Greater Atlantic shareholders to decide merger with Summit Financial on March 25

By Lisa Kerner

Charlotte, N.C., Feb. 25 - Greater Atlantic Financial Corp. will hold a special meeting of shareholders on March 25 at 10 a.m. ET.

Shareholders will be asked to approve the proposed merger of Greater Atlantic with Summit Financial Group, Inc., a company news release stated.

Under the companies' merger agreement, Greater Atlantic shareholders will receive $4.20 in Summit shares plus $1.80 in cash per Greater Atlantic share.

The acquisition is expected to expand Summit's presence in its existing Virginia markets and enable the company to move into adjacent, new markets in northern Virginia and Maryland, a prior Summit news release stated.

Summit is a financial holding company based in Moorefield, W.V.

Greater Atlantic, located in Reston, Va., is the holding company for Greater Atlantic Bank.

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