Greater Atlantic Consents to OTS C&D Order

Greater Atlantic Bank has consented to cease making commercial real estate loans and certain other loans without the written approval of the Office of Thrift Supervision, according to Greater Atlantic Financial Corp., Reston, Va. The parent company said an OTS cease-and-desist order bars the bank from making such loans without the prior written approval of the OTS director for the Southeast region, except for loans governed by a legally binding written commitment as of the April 25 effective date of the order. The C&D order also requires, among other things, that the bank report on negotiations with Summit Financial Group, maintain a Tier One (Core) capital ratio of at least 6% by June 30, and cease accepting brokered deposits, Greater Atlantic Financial said.