EXHIBIT 99.1




Dear Shareholder:

I am pleased to report to you the results of operations of Tri-County Financial
Corporation and its banking subsidiary, Community Bank of Tri-County (the
"Bank"), for the six months ended June 30, 2009. Net income, when compared with
the previous year's six month period, declined by $1,150,721 to $1,292,054,
compared to $2,442,775 for the same period in 2008. For the six months ended
June 30, 2009, diluted earnings per share were $0.29, compared to $0.79 for the
six months ended June 30, 2008. The decline in net income was the result of
several factors directly attributable to the severe economic crisis that
manifested itself in the third quarter of 2008. Total assets increased to
$778,383,773, up $61,698,863 from December 31, 2008, for an annualized rate of
17.22%. The increase in assets was primarily reflected in the growth of loans.

Net interest income for the six months ended June 30, 2009 increased by
$438,660, or 4.53%, over the previous year. The improvement was primarily due to
earning asset growth during this period. Non-interest income increased over the
comparable period by $22,189 or 1.65%. The quality of the Bank's portfolio of
investments and loans continued to remain strong. The Bank's management is
carefully monitoring asset quality, and is making loan loss provisions as
needed. The conservative posture of the Bank with respect to the calculation of
loan loss provisions is evident in the provision taken during this period. The
provision was increased to $1,462,373 for the six months of 2009, compared to
$154,745 in the comparable period of 2008. The Bank's non-interest expense
increased by 13.25% from the comparable period in the prior year. This was due
to an increase in FDIC premiums and a special assessment of $509,337 incurred
during the quarter. Data processing and human resources expenses increased to
support the growth of the Bank's operations.

The Company's participation, as a healthy financial institution, in the
Emergency Economic Stabilization Act of 2008, wherein the Company issued $15.5
million in preferred stock to the U.S. Treasury, provided additional capital,
which together with our existing capital has allowed the Bank to capitalize on
local market opportunities. This is reflected in both deposit gathering and
lending growth trends. Retail deposit growth during the six month period
continued to be strong with considerable growth in non-interest-bearing deposits
of 32.47%. This core deposit growth allowed for the reduction of wholesale
borrowings, thereby increasing borrowing capacity, and should realize cost
savings going forward. The Bank's loan portfolio also grew by $40,694,293 or
7.49% in the current year.

As we progress through the year, new economic data demonstrates the broad scope
and impact of the crisis on our economy. Our market area, due to its proximity
to the center of our government, has not experienced the profound effects as
some have felt in other areas. Your Board and management approached this crisis
in a very conservative manner and we are carefully navigating towards the
recovery. There are significant opportunities in Southern Maryland and we are
well positioned to capitalize on them. To that point, Tri-County Financial and
its banking subsidiary, Community Bank, were named by U.S. Banker Magazine as
one of the top 200 community banks with assets under two billion. The
performance criterion for this category was the three year trend on Return on
Equity. I look forward to your continued support as we serve Southern Maryland's
banking needs.

Yours truly,

/s/ Michael L. Middleton

Michael L. Middleton
President
Chairman of the Board