[GREATER ATLANTIC FINANCIAL CORP. LOGO]


                        GREATER ATLANTIC FINANCIAL CORP.
               ANNOUNCES THAT GREATER ATLANTIC BANK HAS CONSENTED
               TO THE ISSUANCE OF A CEASE AND DESIST ORDER BY THE
                          OFFICE OF THRIFT SUPERVISION

Reston, Virginia; April 29, 2008. Greater Atlantic Financial Corp. ("Greater
Atlantic") (Pink Sheets: "GAFC.PK") announced today that its wholly-owned
banking subsidiary, Greater Atlantic Bank (the "Bank"), has consented to the
issuance by the Office of Thrift Supervision (the "OTS") of a Cease and Desist
Order effective April 25, 2008 (the "Order").

The Order requires the Bank to, among other things, report, within prescribed
time periods to the OTS Regional Director for the Southeast Region (the
"Regional Director") on the status of the ongoing negotiations with Summit
Financial Group, Inc. ("Summit"); have, at June 30, 2008, and maintain a Tier
One (Core) Capital Ratio of at least 6% and a total risk based capital ratio of
at least 12%; develop a comprehensive long term operating strategy to be
implemented if the proposed merger with Summit is not consummated; incorporate
the long term operating strategy into a three-year business plan containing at a
minimum the requirements set forth in the Order; cease, effective immediately,
making commercial real estate loans, commercial loans and loans on raw land
without the prior written approval of the Regional Director, except for such
loans as to which the Bank has a legally binding written commitment to lend as
of the effective date of the Order; cease, effective immediately, accepting
brokered deposits; and prohibits the payment of dividends or other capital
distributions.

In addition, the Order requires the Bank's board of directors to take action
with respect to credit administration, classified assets and accounting system
controls and to establish a regulatory compliance committee of three or more
non-employee directors to monitor and coordinate compliance with the provisions
of the Order and provide the board of directors with progress reports on
compliance, which reports are to be transmitted by the board of directors of the
Bank to the Regional Director.

The description of the Order and the Stipulation and Consent to Issuance of the
Order set forth in this press release is qualified in its entirety by reference
to the Stipulation and the Order, copies of which are attached as exhibits to
Greater Atlantic's Current Report on Form 8-K filed today with the Securities
and Exchange Commission.