Community Financial Corporation (TCFC) Announces CEO Succession Plan

December 8, 2021 11:43 AM EST

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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.”

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