Greater Atlantic shareholders OK merger with Summit Financial Group

By Lisa Kerner

Charlotte, N.C., March 26 - Greater Atlantic Financial Corp. said its shareholders approved the company's proposed merger with and into Summit Financial Group, Inc. at a special meeting on Tuesday.

The merger remains subject to the receipt of regulatory approval and other customary conditions, a company news release stated.

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

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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