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<center>As filed with the Securities and Exchange Commission on September 29, 2003</center>

<p align="RIGHT">Registration No. 333-[ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ]</p>

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<br>

<center><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br>
 <strong>Washington, DC 20549</strong><br>
 _______________<br>
<br>
<font size="+1"><strong>REGISTRATION STATEMENT</strong><br>
 <font size="+1"><strong>ON FORM S-8</strong><br>
 <font size="+1"><strong>UNDER THE SECURITIES ACT OF 1933</strong><br>
 _______________<br>
<br>
<font size="+1"><strong>COMMUNITY FINANCIAL CORPORATION</strong><br></font>
<font size="-1">(Exact name of registrant as specified in its charter)</center>

<br>

<table width="100%">
<tr valign="TOP">
<td align="CENTER"><font size="-1"><strong>Virginia</strong><br>
 (State or other jurisdiction of incorporation<br>
 or organization)</td>
<td align="CENTER"><font size="-1"><strong>54-1532044</strong><br>
(I.R.S. Employer Identification No.)</td>
</tr>

<tr valign="TOP">
<td align="CENTER"><font size="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td align="CENTER"></td>
</tr>

<tr valign="TOP">
<td align="CENTER"><font size="-1"><strong>38 North Central Avenue, Staunton, Virginia</strong><br>
 (Address of principal executive offices)</td>
<td align="CENTER"><font size="-1"><strong>24401</strong><br>
 (Zip Code)</td>
</tr>
</table>

<br>

<center><font size="+1"><strong>COMMUNITY FINANCIAL CORPORATION<br>
1996 INCENTIVE PLAN<br>
AND<br>
2003 STOCK OPTION AND INCENTIVE PLAN</strong></font><br>
<font size="-1">(Full title of the plan)<br></font>
<br><font size="-1">
<strong>James S. Fleischer, P.C.</strong><br>
 <strong>Michael S. Sadow, P.C.</strong><br>
 <strong>Silver, Freedman & Taff, L.L.P.</strong><br>
 <strong>(a limited liability partnership including professional corporations)</strong><br>
 <strong>1700 Wisconsin Avenue, N.W.</strong><br>
 <strong>Washington, D.C. 20007</strong><br>
 <font size="-1">(Name and address of agent for service)<br></font>
<br><font size="-1">
<strong>(202) 295-4500</strong><br>
<font size="-1"> (Telephone number, including area code, of agent for service)<br></font>
</center>

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<font size="-1">
<center>
<table align="CENTER" width="100%">
<tr valign="TOP">
<td colspan="5" align="CENTER"><font size="-1"><strong>CALCULATION OF REGISTRATION FEE</strong></td>
</tr>

<tr valign="TOP">
<td colspan="5" align="CENTER">
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</td>
</tr>

<tr valign="BOTTOM">
<td align="CENTER"><font size="-1"><strong>Title of securities<br>
to be registered</strong>
<hr>
</td>
<td align="CENTER"><font size="-1"><strong>Amount to be<br>
registered</strong>
<hr>
</td>
<td align="CENTER"><font size="-1"><strong>Proposed<br>
maximum<br>
offering price<br>
per share</strong>
<hr>
</td>
<td align="CENTER"><font size="-1"><strong>Proposed<br>
maximum<br>
aggregate<br>
offering price</strong>
<hr>
</td>
<td align="CENTER"><font size="-1"><strong>Amount of<br>
registration fee<br>
</strong>
<hr>
</td>
</tr>

<tr valign="TOP">
<td><font size="-1">Common Stock, par<br>
value $.01 per share</td>
<td align="CENTER"><font size="-1">340,000 shares<sup>(1)</sup></td>
<td align="CENTER"><font size="-1">$8.91<sup>(2)</sup></td>
<td align="CENTER"><font size="-1">$3,028,400<sup>(2)</sup></td>
<td align="CENTER"><font size="-1">$245.00<sup>(2)</sup></td>
</tr>

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<td colspan="5" align="CENTER">
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</td>
</tr>
</table>
</center>

<table width="100%">
<tr valign="TOP">
<td width="5%"><font size="-2">(1)</td>
<td><font size="-2">Pursuant to Rule 416 under the Securities Act of 1933, this Registration Statement includes an indeterminate number of additional shares as may be issuable as a result of a stock
split, stock dividend or similar adjustment of the outstanding shares of the common stock of Community Financial Corporation.</td>
</tr>

