County First Bank receives shareholder approval for merger with The Community Financial Corporation

The Community Financial Corporation, the holding company for Community Bank of the Chesapeake, announced today that County First Bank has received shareholder approval for the merger of County First Bank with and into Community Bank of the Chesapeake that was announced on July 31, according to a press release. The Community Financial Corporation previously announced that it has received all regulatory approvals to complete the transaction.

“We are very excited that our partnership with County First Bank will become official soon,” stated William J. Pasenelli, chief executive officer of Community Bank of the Chesapeake, in the release. “We look forward to a very smooth transition and welcoming County First’s customers and employees at the beginning of the New Year, and to enhancing Community Bank’s positioning in the Southern Maryland markets.”

Michael Middleton, chairman of the board of The Community Financial Corporation and Community Bank of the Chesapeake added, in the release, “This transaction permits us to acquire an excellent franchise and customer base having low cost and stable core deposits. We are indeed pleased with our collective efforts in executing on this strategic opportunity.”

“We are pleased at the strong support displayed by our shareholders for this transaction, with more than 80 percent of outstanding shares voting in favor of the merger,” said Doug Mitchell, president and chief executive officer of County First Bank, in the release. “We are confident that our customers will be equally pleased once the combination is complete.”

Founded in 1990, County First has deposits of $208 million and loans of $149 million, as of Sept. 30. County First operates two branches in Charles County, two branches in St. Mary’s County and one branch in Calvert County. When the transaction is consummated, Community Bank of the Chesapeake will have approximately $1.6 billion in assets, according to the release.

The transaction is expected to close on Jan. 2, 2018, and is subject to customary closing conditions.