Greater Atlantic Financial in Talks With Potential Buyer

Greater Atlantic Financial of Reston said in a regulatory filing that it received a notice from its regulator directing it to find new capital or sell its assets and liabilities by July 31. The bank said that as of March 31 it was "significantly undercapitalized." It has been operating under restrictions from the Office of Thrift Supervision since April of 2008.

Chief executive Carroll Amos said the company is talking to an "interested third party" about buying it. "We believe that the sale can be accomplished in the time allotted by the OTS," he said.

By Terri Rupar  |  May 27, 2009; 4:22 PM ET  | Category:  Finance
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