Greater Atlantic Financial shareholders OK merger with Summit Financial

By Lisa Kerner

Charlotte, N.C., Sept. 5 - Greater Atlantic Financial Corp. shareholders "overwhelmingly" approved the company's proposed merger with and into Summit Financial Group, Inc. at a special meeting on Thursday.

According to Greater Atlantic, the merger remains subject to regulatory approval and other conditions.

In April, Summit terminated an amended agreement and plan of reorganization that would have given Greater Atlantic shareholders $4.20 in Summit shares plus $1.80 in cash per Greater Atlantic share.

The companies entered into a new agreement in June that gives Greater Atlantic shareholders a number of shares of Summit common stock equal to $4.00 divided by the average closing price of Summit's common stock for the 20 trading days prior to the merger's close, it was previously reported.

The final exchange ratio, to be determined at the merger's close, is subject to a ceiling. Each share of Greater Atlantic common stock will be exchanged for no more than 0.328625 of a share of Summit common stock, the companies said.

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

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

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