Greater Atlantic Bank Completes Sale of Its Pasadena, Maryland, Branch Office to Bay-Vanguard Federal Savings Bank
August 24 2007 - 4:22PM
PR Newswire (US)
RESTON, Va., and BALTIMORE, Aug. 24 /PRNewswire-FirstCall/ --
Greater Atlantic Financial Corp. ("GAFC") (Pink Sheets: GAFC.PK)
and BV Financial, Inc. (OTC:BVFL) (BULLETIN BOARD: BVFL) announced
today that Greater Atlantic Bank, the wholly-owned subsidiary of
GAFC, has completed the sale of its branch office located at 8070
Ritchie Highway, Pasadena, Maryland to Bay-Vanguard Federal Savings
Bank, the wholly-owned subsidiary of BV Financial. Pursuant to the
terms of the Purchase and Assumption Agreement, dated as of April
12, 2007, Bay-Vanguard Federal paid an 8.5% premium on the balance
of deposits assumed at closing. As of the closing date, the
deposits at the Pasadena branch office on which the deposit premium
applied totaled approximately $52.0 million. Bay-Vanguard Federal
did not acquire any loans as part of the transaction. The sale of
the Pasadena branch office was a condition to the completion of the
pending merger of GAFC with and into Summit Financial Group, Inc.
(NASDAQ:SMMF). About the Companies Greater Atlantic Financial Corp.
conducts its business operations through its wholly-owned
subsidiary, Greater Atlantic Bank. Greater Atlantic Bank offers
traditional banking services to customers through five branches
located in Rockville, Maryland and Front Royal, New Market, Reston
and South Riding, Virginia. BV Financial, Inc. is the parent
company of Bay-Vanguard Federal. Bay- Vanguard Federal is
headquartered in Baltimore, Maryland, with four other banking
offices in the Baltimore metropolitan area. Bay-Vanguard Federal is
a full-service, community-oriented financial institution dedicated
to serving the financial service needs of consumers and businesses
within its market area. Private Securities Litigation Reform Act
Safe Harbor Statement This press release contains forward-looking
statements within the meaning of the federal securities laws. These
statements are not historical facts, but statements based on GAFC
and BV Financial's current expectations regarding their business
strategies and their intended results and their future performance.
Forward-looking statements are preceded by terms such as "expects,"
"believes," "anticipates," "intends" and similar expressions.
Forward-looking statements are not guarantees of future
performance. Numerous risks and uncertainties could cause or
contribute to GAFC or BV Financial's actual results, performance
and achievements to be materially different from those expressed or
implied by the forward-looking statements. Factors that may cause
or contribute to these differences include, without limitation,
general economic conditions, including changes in market interest
rates and changes in monetary and fiscal policies of the federal
government, that would have a material adverse effect on GAFC or BV
Financial's financial condition or results of operations, or both;
legislative and regulatory changes that would have a material
adverse effect on GAFC or BV Financial's financial condition or
results of operations, or both; and other factors disclosed
periodically in GAFC or BV Financial's filings with the Securities
and Exchange Commission. Because of the risks and uncertainties
inherent in forward-looking statements, readers are cautioned not
to place undue reliance on them, whether included in this report or
made elsewhere from time to time by GAFC or BV Financial or on its
behalf. GAFC or BV Financial assumes no obligation to update any
forward-looking statements. Other Information Summit Financial
Group, Inc. will file a registration statement containing a
prospectus-proxy statement that will be sent to shareholders of
Greater Atlantic Financial Corp., and other relevant documents
concerning the proposed merger, with the SEC. WE URGE SHAREHOLDERS
TO READ THE PROSPECTUS-PROXY STATEMENT TO BE SENT TO THEM, AND ANY
OTHER RELEVANT DOCUMENTS FILED BY SUMMIT FINANCIAL GROUP, INC. AND
GAFC WITH THE SEC, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
Investors are able to obtain these documents free of charge at the
SEC's web site ( http://www.sec.gov/ ). In addition, documents that
Summit Financial Group, Inc. files with the SEC are available free
of charge from Summit Financial Group, Inc., 300 North Main Street,
P.O. Box 179, Moorefield, West Virginia 26836. Documents that
Greater Atlantic Financial Corp. files with the SEC are available
free of charge from GAFC, 10700 Parkridge Boulevard, Suite P50,
Reston, Virginia 20191. The directors, executive officers, and
certain other members of management of GAFC may be deemed to be
soliciting proxies in favor of the proposed merger from the
shareholders of GAFC. For information about these directors,
executive officers, and other members of management, shareholders
should refer to the most recent proxy statement that GAFC has filed
with the SEC, which is available on the SEC's web site or at GAFC's
address set forth in the preceding paragraph. DATASOURCE: Greater
Atlantic Financial Corp. CONTACT: Carroll E. Amos, President and
Chief Executive Officer of Greater Atlantic Financial Corp.,
+1-703-391-1300; or Edmund T. Leonard, Chairman of the Board and
Chief Financial Officer of BV Financial, Inc., +1-410-547-1088
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