<tr valign="TOP">
<td width="5%"><font size="-2">(2)</td>
<td><font size="-2">Calculated in accordance with Rule 457(h) under the Securities Act of 1933, based upon the following: (i) for shares underlying outstanding options granted under the plans, the
prices at which such options may be exercised; and (ii) for shares that have not yet been awarded under the plans, the average of the high and low per share sale prices of the common stock on The
Nasdaq SmallCap Market of $17.50 per share on September 25, 2003.</td>
</tr>
</table>



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<center><strong>PART&nbsp;I
<br><font size="-1">
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</strong></center>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The documents containing the information specified in Part I of the Form S-8 will be sent or given to participants in Community Financial Corporation's 1996 Incentive Plan and Community Financial Corporation's 2003 Stock Option and Incentive Plan as specified by Rule 428(b)(1) promulgated by the Securities and Exchange Commission ("SEC") under the Securities Act of 1933, as amended.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such documents are not being filed with the SEC, but constitute (along with the documents incorporated by reference into the registration statement pursuant to Item 3 of Part II of this registration statement), prospectuses that meet the requirements of Section 10(a) of the Securities Act of 1933.</p>

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<center><strong>PART&nbsp;II</strong></center>
<br>
<br>
<center><strong>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</strong></center>

<p>Item 3.&nbsp;&nbsp;<u>Incorporation of Documents by Reference</u>.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents previously or concurrently filed by Community Financial Corporation (the "Company" or the "Registrant") with the SEC are hereby incorporated by reference in this registration statement and the prospectuses to which this registration statement relates, which prospectuses have been or will be delivered to the participants in the plans covered by this registration statement:</p>

<ol>

<li>Community Financial Corporation's Annual Report on Form 10-KSB for the fiscal year ended March 31, 2003 (File No. 000-18265);</p>

<li>Community Financial Corporation's Quarterly Report on Form 10-QSB for the quarterly period ended June 30, 2003; and</p>

<li>Community Financial Corporation's Current Report on Form 8-K filed with the SEC on January 31, 1990 pursuant to SEC Release No. 34-9072 (together with the following portions of
the Corporation's registration statement on Form S-4 filed with the SEC on May 19, 1989)(File No. 33-28817), and all post-effective amendments to such registration statement: "Market Prices and
Dividends," "The Holding Company Merger and Reorganization --Comparison of Stockholder Rights" and "The Holding Company -- Restrictions on Resale of Holding Company Common Stock Received by Certain
Persons").</p>

</ol>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by the Company with the SEC pursuant to Sections 13(a), 13(c), 14, and 15(d) of the Securities Exchange Act of 1934, as amended, after the date
hereof, and prior to the filing of a post-effective amendment which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be
deemed incorporated by reference into this registration statement and the prospectuses to be a part hereof and thereof from the date of the filing of such documents. Any statement contained in the
documents incorporated, or deemed to be incorporated, by reference herein or therein shall be deemed to be modified or superseded for purposes of this registration statement and the prospectuses to
the extent that a statement contained herein or therein or in any other subsequently filed document which also is, or is deemed to be, incorporated by reference herein or therein modifies or
supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this registration statement and the
prospectuses.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This incorporation by reference shall not be deemed to specifically incorporate by reference the information relating to the audit committee report (as permitted under Item 306 of
Regulation S-B) contained in any annual meeting proxy statement of the Company. Nor shall this incorporation by reference be deemed to specifically incorporate by reference the information provided
under Item 9 or Item 12 of any Current Report on Form 8-K of the Company.</p>

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<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall furnish without charge to each person to whom the prospectuses are delivered, on the written or oral request of such person, a copy of any or all of the documents
incorporated by reference, other than exhibits to such documents (unless such exhibits are specifically incorporated by reference to the information that is incorporated). Requests should be directed
to: R. Jerry Giles, Chief Financial Officer, Community Financial Corporation, 38 North Central Avenue, Staunton, Virginia 24401; telephone number (540) 885-0993 (x142).</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All information appearing in this registration statement and the prospectuses is qualified in its entirety by the detailed information, including financial statements, appearing in
the documents incorporated herein or therein by reference.</p>

<p>Item 4.&nbsp;&nbsp;<u>Description of Securities</u>.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</p>

<p>Item 5.&nbsp;&nbsp;<u>Interests of Named Experts and Counsel</u>.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</p>

