Tri-County Financial Corporation
June 2010
Ticker: TCFC
Tri-County Financial Corporation
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Those who use the recession to
enhance their competitive position,
rather than retrench to survive,
typically outperform their peers over
the recovery …
the recovery …
Bain & Co Survey
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The oldest financial institution headquartered in Southern Maryland (est. 1950)
Converted from a mutual thrift to a stock form thrift in 1986 with a capital raise of
$2.8mm
$2.8mm
Formed a Thrift Holding Company in 1989
Formed a Federal Reserve Member Bank Holding Company in 1997
Operate ten branches in the Southern Maryland counties of Charles, Calvert and St.
Mary’s
Mary’s
The largest bank headquartered in Southern Maryland; # 1 market share in Charles
County and #3 overall in its markets
County and #3 overall in its markets
Experienced senior management team with an average of 23 years in banking and
14 years with the Company
14 years with the Company
Issued $16.3mm of preferred stock in 2008 with participation in U.S. Treasury
Capital Purchase Program (“CPP”)
Capital Purchase Program (“CPP”)
Company History
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Company Overview
Tri–County Financial Corporation (TCFC) is a commercial bank Holding Company
headquartered in Waldorf, Maryland
headquartered in Waldorf, Maryland
$819 million in assets, focused on Southern Maryland with ten branches
Commercially oriented business model with community focus and long-term
customer relationships
customer relationships
6th largest Maryland bank holding company headquartered and operating in
Maryland
Maryland
Double digit asset growth due to successful customer acquisition and retention
strategies
strategies
Niche positioning, offering the size and scale of products of regional / money
center banks while maintaining a community bank feel
center banks while maintaining a community bank feel
Sales and service focus has resulted in consistent organic growth
Relationship banking with customer access to decision-makers with local market
knowledge
knowledge
Largest deposit market share in Southern Maryland of any locally-based bank and
3rd largest deposit share of all banks
3rd largest deposit share of all banks
Note: Financial data at June 30, 2009; deposit market share data as of June 30, 2009, adjusted for all M&A activity through August 26, 2009
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Summary Statistics – March 31, 2010
Assets $819mm
Loans $608mm
Deposits $662mm
Headquarters Waldorf, MD
Branches 10
Shares Outstanding 2,990,520
CPP TARP $16.3mm
Tangible Common Equity $53.1mm
Tangible Common Book Value per Share $17.8
Market Capitalization 35.9mm
Price/Tangible Book 67.6%
Insider Ownership % 26.0%
Market data as of May 7, 2010; Financial data as of March 31, 2010; Insider ownership per Annual Proxy Statement as of May 12, 2010, excluding 244,041 available options
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Branch Locations
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Naval Air Station Patuxent River, St. Mary’s County
22,000 jobs; annual county economic impact $2.3 billion
Indian Head Naval Service Warfare Center, Charles County
20 miles south of DC; National Energetics Center for U.S Military
Calvert Cliff Nuclear Power Plant, Calvert County
Third Nuclear plant approved- 4,000 construction jobs, 500
permanent jobs expected
Cove Point Terminal- Dominion Resources, Calvert County
One of the nation’s largest liquefied natural gas (LNG) import and
transportation facilities
Andrews Air Force Base, Prince George’s County
Fourteen miles from Waldorf, Maryland; Home of Air Force One
Economic Drivers
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Economic Drivers
Source: Maryland Department of Labor, Licensing and Regulation, Division of Workforce Development and Adult
Learning and Bureau of Labor Statistics
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Economic Drivers
Source: US Census Bureau and the Maryland Department of Planning, Planning Data Services
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10
Maryland Regional Labor Force Growth 1990-2030
Source: Maryland Department of Planning, February 2009
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
Experienced Senior Management Team
Note: Position titles listed are for Community Bank of Tri-County
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Key Financial Statistics
(1)
Peers include publicly traded banks in Maryland with assets between $420 million and $2.0 billion. Median values and percentages of peer group utilized.
