Community Financial Corp. in Waldorf, Md., has agreement to support a director nominated by the activist investor Basswood Capital Management.
The $1.1 billion-asset holding company for Community Bank of the Chesapeake will nominate Eric Goldberg at its May 2 annual meeting, according to a Friday regulatory document. In exchange, Basswood will not submit any proposals at the annual meeting.
Goldberg will serve a one-year term and will "provide the Board with insight into increasing shareholder value," according to the filing.
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Community Financial Corp. in Waldorf, Md., raised $23 million from a debt offering.
February 6 -
Seacoast Banking Corp. of Florida in Stuart has reached an agreement with an activist investor after signs had emerged of a potential proxy battle.
March 23 -
Chesapeake Bank & Trust in Chestertown, Md., has named former community bank chief executive Ray Tarrach to its board. Tarrach had been president and CEO of Chestertown Bank, which was renamed Mercantile Eastern Shore Bank in 2004.
February 8
Goldberg, who is a senior analyst at Basswood, on March 15 contacted Community Financial's chairman, Michael Middleton, to request a board seat. Goldberg and Basswood's managing member, Matthew Lindenbaum, met with Middleton and Community Financial's chief executive, William Pasenelli, in Waldorf to discuss the board seat.
Basswood amassed its 9.8% stake in Community Financial since Dec. 31, based on regulatory filings.
Goldberg is also a director of the $362 million-asset Regent Bank in Davie, Fla.