<p>Item 6.&nbsp;&nbsp;<u>Indemnification of Directors and Officers</u>.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia law provides that, unless limited by its articles of incorporation, a corporation shall indemnify a director or officer who entirely prevails in the defense of any
proceeding to which he was a party because he is or was a director or officer of the corporation against reasonable expenses incurred by him in connection with the proceeding.  The Company's Amended and Restated Articles of Incorporation state that the liability of directors and officers is eliminated to the fullest extent permitted by Virginia law.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia law permits a corporation to indemnify, after a determination has been made that indemnification of the director is permissible in the circumstances because he has met the
following standard of conduct, an individual made a party to a proceeding because he is or was a director against liability incurred in the proceeding if:</p>

<ul>

<li>he conducted himself in good faith;
<li>he believed (i) in the case of conduct in his official capacity with the corporation, that his conduct was in the corporation's best interests and (ii) in all other cases, that his
conduct was at least not opposed to the corporation's best interests; and
<li>in the case of any criminal proceeding, he had no reasonable cause to believe his conduct was unlawful.</p>

</ul>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Virginia corporation, however, may not indemnify a director in connection with a proceeding by or in the right of the corporation in which the director was adjudged liable to the
corporation or in connection with any other proceeding charging improper personal benefit to him, whether or not involving action in his official capacity, in which he was adjudged liable on the
basis that personal benefit was improperly received by him.</p>

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<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, Virginia law permits a corporation to make any further indemnity, including indemnity with respect to a proceeding by or in the right of the corporation, and to make
additional provision for advances and reimbursement of expenses, to any director, officer, employee or agent that may be authorized by the articles of incorporation or any bylaw made by the
shareholders or any resolution adopted by the shareholders, except an indemnity against his willful misconduct or a knowing violation of criminal law.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant' s Articles of Incorporation provide mandatory indemnification of officers and directors to the full extent permitted by Virginia law.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant maintains directors' and officers' liability insurance which may provide indemnification, including indemnification against liabilities under the Securities Act of
1933, to our officers and directors in certain circumstances.</p>

<p>Item 7.&nbsp;&nbsp;<u>Exemption from Registration Claimed</u>.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</p>

<p>Item 8.&nbsp;&nbsp;<u>Exhibits</u>.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See the Exhibit Index to this Registration Statement.</p>

<p>Item 9.&nbsp;&nbsp;<u>Undertakings</u>.</p>

<table>
<tr valign="top">
       <td width="10%"><font size="-1">(a)</td>
       <td width="90%"><font size="-1">The undersigned Registrant hereby undertakes:</td>
</tr>
</table>

<table>
<tr valign="top">
       <td width="10%"></td>
       <td width="10%"><font size="-1">(1)</td>
       <td width="80%"><font size="-1">To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:<br><br></td>
</tr>
</table>

<table>
<tr valign="top">
       <td width="10%"></td>
       <td width="10%"></td>
       <td width="80%"><font size="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To include any prospectus required by section 10(a)(3) of the Securities Act of 1933;<br><br></td>
</tr>

<tr valign="top">
       <td width="10%"></td>
       <td width="10%"></td>
       <td width="80%"><font size="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement; notwithstanding the foregoing, any increase or decrease in volume of
securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may
be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate
offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement.</td>
</tr>

</table>

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<tr valign="top">
       <td width="10%"></td>
       <td width="10%"></td>
       <td width="80%"><font size="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information
in the registration statement;<br><br></td>
</tr>

<tr valign="top">
       <td width="10%"></td>
       <td width="10%"></td>
       <td width="80%"><font size="-1">provided, however, that clauses (i) and (ii) do not apply if the information required to be included in a post-effective amendment by those clauses is contained in periodic reports
filed with or furnished to the SEC by the Registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration
statement.<br><br></td>
</tr>

<tr valign="top">
       <td width="10%"></td>
       <td width="10%"><font size="-1">(2)</td>
       <td width="80%"><font size="-1">That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <u>bona</u> <u>fide</u> offering thereof.<br><br></td>
</tr>

<tr valign="top">
       <td width="10%"></td>
       <td width="10%"><font size="-1">(3)</td>
       <td width="80%"><font size="-1">To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.<br><br></td>
</tr>

</table>

<table>

<tr valign="top">
       <td width="10%"><font size="-1">(b)</td>
       <td width="90%"><font size="-1">The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the Registrant's annual report
pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 that is incorporated by reference in the registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <u>bona</u> <u>fide</u> offering thereof.<br><br></td>
</tr>

<tr valign="top">
       <td width="10%"><font size="-1">(c)</td>
       <td width="90%"><font size="-1">Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant
to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act of 1933 and
is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or
controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.</td>
</tr>

