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Community Financial Corp.
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(Name of Registrant as Specified in Its Charter)
Barrett R. Rochman
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BARRETT R. ROCHMAN
Telephone: (800) 529-3513
April 7, 2000
IMPORTANT!!
PLEASE READ
Community Financial Corp. just announced that Institutional Shareholder
Services (ISS) has issued a recommendation that its clients should vote in favor
of management's nominees for election as directors and against my stockholder
proposal. I believe that ISS's recommendation is WRONG and is based on faulty
reasoning. You should completely disregard the ISS recommendation. Here are a
few excerpts from ISS's recommendation and why I believe it should be discarded:
o "Since going public in mid-1995, the company has produced total shareholder
returns of -6.85%, compared to 87.78 percent for the NASDAQ Bank Index and
411.88 percent for the NASDAQ Composite Index."
My Comment: How can ISS recommend a vote in favor of current management
when Community Financial has posted NEGATIVE shareholder returns,
particularly when the NASDAQ Bank Index posted such strong returns? Does
the ISS recommendation have any credibility at all?
o "While we can appreciate Mr. Rochman's concerns regarding the company's
poor returns and low stock price, ISS believes management has taken the
necessary steps to put Community Financial back on track."
My Comment: I am glad ISS agrees with my concerns, but what steps has
current management taken to put our company back on track? Hopefully, ISS
is not referring to the company's much overdue and unproven strategic plan.
The facts speak for themselves - the company's stock traded at $9 3/8 on
April 6, 2000. That price is below the initial public offering price of our
company's stock when it went public in 1995. Who's kidding who? Have you
received an acceptable return on your investment in Community Financial
common stock?
o "Mr. Benson does not dispute the poor performance and difficulties
Community Financial has faced, but he attributes them to poor decisions
made by the management team of former President Shirley Kessler."
My Comment: I am gratified Wayne Benson agrees that our company's recent
financial performance has been poor. But, I am disturbed that ISS allowed
Wayne Benson to blame Shirley Kessler's management team for all these
decisions that brought our company to its present state without inquiring
as to who was on the management team. A good leader does not blame others
for problems he has caused. The management team that made those decisions
included Wayne Benson. For Mr. Benson to point the finger at someone else
when the finger should also be pointed at him is irresponsible and
unacceptable.
o "Community Financial Corp. classifies its 11 directors into three director
classes. The full board comprises one insider and ten independent
outsiders."
My Comment: That is absolutely WRONG!! Community Financial only has 8
directors. ISS needs to get its numbers right and should get to know our
company better before it makes any recommendations. Again, does the ISS
recommendation have any credibility at all?
REMEMBER, WE STOCKHOLDERS SHOULD HAVE A VOICE IN THE AFFAIRS OF OUR COMPANY.
WE CAN MAKE A DIFFERENCE AT COMMUNITY FINANCIAL.
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