On November 6, 2017, Eric Goldberg notified The Community Financial Corporation that he is resigning from his position as a director of the Company and the Company's wholly-owned subsidiary, Community Bank of the Chesapeake, effective November 6, 2017. Mr. Goldberg indicated that his resignation reflects a desire to focus his attention on other professional commitments and does not reflect any disagreement with the company or the Bank on any matter relating to the company's or the Bank's operations, policies or practices. Mr. Goldberg was originally nominated for election to the company's and the Bank's boards of directors pursuant to an agreement dated March 25, 2016, between the company and Basswood Capital Management, L.L.C. a Delaware limited liability company, as a representative of certain related funds and managed accounts. Basswood Capital owns approximately 9.8% of the outstanding shares of the company's common stock. The Agreement provided that the company nominate Eric Goldberg, a Basswood Capital nominee, for election as a director of the Company at the company's 2016 Annual Meeting, to be placed in the class of directors with a term ending at the company's 2017 Annual Meeting of Stockholders. The company further agreed to solicit proxies for the election of Mr. Goldberg as a director to the same extent as for the election or re-election of any other company nominee for election to the company's Board of Directors at the 2016 Annual Meeting.