(2)
Excludes restructured loans
(3)
Restructured Loans/Assets average was 1.6% for peer group
Note: Dollars in thousands
Source: SNL Financial
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Capital Ratios
Source: Company Documents
(to avg. assets)
(to risk-weighted assets)
(tier 1 & tier 2 to risk-weighted assets)
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Consistent Balance Sheet Growth
(1)
Peers include publicly traded banks in Maryland with assets between $420 million and $2.0 billion. Median values and percentages of peer group utilized.
Note: Dollars in thousands
Source: SNL Financial
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Net Income
$1,364
(1)
Peers include publicly traded banks in Maryland with assets between $420 million and $2.0 billion. Median values and percentages of peer group utilized.
Note: Dollars in thousands
Source: SNL Financial
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Pre-Tax, Pre-Provision Income
(1)
Peers include publicly traded banks in Maryland with assets between $420 million and $2.0 billion. Median values and percentages of peer group utilized.
Note: Dollars in thousands
Source: SNL Financial
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Loan Portfolio Composition
Dollars in thousands
Note: At March 31, 2010
Loan Portfolio by Type
Total Gross Loans: $616.2 million
Over 83% of loans are in three counties of Calvert, Charles and St. Mary’s counties
Out of market loans are concentrated in DC Metro area. Loans outside of DC
Metro area are generally with existing in-market customers
Metro area are generally with existing in-market customers
A&D loans represent 5.5% of total loans
Loan Portfolio Geography
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Geographic Detail of Loan Portfolio
100% of A&D and Builder lines are for projects in Maryland
Concentration in quality markets: Charles, St Mary’s, and Calvert counties
Low levels of exposure to markets hit hardest by real estate downturn
Dollars in thousands
Note: At March 31, 2010
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Data as of March 31, 2010
Total: $274.3 million
Total: $29.1 million
Detail of CRE Loan Portfolio
Owner Occupied
and Income Producing
Commercial Construction
The commercial office or office condo category is 69% owner occupied
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Credit Quality
Note: Dollars values in thousands
95% of TDRs of $12.4mm at March 31, 2010 were current
100% of non-current TDRs at March 31, 2010 were less than 90 days outstanding
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The Tri-County Deposit Market Share
Continue to take market share from competitors
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Deposit Geography
Note: Dollars in thousands
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Commercial focus drives growth of noninterest bearing demand accounts
Favorable pricing while increasing market share from regional/super-regional
banks
banks
Deposit Composition
Note: Dollars in thousands
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Why Invest in TCFC?
Note: Dollars in thousands
Long-Term Value
Fastest growing franchise in our market
Fastest growing market in Maryland with many regional economic
drivers
drivers
The preferred provider in the markets we serve
Consistently capture profitable market share from competitors
Focused on ROE and superior asset quality
Experienced and committed senior management team with an
average of 23 years in banking and 14 years with TCFC
average of 23 years in banking and 14 years with TCFC
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Appendix
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Top 10 Loan Relationships
Note: Dollars in Thousands
Top ten loan relationships represent 10.0% of outstanding loans of $616.2 million
at March 31, 2010
at March 31, 2010
Greater than 99% of outstanding loan balances for top ten loan relationships are in
Tri-County markets of Charles, Calvert and St. Mary’s counties
Tri-County markets of Charles, Calvert and St. Mary’s counties
100% of top ten loan relationships are performing
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Top 10 Non-Performing Loans
Top ten non-performing loans represent 87.9% of non-performing loans of $14.1
million at March 31, 2010
million at March 31, 2010
Top ten non-performing loans represent six customer relationships
Note: Dollars in Thousands.
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Top 10 Classified Loans
Note: Dollars in Thousands.
