Community Financial in Waldorf, Md., will have a new CEO next summer.
The $2.3 billion-asset company said in a press release Wednesday that Jimmy Burke will succeed Bill Pasenelli on Aug. 31. Pasenelli also plans plans to retire from the company’s board.
“We believe that Bill and the management team have positioned the company well for the future,” Austin Slater Jr., Community Financial’s chairman, said in the release. “We are confident that the management team, led by Jimmy, will continue to lead us forward.”
Burke joined the company in 2005 as chief risk officer. He became president earlier this year.
Pasenelli has a consulting arrangement that will last from his retirement to August 2023.