William J. Pasenelli has been named to succeed Michael Middleton as president of Tri-County Financial Corp., its board of directors announced Wednesday.

Middleton will remain chairman and CEO of the company, the holding company for Community Bank of Tri-County.

“This promotion is a continuum of the company’s strategic plan for management succession,” Middleton said in a company news release. “Throughout his career, Bill has demonstrated the capacity to generate industry-leading performance. As the organization has grown, so too has our management scope. Bill’s leadership will help to guide us into the future. We have a dynamic partnership among our senior management group and I am proud of what we have accomplished together.”

In his role as president, Pasenelli will have responsibility for the overall operations of both Tri-County Financial and the bank. He will continue to serve as chief financial officer and will be supported by the current senior management team, led by James Burke, chief credit officer; Gregory Cockerham, chief lending officer; James DiMisa, chief operating officer; and Todd Capitani, financial officer.

“I am honored that the board of directors has chosen me to become president of Tri-County Financial Corporation,” Pasenelli said in the release. “We have the best management team in the region. I welcome the opportunity to leverage their extensive skills and expertise to continue to build our shareholder value.”

Pasenelli joined the bank in 2000. Previously, he had been the chief financial officer of Acacia Federal Savings Bank in Annandale, Va.

He graduated magna cum laude from Duke University with a bachelor’s of arts in management science. He is a graduate of the National School of Banking.

He is a member of the American Institute of Certified Public Accountants and the Washington, D.C., Institute of Certified Public Accountants.

Tri-County Financial Corp. is the bank holding company for Community Bank of Tri-County, which conducts business through its main office in Waldorf and 10 branch offices located throughout Charles, Calvert and St. Mary's counties in Maryland and in King George, Va.