Community Bank of the Chesapeake in Waldorf, Md., has a new chief executive.

The $1 billion-asset company said in a press release Thursday that William Pasenelli will succeed Michael Middleton, who has been chief executive since 1979. Pasenelli, whose promotion was first announced in 2013, has been president of the bank and its parent, Community Financial Corp., since 2010.

Pasenelli joined the bank as chief financial officer in 2000. Before that, he was CFO of Acacia Federal Savings Bank in Annandale, Va.

Middleton will become the bank's executive chairman.

Community Bank of the Chesapeake has 12 branches and three commercial lending centers.

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