</table>

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<center><strong>SIGNATURES</strong></center>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<em>The Registrant.</em> Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all the
requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Staunton, Commonwealth of
Virginia on September 29, 2003.</p>


<table width="100%" align="center">

<tr valign="top">
<td width="48%"></td>
<td width="4%" colspan="2"><font size="-1"><strong>COMMUNITY FINANCIAL CORPORATION</strong><br><br></td>
</tr>

<tr valign="top">
<td width="48%"></td>
<td width="4%" align="right"><font size="-1">By:</td>
<td width="48%" align="left"><font size="-1"> /s/ P. Douglas Richard<hr noshade>
P. Douglas Richard<br>
President and Chief Executive Officer<br>
(Duly Authorized Representative)<br>
</td>
</tr>

</table>
<br>
<br>

<center><strong>POWER OF ATTORNEY</strong></center>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each person whose signature appears below hereby makes, constitutes and appoints P. Douglas Richard his true and lawful attorney, with full power to sign for each person and in
such person's name and capacity indicated below, and with full power of substitution, any and all amendments to this Registration Statement, hereby ratifying and confirming such person's signature as
it may be signed by said attorney to any and all amendments. Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the
capacities and on the dates indicated.</p>

<table width="100%" align="center">

<tr valign="top">
       <td width="30%" align="center"><font size="-1">Name<hr noshade></td>
       <td width="40%" align="center"><font size="-1">Title<hr noshade></td>
       <td width="30%" align="center"><font size="-1">Date<hr noshade></td>
</tr>

<tr valign="top">
       <td width="30%" align="center"><font size="-1"></td>
       <td width="40%" align="center"><font size="-1"></td>
       <td width="30%" align="center"><font size="-1"></td>
</tr>

<tr valign="top">
       <td width="30%"><font size="-1">/s/ P. Douglas Richard<hr noshade>P. Douglas Richard</td>
       <td width="40%"><font size="-1">President and<br>Chief Executive Officer<br><em>(Principal Executive Officer)</em></td>
       <td width="30%"><font size="-1">September 29, 2003</td>
</tr>

<tr valign="top">
       <td width="30%" align="center"><font size="-1"></td>
       <td width="40%" align="center"><font size="-1"></td>
       <td width="30%" align="center"><font size="-1"></td>
</tr>

<tr valign="top">
       <td width="30%" align="center"><font size="-1"></td>
       <td width="40%" align="center"><font size="-1"></td>
       <td width="30%" align="center"><font size="-1"></td>
</tr>

<tr valign="top">
       <td width="30%" align="center"><font size="-1"></td>
       <td width="40%" align="center"><font size="-1"></td>
       <td width="30%" align="center"><font size="-1"></td>
</tr>

<tr valign="top">
       <td width="30%" align="center"><font size="-1"></td>
       <td width="40%" align="center"><font size="-1"></td>
       <td width="30%" align="center"><font size="-1"></td>
</tr>

<tr valign="top">
       <td width="30%" align="center"><font size="-1"></td>
       <td width="40%" align="center"><font size="-1"></td>
       <td width="30%" align="center"><font size="-1"></td>
</tr>

<tr valign="top">
       <td width="30%" align="center"><font size="-1"></td>
       <td width="40%" align="center"><font size="-1"></td>
       <td width="30%" align="center"><font size="-1"></td>
</tr>

<tr valign="top">
       <td width="30%" align="center"><font size="-1"></td>
       <td width="40%" align="center"><font size="-1"></td>
       <td width="30%" align="center"><font size="-1"></td>
</tr>

<tr valign="top">
       <td width="30%" align="center"><font size="-1"></td>
       <td width="40%" align="center"><font size="-1"></td>
       <td width="30%" align="center"><font size="-1"></td>
</tr>

<tr valign="top">
       <td width="30%"><font size="-1">/s/ James R. Cooke, Jr.<hr noshade>James R. Cooke, Jr.</td>
       <td width="40%"><font size="-1">Chairman of the Board</td>
       <td width="30%"><font size="-1">September 29, 2003</td>
</tr>

<tr valign="top">
       <td width="30%" align="center"><font size="-1"></td>
       <td width="40%" align="center"><font size="-1"></td>
       <td width="30%" align="center"><font size="-1"></td>
</tr>

<tr valign="top">
       <td width="30%" align="center"><font size="-1"></td>
       <td width="40%" align="center"><font size="-1"></td>
       <td width="30%" align="center"><font size="-1"></td>
</tr>