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Historical Financials – Balance Sheets
Note: Dollars in Thousands
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Historical Financials – Income Statements
Note: Dollars in Thousands; FDIC insurance included in Other Expenses for 2006 and 2007
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Michael L. Middleton - Chairman And Chief Executive Officer
Career Track: KPMG – Baltimore 1969 to 1973; Joined Tri-County Savings and Loan in 1973; President and CEO in
1979; Conducted IPO in 1986, secondary offering 2007; Appointed Chairman of Board in 1986
1979; Conducted IPO in 1986, secondary offering 2007; Appointed Chairman of Board in 1986
Education: Bellarmine University, BA in Accounting; University of Maryland Robert Smith School, MBA, Finance
Concentration; Harvard School of Business Program on Negotiation
Concentration; Harvard School of Business Program on Negotiation
Affiliations: Elected director FHLB Atlanta in 1996-2004 - Finance Chair, Board Chairman 2004; Appointed director
Council of FHLBanks 1998-2004; Appointed director Federal Reserve Bank of Richmond’s Baltimore Board 2004-
2009; Appointed director of Advisory Board to Smith School’s Center for Financial Policy 2009; Member of the
American Institute of Certified Public Accountants ; Director of Maryland Bankers Association Board
Council of FHLBanks 1998-2004; Appointed director Federal Reserve Bank of Richmond’s Baltimore Board 2004-
2009; Appointed director of Advisory Board to Smith School’s Center for Financial Policy 2009; Member of the
American Institute of Certified Public Accountants ; Director of Maryland Bankers Association Board
Experienced Management Team
William J. Pasenelli - President And Chief Financial Officer
Career Track: Chief Financial Officer of Community Bank since 2000; 1987-2000 Chief Financial Officer of Acacia
Federal Savings Bank, Annandale, VA; 2010 President and CFO of Community Bank of Tri-County
Federal Savings Bank, Annandale, VA; 2010 President and CFO of Community Bank of Tri-County
Education: Graduated Magna Cum Laude from Duke University with a Bachelor of Arts degree in Management
Science; Graduate of the National School of Banking; Harvard School of Business Program on Negotiation
Science; Graduate of the National School of Banking; Harvard School of Business Program on Negotiation
Affiliations: Member of the American Institute of Certified Public Accountants; Member of DC Institute of Certified
Public Accountants
Public Accountants
Gregory C. Cockerham - Chief Lending Officer
Career Track: Executive Vice President and Chief Lending Officer for Community Bank of Tri-County; Joined
Community Bank in 1988; Retail Center and regional Lending officer, Maryland National Bank; Over 30 years of
banking experience, concentration in commercial lending
Community Bank in 1988; Retail Center and regional Lending officer, Maryland National Bank; Over 30 years of
banking experience, concentration in commercial lending
Education: Associate of Arts from the College of Southern Maryland; Bachelor of Science degree in Business
Management from West Virginia University; Graduate of the Maryland Bankers School; Harvard School of Business
Program on Negotiation
Management from West Virginia University; Graduate of the Maryland Bankers School; Harvard School of Business
Program on Negotiation
Affiliations: Vice Chair of the Board of Directors for the College of Southern Maryland Foundation; President of the
Rotary Foundation Board; Member of the Maryland Chamber Board of Directors
Rotary Foundation Board; Member of the Maryland Chamber Board of Directors
Note: Position titles listed are for Community Bank of Tri-County
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Experienced Management Team
James M. Burke - Chief Credit Officer
Career Track: Executive Vice President, Chief Credit Officer for Community Bank of Tri-County; Joined Community
Bank of Tri-County in December 2005; Previously the Executive Vice President and Senior Loan Officer at
Mercantile- Southern Maryland Bank
Bank of Tri-County in December 2005; Previously the Executive Vice President and Senior Loan Officer at
Mercantile- Southern Maryland Bank
