FOR IMMEDIATE RELEASE
December 6, 1999

                                                     Contact: Thomas W. Winfree
                                                                   540-886-0796


             COMMUNITY FINANCIAL CORPORATION ANNOUNCES STOCK BUYBACK

         Staunton, VA - Community Financial Corporation (NASDAQ: CFFC) announced
today that the Company's  Board of Directors has authorized the repurchase of up
to 5% of the  Company's  outstanding  common  stock.  The company  currently has
2,572,146 issued and outstanding shares of common stock.

         Repurchases  are authorized to be made by the Company from time to time
in  open market or  privately  negotiated  transactions  during the next several
months  as,  in the  opinion  of  management,  market  conditions  warrant.  The
repurchased  shares will be held as un-issued  stock and will be  available  for
general corporate purposes.

         "The stock  buyback is one of the  steps that  management  is taking to
increase  shareholder  value,"  stated  Thomas W.  Winfree,  President and Chief
Executive Officer of the Company.  "We believe that this is a prudent use of the
Company's capital."

         Community  Financial,  headquartered  in  Staunton,  Virginia,  is  the
holding  company for Community  Bank and had assets in excess of $230 million at
September 30, 1999 and has offices in Staunton,  Waynesboro,  Stuarts Draft, and
Virginia Beach.  Its  mortgage-banking  subsidiary is headquartered in Richmond,
Virginia.