<tr valign="top">
       <td width="30%" align="center"><font size="-1"></td>
       <td width="40%" align="center"><font size="-1"></td>
       <td width="30%" align="center"><font size="-1"></td>
</tr>

<tr valign="top">
       <td width="30%" align="center"><font size="-1"></td>
       <td width="40%" align="center"><font size="-1"></td>
       <td width="30%" align="center"><font size="-1"></td>
</tr>

<tr valign="top">
       <td width="30%" align="center"><font size="-1"></td>
       <td width="40%" align="center"><font size="-1"></td>
       <td width="30%" align="center"><font size="-1"></td>
</tr>

<tr valign="top">
       <td width="30%" align="center"><font size="-1"></td>
       <td width="40%" align="center"><font size="-1"></td>
       <td width="30%" align="center"><font size="-1"></td>
</tr>

<tr valign="top">
       <td width="30%" align="center"><font size="-1"></td>
       <td width="40%" align="center"><font size="-1"></td>
       <td width="30%" align="center"><font size="-1"></td>
</tr>

<tr valign="top">
       <td width="30%" align="center"><font size="-1"></td>
       <td width="40%" align="center"><font size="-1"></td>
       <td width="30%" align="center"><font size="-1"></td>
</tr>

<tr valign="top">
       <td width="30%"><font size="-1">/s/ Charles F. Andersen, M.D.<hr noshade>Charles F. Andersen, M.D.</td>
       <td width="40%"><font size="-1">Director</td>
       <td width="30%"><font size="-1">September 29, 2003</td>
</tr>

<tr valign="top">
       <td width="30%" align="center"><font size="-1"></td>
       <td width="40%" align="center"><font size="-1"></td>
       <td width="30%" align="center"><font size="-1"></td>
</tr>

<tr valign="top">
       <td width="30%" align="center"><font size="-1"></td>
       <td width="40%" align="center"><font size="-1"></td>
       <td width="30%" align="center"><font size="-1"></td>
</tr>

<tr valign="top">
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       <td width="30%"><font size="-1">/s/ Charles W. Fairchilds<hr noshade>Charles W. Fairchilds</td>
       <td width="40%"><font size="-1">Director</td>
       <td width="30%"><font size="-1">September 29, 2003</td>
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       <td width="30%"><font size="-1">/s/ Jane C. Hickok<hr noshade>Jane C. Hickok</td>
       <td width="40%"><font size="-1">Director</td>
       <td width="30%"><font size="-1">September 29, 2003</td>
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       <td width="30%"><font size="-1">/s/ Dale C. Smith<hr noshade>Dale C. Smith</td>
       <td width="40%"><font size="-1">Director</td>
       <td width="30%"><font size="-1">September 29, 2003</td>
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       <td width="30%"><font size="-1">/s/ Morgan N. Trimyer, Jr.<hr noshade>Morgan N. Trimyer, Jr.</td>
       <td width="40%"><font size="-1">Director</td>
       <td width="30%"><font size="-1">September 29, 2003</td>
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       <td width="30%"><font size="-1">/s/ R. Jerry Giles<hr noshade>R. Jerry Giles</td>
       <td width="40%"><font size="-1">Senior Vice President<br>and Chief Financial Officer<br><em>(Principal Financial and</em><br><em>Accounting Officer)</em></td>
       <td width="30%"><font size="-1">September 29, 2003</td>
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<td colspan="2" align="CENTER"><font size="-1"><strong>EXHIBIT INDEX</strong></td>
</tr>

<tr valign="bottom">
<td width="15%" align="CENTER"><font size="-1">Exhibit<br>Number<hr noshade></td>
<td><font size="-1">Description of Exhibits<hr noshade></td>
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<td></td>
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<tr valign="TOP">
<td align="CENTER"><font size="-1">4.1</td>
<td><font size="-1">Amended and Restated Articles of Incorporation of Community Financial Corporation, as currently in effect, filed on July 5, 1996 as an exhibit to the Registrant's definitive proxy statement on
Schedule 14A (File No. 000-18265), is incorporated herein by reference.<br><br></td>
</tr>

<tr valign="TOP">
<td align="CENTER"><font size="-1">4.2</td>
<td><font size="-1">Bylaws of Community Financial Corporation, as currently in effect, filed on November 14, 2000 as an exhibit to the Registrant's Quarterly Report on Form 10-QSB for the quarter ended September 30,
2000 (File No. 000-18265), is incorporated herein by reference.<br><br></td>
</tr>