Education: Bachelor of Arts in Political Science from High Point College; Graduate of the; Maryland Bankers School;
Graduate of the East Carolina Advanced School of Commercial Lending; Harvard School of Business Program on
Negotiation
Graduate of the East Carolina Advanced School of Commercial Lending; Harvard School of Business Program on
Negotiation
Affiliations: Chairman of Civista Health, Inc.; President of Archbishop Neale School Board
James F. DiMisa - Chief Operating Officer
Career Track: Executive Vice President, Chief Operating Officer of Community Bank ; Joined Community Bank in
2005; Previously, Mr. DiMisa served as Executive Vice President for; Mercantile-Southern Maryland Bank; Has over 25
years of banking experience
2005; Previously, Mr. DiMisa served as Executive Vice President for; Mercantile-Southern Maryland Bank; Has over 25
years of banking experience
Education: Associate of Arts from the College of Southern Maryland; Bachelor of Science degree in Business
Management from George Mason University, Fairfax, VA; Master of Business Administration from Mount St. Mary’s
College; Graduate of the ABA Stonier Graduate School of Banking; Harvard School of Business Program on Negotiation
Management from George Mason University, Fairfax, VA; Master of Business Administration from Mount St. Mary’s
College; Graduate of the ABA Stonier Graduate School of Banking; Harvard School of Business Program on Negotiation
Affiliations: Chairman of the Board of Trustees for the Maryland Bankers School; Director and past President and
Founder of the La Plata Business Association; Charles County Rotary Club past president
Founder of the La Plata Business Association; Charles County Rotary Club past president
David D. Vaira - Senior Vice President, Treasurer/Cashier
Career Track: Treasurer of Community Bank of Tri-County since 2006; Senior Vice President since 1996; Vice
President and Controller of Community Bank 1984 to 2005
President and Controller of Community Bank 1984 to 2005
Education: Bachelors of Science, University of Maryland
Affiliations: Vice President of the Catholic Business Association of Charles County
Note: Position titles listed are for Community Bank of Tri-County
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Paige L. Watkins - Senior Vice President, Credit Administrator
Career Track:1990 to present lending administration, Community Bank of Tri-County; 1988-1990 Residential
Underwriter, New England Savings Bank
Underwriter, New England Savings Bank
Education: Graduated from University of Maryland, University College with a Bachelor of Science in Business
Management; Harvard School of Business Program on Negotiation
Management; Harvard School of Business Program on Negotiation
Affiliations: Member of the Zonta Club of Charles County
Experienced Management Team
Todd L. Capitani - Vice President, Senior Financial Officer
Career Track: Vice President and Senior Financial Officer of Community Bank in 2009; 2005-2009 Controller/Senior
Finance Manager for Bearing Point Inc. & Deloitte Consulting; 2002-2004 Finance Consultant, Washington, DC
1998-2001 – Chief Financial Officer of Ruesch International, Inc, Washington, DC; 1989-1998 – External Auditor with
Bertorelli & Company and Ernst & Young, San Francisco, CA
Finance Manager for Bearing Point Inc. & Deloitte Consulting; 2002-2004 Finance Consultant, Washington, DC
1998-2001 – Chief Financial Officer of Ruesch International, Inc, Washington, DC; 1989-1998 – External Auditor with
Bertorelli & Company and Ernst & Young, San Francisco, CA
Education: Bachelor of Arts in Business Economics, University of California
Affiliations: Certified Public Accountant, State of California; Treasurer St. Peter’s of Waldorf Home and School
Association
Association
Daryl L. Motley - - Vice President, Controller
Career Track: Controller for Community Bank since 2006; Accounting Manager in 2005; Previously employed as
Assistant Controller/Controller for Mills Corporation 2003 to 2005
Assistant Controller/Controller for Mills Corporation 2003 to 2005
Education: Bachelor of Science in Accounting from Towson University; Attending Maryland Bankers School
Affiliations: Member of American Institute of Certified Public Accountants; Member of Maryland Association of
Certified Public Accountants
