The Community Financial Corporation Announces CEO Succession Plan
December 08 2021 - 11:42AM
The Community Financial Corporation (NASDAQ: TCFC) (the
“Company”), the holding company for Community Bank of the
Chesapeake (the “Bank”), today announced the appointment
of James (“Jimmy”) M. Burke, President of the Company and the Bank,
as President and Chief Executive Officer of both the Company and
the Bank, effective August 31, 2022. After many years of dedicated
service, William (“Bill”) J. Pasenelli, Chief Executive Officer of
the Company and the Bank, will retire from those positions, and as
a member of the Boards of Directors of the Company and the Bank, on
that date.
“We are incredibly grateful to Bill for his 21
years of distinguished service to the Bank and the Company,” said
Austin J. Slater, Jr., Chairman of the Boards of Directors of the
Company and the Bank. “In his tenure as Chief Executive Officer, he
has overseen a period of significant growth, particularly in our
Virginia markets, the acquisition of County First Bank, the
development of our relationship banking focus, significantly
improved asset quality, earnings and expense management, and the
expansion of the products and services that we offer 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 publicly traded small-cap banks and thrifts in the
country. We believe that 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 lead us
forward. We could not be more pleased to appoint 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 early in 2021, and was
elected to the Company’s and the Bank’s Boards of Directors in
2021. The Board of Directors believes that Jimmy will continue to
leverage the capabilities and efficiencies we have achieved to
date, and pursue the strategic vision we have for the Company’s
future. We are also pleased to announce that Jimmy and Bill, who
have worked together for many years, and will continue to do so
through and after Bill’s retirement. To this end, we have entered
into a consulting arrangement with Bill that will take effect on
August 31, 2022 and he has agreed to serve as a consultant to the
Company through August 31, 2023. This is a win-win situation for
all of us.”
Mr. Pasenelli noted, “I would like to thank the
Board, our customers and most of all our dedicated employees. I am
excited about retiring on a high note of record earnings and
efficiency. It has been an honor to serve as CEO of such a
dedicated group. I think that Jimmy will lead the Company to even
greater success. The Board’s confidence in him is rightly
placed.”
Mr. Burke said, “It has been an honor working
with Bill Pasenelli for 16 years, and I look forward to continuing
to work with Bill through his retirement date and his consulting
period. I am honored by the trust that the Board of Directors has
placed in me by appointing me to be our next Chief Executive
Officer. I am excited to lead a very gifted management team that
continually looks for opportunities to enhance our performance
while remaining true to our community values. I look forward to
continue working 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 - Headquartered in Waldorf, MD, The
Community Financial Corporation is the bank holding company for
Community Bank of the Chesapeake, a full-service commercial bank
with assets of approximately $2.3 billion. Through its branch
offices and commercial lending centers, Community Bank of the
Chesapeake offers a broad range of financial products and services
to individuals and businesses. The Company’s branches are located
at its main office in Waldorf, Maryland, and branch offices in
Bryans Road, Dunkirk, Leonardtown, La Plata, Charlotte Hall, Prince
Frederick, Lusby and California, Maryland; and downtown
Fredericksburg, Virginia. More information about Community Bank of
the Chesapeake can be found at www.cbtc.com.
Forward-looking StatementsThis
news release contains forward-looking statements within the meaning
of the 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," "would," "should,"
"could" or "may." Statements in this release that are not strictly
historical are forward-looking and are based upon current
expectations that may differ materially from actual results. These
forward-looking statements involve risks and uncertainties that
could cause actual results to differ materially from those
anticipated by the statements made herein. These risks and
uncertainties involve general economic trends, changes in earnings,
changes in interest rates, loss of deposits and loan demand to
other financial institutions, substantial changes in financial
markets, changes in real estate value and the real estate market,
regulatory changes, possibility of unforeseen events affecting the
industry generally, the uncertainties associated with newly
developed or acquired operations, the outcome of pending
litigation, and market disruptions and other effects of terrorist
activities. The Company undertakes no obligation to update these
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of unforeseen events,
except as required under the rules and regulations of the
Securities and Exchange Commission.
CONTACTS:
William J. Pasenelli, Chief Executive Officer James M.
Burke, President 888.745.2265
Community Financial (NASDAQ:TCFC)
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