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<td align="CENTER"><font size="-1">4.3</td>
<td><font size="-1">Form of Certificate of Common Stock, filed on June 29, 1999, as an exhibit to the Registrant's Annual Report on Form 10-KSB for the fiscal year ended March 31, 1999 (File No. 000-18265), is
incorporated herein by reference.<br><br></td>
</tr>

<tr valign="TOP">
<td align="CENTER"><font size="-1">5</td>
<td><font size="-1">Opinion of Silver, Freedman & Taff, L.L.P.<br><br></td>
</tr>

<tr valign="TOP">
<td align="CENTER"><font size="-1">23.1</td>
<td><font size="-1">Consent of Yount, Hyde and Barbour, P.C.<br><br></td>
</tr>

<tr valign="TOP">
<td align="CENTER"><font size="-1">23.2</td>
<td><font size="-1">Consent of BDO Seidman, LLP<br><br></td>
</tr>

<tr valign="TOP">
<td align="CENTER"><font size="-1">23.3</td>
<td><font size="-1">Consent of Silver, Freedman & Taff, L.L.P. (included in Exhibit 5).<br><br></td>
</tr>

<tr valign="TOP">
<td align="CENTER"><font size="-1">24</td>
<td><font size="-1">Power of Attorney (included in signature pages).<br><br></td>
</tr>
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[{"type": "S-8", "sequence": "1", "filename": "c-s80929.htm", "secsgml_size_bytes": 36481}]
{"company-data": {"conformed-name": "COMMUNITY FINANCIAL CORP /VA/", "cik": "0000850606", "assigned-sic": "6021", "irs-number": "541532044", "state-of-incorporation": "VA", "fiscal-year-end": "0331"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-109218", "film-number": "03914763"}, "business-address": {"street1": "38 NORTH CENTRAL AVE", "city": "STAUNTON", "state": "VA", "zip": "24401", "phone": "7038860796"}, "mail-address": {"street1": "38 NORTH CENTRAL AVE", "city": "STAUNTON", "state": "VA", "zip": "24401"}, "former-company": {"former-conformed-name": "COMMUNITY FINANCIAL CORP /DE/", "date-changed": "19940919"}}
As filed with the Securities and Exchange Commission on September 29, 2003
Registration No. 333-[        ]
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
_______________
REGISTRATION STATEMENT
ON FORM S-8
UNDER THE SECURITIES ACT OF 1933
_______________
COMMUNITY FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Virginia
(State or other jurisdiction of incorporation
or organization)
54-1532044
(I.R.S. Employer Identification No.)
38 North Central Avenue, Staunton, Virginia
(Address of principal executive offices)
24401
(Zip Code)
COMMUNITY FINANCIAL CORPORATION
1996 INCENTIVE PLAN
AND
2003 STOCK OPTION AND INCENTIVE PLAN
(Full title of the plan)
James S. Fleischer, P.C.
Michael S. Sadow, P.C.
Silver, Freedman & Taff, L.L.P.
(a limited liability partnership including professional corporations)
1700 Wisconsin Avenue, N.W.
Washington, D.C. 20007
(Name and address of agent for service)
(202) 295-4500
(Telephone number, including area code, of agent for service)
CALCULATION OF REGISTRATION FEE
Title of securities
to be registered
Amount to be
registered
Proposed
maximum
offering price
per share
Proposed
maximum
aggregate
offering price
Amount of
registration fee
Common Stock, par
value $.01 per share
340,000 shares
(1)
$8.91
(2)
$3,028,400
(2)
$245.00
(2)
(1)
Pursuant to Rule 416 under the Securities Act of 1933, this Registration Statement includes an indeterminate number of additional shares as may be issuable as a result of a stock
split, stock dividend or similar adjustment of the outstanding shares of the common stock of Community Financial Corporation.
(2)
Calculated in accordance with Rule 457(h) under the Securities Act of 1933, based upon the following: (i) for shares underlying outstanding options granted under the plans, the
prices at which such options may be exercised; and (ii) for shares that have not yet been awarded under the plans, the average of the high and low per share sale prices of the common stock on The
Nasdaq SmallCap Market of $17.50 per share on September 25, 2003.
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PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
The documents containing the information specified in Part I of the Form S-8 will be sent or given to participants in Community Financial Corporation's 1996 Incentive Plan and Community Financial Corporation's 2003 Stock Option and Incentive Plan as specified by Rule 428(b)(1) promulgated by the Securities and Exchange Commission ("SEC") under the Securities Act of 1933, as amended.
Such documents are not being filed with the SEC, but constitute (along with the documents incorporated by reference into the registration statement pursuant to Item 3 of Part II of this registration statement), prospectuses that meet the requirements of Section 10(a) of the Securities Act of 1933.
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PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.
Incorporation of Documents by Reference
.
The following documents previously or concurrently filed by Community Financial Corporation (the "Company" or the "Registrant") with the SEC are hereby incorporated by reference in this registration statement and the prospectuses to which this registration statement relates, which prospectuses have been or will be delivered to the participants in the plans covered by this registration statement:
