Exhibit 99.1

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USADMIN 9405808.1

JUNE 17, 2009

JOINT PRESS RELEASE
MIDATLANTIC BANCORP, INC.
GREATER ATLANTIC FINANCIAL CORP.


                          MIDATLANTIC BANCORP, INC. TO
                    ACQUIRE GREATER ATLANTIC FINANCIAL CORP.


Reston,  VA. - June 17, 2009 - MidAtlantic  Bancorp,  Inc.  ("MidAtlantic")  and
Greater Atlantic  Financial Corp. (Pink Sheets:  GAFC.PK)  ("Greater  Atlantic")
today  announced the execution of a definitive  agreement (the  "Agreement")  by
which  MidAtlantic  will  acquire  Greater  Atlantic,  headquartered  in Reston,
Virginia and the parent holding company of Greater Atlantic Bank ("GAB").

MidAtlantic  is a newly  organized  corporation  formed in  connection  with the
transaction by Comstock Partners, LC, a Northern Virginia-based private investor
group. GAB provides  community  banking services through five banking offices in
Maryland and Virginia.  As of March 31, 2009,  Greater Atlantic had total assets
of $218.6 million.  Upon  consummation  of the  transaction,  MidAtlantic  would
become a savings and loan holding  company.  The acquisition of Greater Atlantic
will serve as an entry point into the  Washington,  DC area  banking  market for
MidAtlantic.  MidAtlantic  has  initiated  the process of  obtaining  regulatory
approval of the transaction and expects to recapitalize GAB at closing.

"We are excited  about the  prospects of  continuing  the Greater  Atlantic Bank
franchise as we build a premier  community bank for the Washington  Metro area,"
said MidAtlantic President Gary L. Martin.

In commenting on the transaction, Carroll E. Amos, President and Chief Executive
Officer of Greater Atlantic and GAB, said "We are pleased to be working with the
MidAtlantic  team and to have met the deadline for reaching such an agreement as
set by the  Office  of Thrift  Supervision.  Our  existing  branch  network  and
experienced  staff  will  provide  MidAtlantic  a great  base on which to expand
operations in the local market."

The financial terms of the transaction, including the merger consideration to be
paid to holders of GAFC common stock,  are set forth in a Form 8-K that has been
filed at the  Securities  and Exchange  Commission  by GAFC and is available for
review at www.sec.gov.

The Agreement is subject to approval by Greater Atlantic's shareholders, receipt
of  necessary  regulatory  approvals  and  certain  customary  conditions.   The
acquisition is also conditioned upon satisfaction of certain conditions prior to
the close of the transaction,  including among other things,  the elimination or
modification  to the  satisfaction  of MidAtlantic of the operating  constraints
that  currently  apply to GAB  under  orders  issued  by the  Office  of  Thrift
Supervision.

The  transaction  is expected to be completed in the third  quarter,  subject to
regulatory and shareholder approvals.






FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements about the proposed
merger of MidAtlantic and Greater  Atlantic.  Forward-looking  statements can be
identified by the fact that they do not relate strictly to historical or current
facts.  They  often  include  words  like  "believe,"  "expect,"   "anticipate,"
"estimate,"  and  "intend"  or  future  or  conditional  verbs  such as  "will,"
"should,"  "could," or "may." Certain factors that could cause actual results to
differ materially from expected results include delays in completing the merger,
difficulties in achieving cost savings from the merger or in achieving such cost
savings  within  the  expected  time  frame,  difficulties  in  integrating  the
operations of MidAtlantic and Greater Atlantic, increased competitive pressures,
changes  in  the  interest  rate   environment,   changes  in  general  economic
conditions,  legislative  and  regulatory  changes  that  adversely  affect  the
business in which  MidAtlantic and Greater Atlantic are engaged,  changes in the
securities markets and other risks and uncertainties disclosed from time to time
in documents that Greater  Atlantic files with the U.S.  Securities and Exchange
Commission.

For further information contact:
info@midatlanticbanc.com

Carroll E. Amos
President and Chief Executive Officer
Greater Atlantic Financial Corp.
10700 Parkridge Boulevard, Suite P-50
Reston, Virginia 20191