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Greater Atlantic: Accounting Errors at Mortgage Unit Lead to Income Restatement

Greater Atlantic Financial Corp., the holding company for Greater Atlantic Bank, announced late last week that it intends to file a Form 8-K with the SEC advising of non-reliance on previously issued financial statements. The company said that the restatement is a result of losses totalling approximately $1.4 million, discovered in the company's previously-reported investigation into an unreconciled inter-company account at Greater Atlantic Mortgage Corporation. Greater Atlantic will restate its financial results for the quarterly periods ended December 31, 2005 and March 31, 2006 and for the years ended September 30, 2004 and 2005.
The company said that the warehouse account maintained by Greater Atlantic Mortgage Corporation at the Bank had not been properly reconciled at Greater Atlantic Mortgage Corporation. The Bank terminated the operations of Greater Atlantic Mortgage Corporation effective March 31, 2006. The company had previously announced that it had determined preliminarily that the balance of the unreconciled inter-company account was approximately $2.1 million, but that amount might materially increase or decrease based on the results of the ongoing investigation. The Nasdaq Stock market has granted the Company's request for continued listing during the restatement period, subject to the condition that on or before January 15, 2007, the company files its Form 10-Q for the quarter ended June 30, 2006, and any required restatements.

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