel considering the Company's
continued listing on The Nasdaq Global Market.

         Greater Atlantic Financial Corp. conducts its business operations
through its wholly owned subsidiary, Greater Atlantic Bank. The Bank offers
traditional banking services to customers through six branches located in
Rockville and Pasadena, Maryland, and Front Royal, New Market, Reston and South
Riding, Virginia.

         PRIVATE SECURITIES LITIGATION REFORM ACT SAFE HARBOR STATEMENT

THIS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF THE
FEDERAL SECURITIES LAWS. THESE STATEMENTS ARE NOT HISTORICAL FACTS, BUT
STATEMENTS BASED ON THE COMPANY'S CURRENT EXPECTATIONS REGARDING ITS BUSINESS
STRATEGIES AND THEIR INTENDED RESULTS AND ITS FUTURE PERFORMANCE.
FORWARD-LOOKING STATEMENTS ARE PRECEDED BY TERMS SUCH AS "EXPECTS," "BELIEVES,"
"ANTICIPATES," "INTENDS" AND SIMILAR EXPRESSIONS.

FORWARD-LOOKING STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE. NUMEROUS
RISKS AND UNCERTAINTIES COULD CAUSE OR CONTRIBUTE TO THE COMPANY'S ACTUAL
RESULTS, PERFORMANCE AND ACHIEVEMENTS TO BE MATERIALLY DIFFERENT FROM THOSE
EXPRESSED OR IMPLIED BY THE FORWARD-LOOKING STATEMENTS. FACTORS THAT MAY CAUSE
OR CONTRIBUTE TO THESE DIFFERENCES INCLUDE, WITHOUT LIMITATION, GENERAL ECONOMIC
CONDITIONS, INCLUDING CHANGES IN MARKET INTEREST RATES AND CHANGES IN MONETARY
AND FISCAL POLICIES OF THE FEDERAL GOVERNMENT; LEGISLATIVE AND REGULATORY
CHANGES; AND OTHER FACTORS DISCLOSED PERIODICALLY IN THE COMPANY'S FILINGS WITH
THE SECURITIES AND EXCHANGE COMMISSION.

BECAUSE OF THE RISKS AND UNCERTAINTIES INHERENT IN FORWARD-LOOKING STATEMENTS,
READERS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THEM, WHETHER INCLUDED IN
THIS REPORT OR MADE ELSEWHERE FROM TIME TO TIME BY THE COMPANY OR ON ITS BEHALF.
THE COMPANY ASSUMES NO OBLIGATION TO UPDATE ANY FORWARD-LOOKING STATEMENTS.