FOR IMMEDIATE RELEASE
January 24, 2000

                                                    Contact: P. Douglas Richard
                                                                 (540) 886-0796


                         COMMUNITY FINANCIAL CORPORATION
                   ANNOUNCES RESIGNATION OF PRESIDENT AND CEO


         Staunton,  Va.  -  Community  Financial  Corporation  (NASDAQ  -  CFFC)
announced  that Thomas W. Winfree has resigned as President and Chief  Executive
Officer to pursue other career  interests.  James R. Cooke, Jr., Chairman of the
Board of Directors, expressed the Board's gratitude to Mr. Winfree for his years
of  service  to the  Company.  The  Bank and Mr.  Winfree  are  negotiating  the
settlement of his employment agreement.

         P. Douglas Richard has been named acting  President and Chief Executive
Officer.  Mr.  Richard,  55,  has  served as  Regional  President  of  Community
Financial  Corporation since 1997 and supervises the Company's operations in the
Hampton Roads Region.