Certified Public Accountants
Note: Position titles listed are for Community Bank of Tri-County
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Nancy C. Hayden - Vice President, Director of Operations
Career Track: Vice President and Director of Operations March 2010 to present; Since 1996, served in various roles
with the Bank including Director of Information Technology, Branch Coordinator and Branch Manager; Vice President
and Branch Manager, Maryland National Bank/Nations Bank 1975 to 1996
with the Bank including Director of Information Technology, Branch Coordinator and Branch Manager; Vice President
and Branch Manager, Maryland National Bank/Nations Bank 1975 to 1996
Education: Graduated with Honors from Computer Learning Center; Graduate of Maryland Bankers School
Affiliations: Board of Director for Southern Maryland Chapter of the American Red Cross; Prior terms/memberships
with St. Mary’s County Chamber of Commerce Board and the Mechanicsville Volunteer Rescue Squad and Fire
Department
with St. Mary’s County Chamber of Commerce Board and the Mechanicsville Volunteer Rescue Squad and Fire
Department
Rebecca J. Henderson - Vice President, Director of Sales
Career Track: 2006 to present, Director of Sales and Vice President of Community Bank of Tri-County; 1983 – 2006
employed at Bank of Southern Maryland/Mercantile Southern Maryland Bank holding various positions in lending and
sales
employed at Bank of Southern Maryland/Mercantile Southern Maryland Bank holding various positions in lending and
sales
Education: Graduate of Maryland Bankers School; Completed Omega Consumer Lending Course; Completed RMA
Lending Academy Program
Lending Academy Program
Affiliations: Southern Maryland Association of Realtors Affiliate Committee Member
Experienced Management Team
John H. Buckmaster - Vice President, Security Officer
Career Track: Served in various roles with Community Bank of Tri-County including security, lending and collections
since 1993; Previously the Vice President, CRA Officer/Coordinator for 1st Virginia Bank in Maryland; forty years of
banking experience focused in lending and collections
since 1993; Previously the Vice President, CRA Officer/Coordinator for 1st Virginia Bank in Maryland; forty years of
banking experience focused in lending and collections
Education: Graduate of Maryland Bankers School; Certificate from the American Institute of Banking
Note: Position titles listed are for Community Bank of Tri-County
Christy M. Lombardi - Vice President, Director of Human Resources
Career Track: 2010 Director of Human Resources and Vice President, served as HR Manager since 2006; 1999 – 2005
Executive Assistant for Community Bank of Tri-County
Executive Assistant for Community Bank of Tri-County
Education: Maryland Bankers School, expected graduation 08/2010; Working towards a dual Masters in Business
Administration and Human Resources Management, University of Maryland University College; Harvard School of
Business Program on Negotiation for Senior Executives; B.A. in Human Resources Management & an Associates in
Management Development
Administration and Human Resources Management, University of Maryland University College; Harvard School of
Business Program on Negotiation for Senior Executives; B.A. in Human Resources Management & an Associates in
Management Development
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Board of Directors
H. Beaman Smith
Lead Director of the Board of Directors. He is founder and President of Accoware, a computer software company
established in 1986. He served as Vice President of Fry Plumbing & Heating Company in Washington, D.C. from
1988 until his retirement in October 2008. Mr. Smith holds a Masters Degree and BS from the University of
Maryland. Mr. Smith serves on the boards of the Maryland 4-H Foundation and Charles County Habitat for
Humanity. Age 64. Director since 1986.
established in 1986. He served as Vice President of Fry Plumbing & Heating Company in Washington, D.C. from
1988 until his retirement in October 2008. Mr. Smith holds a Masters Degree and BS from the University of
Maryland. Mr. Smith serves on the boards of the Maryland 4-H Foundation and Charles County Habitat for
Humanity. Age 64. Director since 1986.
Herbert N. Redmond, Jr.
