Middleton to Remain Chairman and CEO
WALDORF, Md., January 27, 2010 - The Board of Directors of Community Bank of Tri-County, a wholly-owned subsidiary of Tri-County Financial Corporation (OTCBB: TCFC), has named William J. Pasenelli as President of the Bank, effective March 31, 2010 to succeed Michael Middleton as President. Mr. Middleton will remain Chairman and CEO of Community Bank and continue as Chairman, CEO and President of Tri-County Financial Corporation.
This promotion is a key component of the company's strategic plan for management succession," said Mr. Middleton. "Throughout his career, Bill has demonstrated the capacity to generate industry-leading performance. During his ten years of service at Community Bank, we have grown from a small, local institution to one of the largest banks headquartered in Maryland. This requires a broader management scope that Bill will assume while I continue as CEO and Chairman. We have a dynamic partnership among our senior management group and I am proud of what we have accomplished together."
In his role as President, Mr. Pasenelli will have responsibility for the overall operations of the Bank. He will continue to serve as Chief Financial Officer and will be supported by the current senior management team, led by James Burke, Chief Credit Officer; Gregory Cockerham, Chief Lending Officer and James DiMisa, Chief Operating Officer.
"I am honored to become President of Community Bank of Tri-County," said Mr. Pasenelli. "I believe that we have the best management team in banking and welcome the opportunity to leverage their extensive banking skills and expertise to continue to build shareholder value."
William J. Pasenelli Background
Before his latest appointment, Mr. Pasenelli served as Executive Vice President and Chief Financial Officer of Community Bank of Tri-County. He joined the Bank in 2000. Previously, Mr. Pasenelli had been the Chief Financial Officer of Acacia Federal Savings Bank in Annandale, Virginia.
Mr. Pasenelli graduated Magna Cum Laude from Duke University with a Bachelor of Arts degree in Management Science. He is a graduate of the National School of Banking. Mr. Pasenelli is a member of the American Institute of Certified Public Accountants and the DC Institute of Certified Public Accountants.
About Community Bank of Tri-County
Community Bank of Tri-County is the oldest independent financial institution headquartered in Southern Maryland with ten branches and over $800 million in assets. Community Bank of Tri-County branches are conveniently located throughout Charles, Calvert and St. Mary's counties.