Summit Financial halts merger with Greater Atlantic Financial

By Lisa Kerner

Charlotte, N.C., April 9 - Summit Financial Group, Inc. exercised its right to terminate the amended agreement and plan of reorganization entered into with Greater Atlantic Financial Corp. on April 12, 2007.

The companies began negotiations toward entering into a new definitive agreement, according to a Greater Atlantic news release.

No assurances can be given that the negotiations will lead to a definitive agreement, the companies said.

On March 26, Greater Atlantic said its shareholders approved the company's proposed merger with and into Summit Financial.

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

The acquisition was 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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