Summit Financial Group, a provider of commercial and retail banking services, has exercised its right to terminate the agreement and plan of reorganization by and between Summit Financial and Greater Atlantic Financial.
Under the terms of the agreement, Summit Financial was to acquire Greater Atlantic. The agreement permitted either party to terminate the agreement if the transaction was not completed by March 31, 2008.
Greater Atlantic and Summit Financial have initiated negotiations toward entering into a new definitive agreement. However, no assurances have been given that the negotiations will lead to the parties entering into a new agreement.