Item 5.02 Departure of Directors of Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
As previously disclosed, James M. Burke was appointed Chief Executive Officer of
The Community Financial Corporation (the "Company") and its wholly owned
subsidiary Community Bank of the Chesapeake (the "Bank"), effective August 31,
2022. Mr. Burke succeeds William J. Pasenelli who retired as Chief Executive
Officer of the Company and the Bank, and as a member of the Board of Directors
of each of the Company and the Bank, effective August 31, 2022. Mr. Burke will
also continue to serve as President of the Company and the Bank. Effective
September 1, 2022, Mr. Burke will also serve as Vice-Chair of the Board of
Directors of each of the Company and the Bank.
Mr. Burke, age 54, has served as the Company's President, and as a member of the
Company's Board of Directors, since February 25, 2021. Mr. Burke has also served
as the Bank's President, and as a member of the Bank's Board of Directors, since
2016. Prior to being appointed as President of the Bank, Mr. Burke served as
Executive Vice President and Chief Risk Officer of the Bank since 2005.
The Company has not entered into, or amended, any material plan, contract or
arrangement to which Mr. Burke is a party or in which he participates in
connection with the promotions described above. In the event of such entry into,
or amendment of, a material plan, contract or arrangement in connection with the
promotions, the Company will file an amendment to this report within four
business days thereof.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Number Description
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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