EXHIBIT 99.1

               UP TO $11,000,000 CONVERTIBLE PREFERRED SECURITIES
                  ISSUABLE UPON EXERCISE OF SUBSCRIPTION RIGHTS

                        GREATER ATLANTIC CAPITAL TRUST I

             6.50% CUMULATIVE CONVERTIBLE TRUST PREFERRED SECURITIES

              (LIQUIDATION AMOUNT $10.00 PER CONVERTIBLE PREFERRED
           SECURITY) FULLY, IRREVOCABLY AND UNCONDITIONALLY GUARANTEED
                            ON A SUBORDINATED BASIS,
                   AS DESCRIBED IN THE ENCLOSED PROSPECTUS BY

                        GREATER ATLANTIC FINANCIAL CORP.








Dear Valued Shareholder:


         The enclosed prospectus and other documents grant to you the right to
purchase 6.50% convertible preferred securities of Greater Atlantic Financial,
Corp.'s newly formed financing subsidiary, Greater Atlantic Capital Trust I. The
following is a summary of the rights offering. Additionally, you will find a
summary of the rights offering at the beginning of the prospectus. You should
also refer to the instructions to the subscription order form.

         Greater Atlantic Capital Trust I is distributing to Greater Atlantic
Financial's shareholders of record on February 4, 2002, rights to purchase 6.50%
convertible preferred securities. Shareholders of record will receive 0.365
subscription rights for each share of Greater Atlantic Financial common stock
held on the record date.

         Each whole right will entitle you to purchase one convertible preferred
security for $10.00 under the basic subscription privilege. You will also have
the right to oversubscribe for up to the maximum number of convertible preferred
securities offered in the rights offering if you exercise your full basic
subscription privilege. If we receive oversubscription requests for more
convertible preferred securities than we have available for oversubscription,
you will receive only your pro rata portion of these convertible preferred
securities based on the number of convertible preferred securities you subscribe
for pursuant to your oversubscription privilege to the total number of
convertible preferred securities subscribed for pursuant to oversubscription
privileges.

         The convertible preferred securities represent an indirect interest in
our 6.50% convertible junior subordinated debentures. The convertible debentures
have the same payment terms as the convertible preferred securities and will be
purchased by Greater Atlantic Capital Trust I using the proceeds from the rights
offering. The convertible preferred securities are convertible into shares of
our common stock as described in the enclosed prospectus.

         To purchase convertible preferred securities, please complete and
execute your subscription order form and send it with your payment to Wilmington
Trust Company, as indicated in the prospectus and subscription order form,
before 5:00 p.m., Eastern time, on March 5, 2002.


         PLEASE NOTE THAT THE CONVERTIBLE PREFERRED SECURITIES WILL BE
REPRESENTED BY A GLOBAL SECURITY THAT WILL BE DEPOSITED WITH AND REGISTERED IN
THE NAME OF THE DEPOSITORY TRUST COMPANY, NEW YORK, NEW YORK, OR ITS NOMINEE.
THIS MEANS THAT YOU WILL NOT RECEIVE A CERTIFICATE FOR THE CONVERTIBLE PREFERRED
SECURITIES, AND YOUR OWNERSHIP INTERESTS WILL BE RECORDED THROUGH THE DTC
BOOK-ENTRY SYSTEM. THEREFORE, ALL CONVERTIBLE PREFERRED SECURITIES MUST BE
PURCHASED THROUGH A DTC PARTICIPANT SUCH AS A BROKER OR DEALER. PLEASE FOLLOW
THE INSTRUCTIONS



FOR PROVIDING THE NAME AND PARTICIPANT NUMBER OF THE DTC PARTICIPANT THOUGH
WHICH YOU WILL PURCHASE THE CONVERTIBLE PREFERRED SECURITIES.

         If you have questions concerning this offering, please feel free to
contact me at (703) 391-1300, or Denise M. Geran, Wilmington Trust Company at
(302) 651-1749. Thank you for your consideration.


                                           Sincerely,

                                           Carroll E. Amos
                                           President and Chief Executive Officer


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         THE RIGHTS OFFERING WILL EXPIRE AT 5:00 P.M., EASTERN TIME, ON
                  MARCH 5, 2002, UNLESS THE OFFER IS EXTENDED.
- --------------------------------------------------------------------------------


THIS IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY
CONVERTIBLE PREFERRED SECURITIES. THE OFFER IS MADE ONLY BY THE PROSPECTUS
ACCOMPANIED BY THE SUBSCRIPTION ORDER FORM.