Community Financial Announces CEO Succession Plan – Form 8-K
Community Financial Corporation announces CEO succession plan
WALDORF, Md., December 08, 2021 (GLOBE NEWSWIRE) – The Community Financial Corporation (NASDAQ: TCFC) (the “Company”), the holding company of the Community Bank of the Chesapeake (the “Bank”), announced today hui the appointment of James (“Jimmy”) M. Burke, President of the Company and of the Bank, as President and Chief Executive Officer of the Company and of the Bank, effective August 31, 2022. After numerous years of dedicated service, William (“Bill”) J. Pasenelli, Chief Executive Officer of the Company and of the Bank, will retire from these positions and as a member of the Boards of Directors of the Company and of the Bank. , to this date.
“We are extremely grateful to Bill for his 21 years of distinguished service to the Bank and to the Company,” said Austin J. Slater, Jr., Chairman of the Boards of Directors of the Company and the Bank. “During his tenure as Managing Director, he oversaw a period of significant growth, particularly in our Virginia markets, the acquisition of County First Bank, the development of our relationship banking focus, a significant improvement in quality asset management, income and expense management, and the expansion of the products and services we provide to our customers.In September 2021, the company was also recognized by the Piper Sandler Bank & Thrift SM-ALL Stars Class of 2021 as one of the top performing listed small cap banks and economies in the country. We believe Bill and the management team have positioned the company well for the future. We are confident that the management team, led by Jimmy, will continue to drive us forward. We couldn’t be happier to name him as Bill’s successor. Jimmy joined the Bank in 2005 as Executive Vice President and Chief Risk Officer, was appointed President of the Bank in 2016 and President of the Company in early 2021, and was elected to the Board of Directors of the Company and of the Bank in 2021. The Board of Directors believes that Jimmy will continue to build on the capabilities and efficiencies we have achieved to date and pursue the strategic vision we have for the future of the Company. We are also happy to announce that Jimmy and Bill, who have worked together for many years, and will continue to do so during and after Bill’s retirement. To this end, we have entered into a consulting agreement with Bill which will take effect on August 31, 2022 and he has agreed to serve as a consultant to the Company until August 31, 2023. This is a win-win situation for all of us. ”
Mr. Pasenelli said, “I would like to thank the Board of Directors, our customers and most importantly our dedicated employees. I am delighted to retire on a high note of record income and efficiency. a dedicated group. I think Jimmy will lead the Company to even greater success. The Council’s confidence in him is rightly so.
Mr. Burke said: “It has been an honor to work with Bill Pasenelli for 16 years, and I look forward to continuing to work with Bill until his retirement date and consultation period. I am honored by the confidence the Board of Directors has placed in me by appointing me to be our next CEO. I am delighted to lead a very talented management team who continually seek opportunities to improve our performance while remaining true to the values of our community. I look forward to continuing to work with our team, and all of our constituents, to execute our business strategy with a focus on increasing shareholder value. ”
About the Community Financial Corporation – Based in Waldorf, Md., Community Financial Corporation is the banking holding company for Community Bank of the Chesapeake, a full-service commercial bank with assets of approximately $ 2.3 billion. Through its branches and commercial lending centers, the Community Bank of the Chesapeake offers a wide range of financial products and services to individuals and businesses. The Company’s branches are located in its main office in Waldorf, Maryland, and its branches in Bryans Road, Dunkirk, Leonardtown, La Plata, Charlotte Hall, Prince Frederick, Lusby and California, Maryland; and downtown Fredericksburg, Virginia. For more information on the Community Bank of the Chesapeake, visit www.cbtc.com.
This press release contains forward-looking statements within the meaning of federal securities laws. Forward-looking statements can generally be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe”, “expect”, “anticipate”, “estimate” and “intend” or future or conditional verbs such as “will”, “should”, “should”, “Could” or “could”. “Statements contained in this press release that are not strictly historical are forward-looking and are based on current expectations which may differ materially from actual results. These forward-looking statements involve risks and uncertainties which could cause actual results to differ materially. of those anticipated by statements made here. These risks and uncertainties relate to general economic trends, changes in earnings, changes in interest rates, loss of deposits and demand for loans to other financial institutions, changes changes in the value of real estate and the real estate market, regulatory changes, the possibility of unforeseen events affecting the industry in general, uncertainties associated with newly developed or acquired operations, the outcome ongoing litigation and market disruptions and other the effects of terrorist activities. The Company does not undertake to update these forward-looking statements to reflect events or circumstances subsequent to the date hereof or to reflect the occurrence of unforeseen events, except as required by the rules and regulations of the Securities and Exchange Commission.
William J. Pasenelli, President and CEO
James M. Burke, President