Greater Atlantic Classified as 'Undercapitalized'

Greater Atlantic Bank of Reston said in a regulatory filing that the Office of Thrift Supervision sent it a notice saying it is undercapitalized. The bank must file a capital restoration plan by March 16, as well as obey restrictions on asset growth, dividends and fees. The cease and desist order that OTS entered with Greater Atlantic last April remains in effect.

The bank's parent company, Greater Atlantic Financial, said in a separate filing that its fourth-quarter loss widened to $1.8 million (59 cents a share) from $844,000 (28 cents) the previous year. Assets as of Dec. 31 grew to $215.2 million from $202.4 million. Also in that filing, the company said it continues to try to be acquired or get a capital infusion but that "there is substantial doubt concerning the ability of the company and the bank to continue as going concerns for a reasonable period of time. "

By Terri Rupar  |  February 18, 2009; 12:48 PM ET  | Category:  Economy Watch , Finance
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