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Waldorf, Md.-based Community Financial to redeem subordinated notes

Waldorf, Md.-based Community Financial Corp. on Feb. 15 will redeem $23.0 million principal amount of its 6.25% subordinated debt securities due Feb. 15, 2025.

The company expects to fund the redemption with approximately $10.7 million in net proceeds from its Dec. 31, 2019, private placement offering of common stock and a cash dividend from its bank unit, Community Bank of the Chesapeake.

The redemption price for each of the notes will equal a price equal to 100% of the principal amount to be redeemed plus any accrued and unpaid interest thereon. All interest accruing on the notes called for redemption will cease to accrue on and after Feb. 15.