Chairperson of the Audit Committee. He is the President of D.H. Steffens Company. Mr. Redmond has been
associated with the company since 1959 and deals in all aspects of the surveying and land development process,
including working with clients and approval agencies. He is a licensed Maryland Professional Land Surveyor who has
served as President of the Maryland Society of Surveyors as well as the Chairman of the Ethics Committee. He was
selected as Surveyor of the Year in 1992. He is a member of the Maryland Society of Surveyors, the American
Congress on Surveying and Mapping, the American Planning Association and the Urban Land Institute. He currently
serves as a Director of the Maryland Society of Surveyors Education Trust. Age 70. Director since 1997.
associated with the company since 1959 and deals in all aspects of the surveying and land development process,
including working with clients and approval agencies. He is a licensed Maryland Professional Land Surveyor who has
served as President of the Maryland Society of Surveyors as well as the Chairman of the Ethics Committee. He was
selected as Surveyor of the Year in 1992. He is a member of the Maryland Society of Surveyors, the American
Congress on Surveying and Mapping, the American Planning Association and the Urban Land Institute. He currently
serves as a Director of the Maryland Society of Surveyors Education Trust. Age 70. Director since 1997.
Michael L. Middleton
Chairman, President and Chief Executive Officer of the Company. He is Chairman and Chief Executive Officer of the
Bank. Mr. Middleton joined the Bank in 1973 and served in various management positions until 1979 when he
became President of the Bank until April 1, 2010. Mr. Middleton is a Certified Public Accountant and holds an MBA.
From 1996 to 2004, Mr. Middleton served on the Board of Directors of the Federal Home Loan Bank of Atlanta,
serving as Chairman of the Board in 2004. He also served as its Board Representative to the Council of Federal Home
Loan Banks. Mr. Middleton has served on the Board of Directors of the Federal Reserve Bank, Baltimore Branch, since
2004. He also serves on several philanthropic and civic boards. He is a trustee for the College of Southern Maryland,
serves on the Advisory Board of the Robert H. Smith School of Business Center for Financial Policy and is Chairman of
the Board of the Energetics Technology Corporation. Age 62. Director since 1979.
Bank. Mr. Middleton joined the Bank in 1973 and served in various management positions until 1979 when he
became President of the Bank until April 1, 2010. Mr. Middleton is a Certified Public Accountant and holds an MBA.
From 1996 to 2004, Mr. Middleton served on the Board of Directors of the Federal Home Loan Bank of Atlanta,
serving as Chairman of the Board in 2004. He also served as its Board Representative to the Council of Federal Home
Loan Banks. Mr. Middleton has served on the Board of Directors of the Federal Reserve Bank, Baltimore Branch, since
2004. He also serves on several philanthropic and civic boards. He is a trustee for the College of Southern Maryland,
serves on the Advisory Board of the Robert H. Smith School of Business Center for Financial Policy and is Chairman of
the Board of the Energetics Technology Corporation. Age 62. Director since 1979.
Louis P. Jenkins, Jr.
Chairperson of the Governance Committee. He is the principal of Jenkins Law Firm, LLC, located in LaPlata, Maryland.
Before entering private practice, Mr. Jenkins served as an Assistant State’s Attorney in Charles County, Maryland
from 1997 to 1999. In addition to his private practice, Mr. Jenkins serves as Court Auditor for the Circuit Court for
Charles County, Maryland and attorney for the Charles County Board of Elections. Mr. Jenkins currently serves on
the Board of Directors of Civista Medical Center and has served as a board member of several other public service
organizations including the Southern Maryland Chapter of the American Red Cross, Charles County Chamber of
Commerce and the Charles County Bar Association. Age 38. Director since 2000.
Before entering private practice, Mr. Jenkins served as an Assistant State’s Attorney in Charles County, Maryland
from 1997 to 1999. In addition to his private practice, Mr. Jenkins serves as Court Auditor for the Circuit Court for
Charles County, Maryland and attorney for the Charles County Board of Elections. Mr. Jenkins currently serves on
the Board of Directors of Civista Medical Center and has served as a board member of several other public service
organizations including the Southern Maryland Chapter of the American Red Cross, Charles County Chamber of
Commerce and the Charles County Bar Association. Age 38. Director since 2000.
