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| Greater Atlantic Financial Corp. |
| 10700 Parkridge Boulevard, Reston, VA 20191 * (703) 391-1300 |
| Business Description | The company is a savings and loan holding company. The bank conducts substantially all of their business through their wholly owned subsidiary, Greater Atlantic Bank, a federally-chartered savings bank, and its wholly-owned subsidiary, greater Atlantic Mortgage Corporation. |
| Offering Information Company has | |||
| Trading As | GAFC (NASNTL) | Industry | Savings Bank (SIC 6035) |
| Type of Stock Offered | Common Shares | Filing Date | 04/13/1999 |
| Domestic Shares Offered | 2,000,000 | Offer Date | 06/25/1999 |
| Foreign Shares Offered | 0 | Filing Range | $9.00 - $10.00 |
| Company Shares | 2,000,000 | Offer Price | $9.50 |
| Selling Shrhldrs Shares | 0 | Gross Spread | - - |
| Gross Proceeds | $19,000,000 | Selling | - - |
| Expenses | - - | Reallowance | - - |
| Post-IPO Shares | 2,822,434 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Legg Mason Wood Walker, Inc. | Lead Manager | (410) 539-4038 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 3 Months Ending | ||||||
| Figures in U.S. millions except per share data | 09/30/1997 | 09/30/1998 | 12/31/1997 | 12/31/1998 | |||
| Revenues | - | - | - | 4.631 | 7.716 | 1.468 | 3.021 |
| Income from Oper. | - | - | - | - | - | - | - |
| Net Income | - | - | - | -0.634 | 0.609 | 0.116 | 0.271 |
| E.P.S | - | - | - | -1.920 | 0.770 | 0.150 | 0.330 |
| Revenue Growth (%) | - | - | - | 66.616 | 105.79 | ||
| Net Income Growth (%) | - | - | - | - | 133.62 | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | 7.89 | 8.97 | 7.90 |
| Cash Flow - Oper. | -14.43 | 7.02 | 10.80 | ||||
| Cash Flow - Inv. | -60.29 | 3.69 | -18.77 | ||||
| Cash Flow - Fin. | 74.91 | 0.13 | 10.77 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 12/31/1998 | Financial Ratios | ||||
| Total Assets | 117.82 | Current Assets | - | Current Ratio | - |
| Total Liab. | 110.97 | Current Liab. | 104.10 | Debt Ratio | 94.19% |
| Total Equity | 6.85 | Working Cap. | - | Debt to Equity Ratio | 16.20 |
| Cash | 0.69 | Return on Assets | 0.23% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to increase the capital of Greater Atlantic Bank for possible future acquisitions of other financial institutions, for working capital and for general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Muldoon, Murphy & Faucette |
| Bank's Law Firm | Elias, Matz, Tiernan & Herrick |
| Auditor | BDO Seidman |
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