Community Financial Corporation's Annual Report on Form 10-KSB for the fiscal year ended March 31, 2003 (File No. 000-18265);
Community Financial Corporation's Quarterly Report on Form 10-QSB for the quarterly period ended June 30, 2003; and
Community Financial Corporation's Current Report on Form 8-K filed with the SEC on January 31, 1990 pursuant to SEC Release No. 34-9072 (together with the following portions of
the Corporation's registration statement on Form S-4 filed with the SEC on May 19, 1989)(File No. 33-28817), and all post-effective amendments to such registration statement: "Market Prices and
Dividends," "The Holding Company Merger and Reorganization --Comparison of Stockholder Rights" and "The Holding Company -- Restrictions on Resale of Holding Company Common Stock Received by Certain
Persons").
All documents subsequently filed by the Company with the SEC pursuant to Sections 13(a), 13(c), 14, and 15(d) of the Securities Exchange Act of 1934, as amended, after the date
hereof, and prior to the filing of a post-effective amendment which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be
deemed incorporated by reference into this registration statement and the prospectuses to be a part hereof and thereof from the date of the filing of such documents. Any statement contained in the
documents incorporated, or deemed to be incorporated, by reference herein or therein shall be deemed to be modified or superseded for purposes of this registration statement and the prospectuses to
the extent that a statement contained herein or therein or in any other subsequently filed document which also is, or is deemed to be, incorporated by reference herein or therein modifies or
supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this registration statement and the
prospectuses.
This incorporation by reference shall not be deemed to specifically incorporate by reference the information relating to the audit committee report (as permitted under Item 306 of
Regulation S-B) contained in any annual meeting proxy statement of the Company. Nor shall this incorporation by reference be deemed to specifically incorporate by reference the information provided
under Item 9 or Item 12 of any Current Report on Form 8-K of the Company.
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The Company shall furnish without charge to each person to whom the prospectuses are delivered, on the written or oral request of such person, a copy of any or all of the documents
incorporated by reference, other than exhibits to such documents (unless such exhibits are specifically incorporated by reference to the information that is incorporated). Requests should be directed
to: R. Jerry Giles, Chief Financial Officer, Community Financial Corporation, 38 North Central Avenue, Staunton, Virginia 24401; telephone number (540) 885-0993 (x142).
All information appearing in this registration statement and the prospectuses is qualified in its entirety by the detailed information, including financial statements, appearing in
the documents incorporated herein or therein by reference.
Item 4.
Description of Securities
.
Not applicable.
Item 5.
Interests of Named Experts and Counsel
.
Not applicable.
Item 6.
Indemnification of Directors and Officers
.
Virginia law provides that, unless limited by its articles of incorporation, a corporation shall indemnify a director or officer who entirely prevails in the defense of any
proceeding to which he was a party because he is or was a director or officer of the corporation against reasonable expenses incurred by him in connection with the proceeding.  The Company's Amended and Restated Articles of Incorporation state that the liability of directors and officers is eliminated to the fullest extent permitted by Virginia law.
Virginia law permits a corporation to indemnify, after a determination has been made that indemnification of the director is permissible in the circumstances because he has met the
following standard of conduct, an individual made a party to a proceeding because he is or was a director against liability incurred in the proceeding if:
he conducted himself in good faith;
he believed (i) in the case of conduct in his official capacity with the corporation, that his conduct was in the corporation's best interests and (ii) in all other cases, that his
conduct was at least not opposed to the corporation's best interests; and
in the case of any criminal proceeding, he had no reasonable cause to believe his conduct was unlawful.
A Virginia corporation, however, may not indemnify a director in connection with a proceeding by or in the right of the corporation in which the director was adjudged liable to the
corporation or in connection with any other proceeding charging improper personal benefit to him, whether or not involving action in his official capacity, in which he was adjudged liable on the
basis that personal benefit was improperly received by him.
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In addition, Virginia law permits a corporation to make any further indemnity, including indemnity with respect to a proceeding by or in the right of the corporation, and to make
additional provision for advances and reimbursement of expenses, to any director, officer, employee or agent that may be authorized by the articles of incorporation or any bylaw made by the
