Community Bank of the Chesapeake Announces Sale of Building in King George, Virginia
WALDORF, Md., Oct. 20, 2015 /PRNewswire/ -- Community Bank of the Chesapeake, the wholly-owned subsidiary of The Community Financial Corporation (NASDAQ: TCFC) today announced that the Bank is selling its building located at 16384 Consumer Row in King George, Virginia to InFirst Federal Credit Union headquartered at 6462 Little River Turnpike in Alexandria, Virginia. The real estate transaction is expected to close in the First Quarter of 2016, pending regulatory approval. At that time, the bank branch in this building will also close. All employees will transition to another role within the Bank after the transaction closes. There will be no layoffs.
"Making changes to the branch network is never an easy decision," said William J. Pasenelli, President and CEO of Community Bank of the Chesapeake. "However, with customers doing more of their banking using online and mobile channels, there is an opportunity to maximize efficiencies without materially impacting the banking habits of our customers. Community Bank remains committed to this region, as we expand our presence in Fredericksburg early next year."
Community Bank of the Chesapeake is currently building a branch in downtown Fredericksburg at 425 William Street. The branch is expected to open in early 2016.
About The Community Financial Corporation - The Company is the bank holding company for Community Bank of the Chesapeake. Headquartered in Waldorf, Maryland, Community Bank of the Chesapeake is a full-service commercial bank, with assets over $1 billion. Through its 12 banking centers and five commercial lending centers, Community Bank of the Chesapeake offers a broad range of financial products and services to individuals and businesses.
SOURCE Community Bank of the Chesapeake
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