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Board of Directors
Philip T. Goldstein
Governance Committee member. He has owned and operated Philip T. Goldstein Real Estate Appraisals, a full-
service real estate appraisal and consulting firm, located in Prince Frederick, Maryland, since 1975. He currently
serves as a director of: Asbury Communities, Inc., a non-profit continuing care retirement community
headquartered in Gaithersburg, Maryland; Calvert County Nursing Center, Prince Frederick, Maryland; and Calvert
Farmland Trust, Prince Frederick, Maryland. Age 61. Director since 2006.
service real estate appraisal and consulting firm, located in Prince Frederick, Maryland, since 1975. He currently
serves as a director of: Asbury Communities, Inc., a non-profit continuing care retirement community
headquartered in Gaithersburg, Maryland; Calvert County Nursing Center, Prince Frederick, Maryland; and Calvert
Farmland Trust, Prince Frederick, Maryland. Age 61. Director since 2006.
Austin J. Slater, Jr.
Audit Committee member. He is the President and CEO of the Southern Maryland Electric Cooperative, which is one
of the ten largest electrical distribution cooperatives in the country. Mr. Slater also serves as Vice Chairman of the
Board of the Maryland Chamber of Commerce and numerous other civic organizations. He also serves on the Board
of Trustees for the College of Southern Maryland. Mr. Slater holds an MBA in Finance from George Washington
University and a BS in Accounting from Shepherd University. Age 56. Director since 2003.
of the ten largest electrical distribution cooperatives in the country. Mr. Slater also serves as Vice Chairman of the
Board of the Maryland Chamber of Commerce and numerous other civic organizations. He also serves on the Board
of Trustees for the College of Southern Maryland. Mr. Slater holds an MBA in Finance from George Washington
University and a BS in Accounting from Shepherd University. Age 56. Director since 2003.
C. Marie Brown
Associated with the Bank for over 35 years and served as its Chief Operating Officer before her retirement in
February 2008. Ms. Brown is an alumna of Charles County Community College with an Associates of Arts degree in
Management Development. She is a supporter of the Handicapped and Retarded Citizens of Charles County, a
member of the Zonta Club of Charles County and serves on various administrative committees of the Hughesville
Baptist Church. Age 67. Director since 1991.
February 2008. Ms. Brown is an alumna of Charles County Community College with an Associates of Arts degree in
Management Development. She is a supporter of the Handicapped and Retarded Citizens of Charles County, a
member of the Zonta Club of Charles County and serves on various administrative committees of the Hughesville
Baptist Church. Age 67. Director since 1991.
James R. Shepherd
Audit Committee member. He is the Senior Business Development Specialist for the Calvert County Department of
Economic Development. Mr. Shepherd holds an MS degree in Management from the University of Maryland and a BA
from Roanoke College. Mr. Shepherd serves in numerous civic and charitable organizations. Age 65. Director since
2003.
Economic Development. Mr. Shepherd holds an MS degree in Management from the University of Maryland and a BA
from Roanoke College. Mr. Shepherd serves in numerous civic and charitable organizations. Age 65. Director since
2003.
Joseph V. Stone, Jr.
Audit Committee member. He has owned and operated Joe Stone Insurance Agency, which provides multi-line
insurance services to clients in Maryland and Virginia since 1981. He has served as a director for the Southern
Maryland Electric Cooperative since 1996 and currently serves as Chairman of the Board. He has also served as a
director for ACES Power Marketing since 2006. Age 55. Director since 2006.
insurance services to clients in Maryland and Virginia since 1981. He has served as a director for the Southern
Maryland Electric Cooperative since 1996 and currently serves as Chairman of the Board. He has also served as a
director for ACES Power Marketing since 2006. Age 55. Director since 2006.
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