shareholders or any resolution adopted by the shareholders, except an indemnity against his willful misconduct or a knowing violation of criminal law.
The Registrant' s Articles of Incorporation provide mandatory indemnification of officers and directors to the full extent permitted by Virginia law.
The Registrant maintains directors' and officers' liability insurance which may provide indemnification, including indemnification against liabilities under the Securities Act of
1933, to our officers and directors in certain circumstances.
Item 7.
Exemption from Registration Claimed
.
Not applicable.
Item 8.
Exhibits
.
See the Exhibit Index to this Registration Statement.
Item 9.
Undertakings
.
(a)
The undersigned Registrant hereby undertakes:
(1)
To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i)     To include any prospectus required by section 10(a)(3) of the Securities Act of 1933;
(ii)     To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement; notwithstanding the foregoing, any increase or decrease in volume of
securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may
be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate
offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement.
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(iii)     To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information
in the registration statement;
provided, however, that clauses (i) and (ii) do not apply if the information required to be included in a post-effective amendment by those clauses is contained in periodic reports
filed with or furnished to the SEC by the Registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration
statement.
(2)
That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona
fide
offering thereof.
(3)
To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(b)
The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the Registrant's annual report
pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 that is incorporated by reference in the registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona
fide
offering thereof.
(c)
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant
to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act of 1933 and
is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or
controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.
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SIGNATURES
The Registrant.
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all the
requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Staunton, Commonwealth of
Virginia on September 29, 2003.
COMMUNITY FINANCIAL CORPORATION
By:
/s/ P. Douglas Richard
P. Douglas Richard
President and Chief Executive Officer
(Duly Authorized Representative)
POWER OF ATTORNEY
Each person whose signature appears below hereby makes, constitutes and appoints P. Douglas Richard his true and lawful attorney, with full power to sign for each person and in
such person's name and capacity indicated below, and with full power of substitution, any and all amendments to this Registration Statement, hereby ratifying and confirming such person's signature as
it may be signed by said attorney to any and all amendments. Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the
capacities and on the dates indicated.
Name
Title
Date
/s/ P. Douglas Richard
P. Douglas Richard
President and
Chief Executive Officer
(Principal Executive Officer)
September 29, 2003
/s/ James R. Cooke, Jr.
James R. Cooke, Jr.
Chairman of the Board
September 29, 2003
/s/ Charles F. Andersen, M.D.
Charles F. Andersen, M.D.
Director
September 29, 2003
/s/ Charles W. Fairchilds
Charles W. Fairchilds
Director
September 29, 2003
/s/ Jane C. Hickok
Jane C. Hickok
Director
September 29, 2003
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/s/ Dale C. Smith
Dale C. Smith
Director
September 29, 2003
/s/ Morgan N. Trimyer, Jr.
Morgan N. Trimyer, Jr.
Director
September 29, 2003
/s/ R. Jerry Giles
R. Jerry Giles
Senior Vice President
and Chief Financial Officer
(Principal Financial and
Accounting Officer)
September 29, 2003
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EXHIBIT INDEX
Exhibit
Number
Description of Exhibits
4.1
Amended and Restated Articles of Incorporation of Community Financial Corporation, as currently in effect, filed on July 5, 1996 as an exhibit to the Registrant's definitive proxy statement on
Schedule 14A (File No. 000-18265), is incorporated herein by reference.
4.2
Bylaws of Community Financial Corporation, as currently in effect, filed on November 14, 2000 as an exhibit to the Registrant's Quarterly Report on Form 10-QSB for the quarter ended September 30,
2000 (File No. 000-18265), is incorporated herein by reference.
4.3
Form of Certificate of Common Stock, filed on June 29, 1999, as an exhibit to the Registrant's Annual Report on Form 10-KSB for the fiscal year ended March 31, 1999 (File No. 000-18265), is
incorporated herein by reference.
5
Opinion of Silver, Freedman & Taff, L.L.P.
23.1
Consent of Yount, Hyde and Barbour, P.C.
23.2
Consent of BDO Seidman, LLP
23.3
Consent of Silver, Freedman & Taff, L.L.P. (included in Exhibit 5).
24
Power of Attorney (included in signature pages).