MIDDLETOWN, Md., Dec. 1, 2023 /PRNewswire/ -- Community Heritage Financial, Inc. (the "Company") (OTC PK: CMHF), the parent company of Middletown Valley Bank ("MVB" or the "Bank") announced today that John A. Scaldara, Jr. has been named Executive Vice President – Finance of the Company and the Bank. Scaldara brings over 34 years of financial expertise and senior leadership experience in the banking industry, most recently serving as Executive Vice President – Chief Financial Officer at Provident State Bank on Maryland's Eastern Shore. He will be joining the team at the Bank's headquarters in Middletown, MD.

Scaldara will transition to the role of Executive Vice President – Chief Financial Officer in the first quarter of 2024. At that time, Robert (Bob) Wolfe will retire from his position as Executive Vice President – Chief Financial Officer. Wolfe has been with the Company since 2019 and has served in his current role since 2020. He retires with over 38 years spent in financial management and accounting.

Scaldara said, "I am excited to be part of the leadership team. I am impressed by the Bank's growth and longstanding commitment to its communities. I look forward to helping MVB continue to grow and exceed the expectations of its customers."

John and his wife live in Howard County, MD, and love spending time with their family, including two newborn grandchildren.

"We are pleased to welcome John to the Company. His vast experience in finance and executive leadership in banking will be invaluable as we continue to move MVB and CHF forward as a company. We also want to thank Bob for his service to our company and helping lead us to this point," said BJ Goetz, CHF's President and CEO.

Community Heritage Financial, Inc. is the parent company for its wholly owned subsidiaries, Middletown Valley Bank and Millennium Financial Group, Inc. (Mlend) Middletown Valley Bank is a full-service commercial and retail bank with locations in the Maryland counties of Frederick, Garrett, and Washington, and in Franklin County, Pennsylvania. For more information, visit www.communityheritageinc.com or www.mvbbank.com.

Mlend is a full-service mortgage lender headquartered in Middletown, MD with locations in Crofton and Oakland, MD. For more information visit www.mlend.com.

This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can generally be identified by the use of forward- looking terminology such as "believes," "expects," "intends," "may," "will," "should," "anticipates" or similar terminology. Such statements, specifically regarding the Company's intentions regarding transparency, growth and market expansion, are subject to risks and uncertainties that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, changes in interest rates, stock market liquidity, deposit flows, loan demand and real estate values, as well as changes in economic, competitive, governmental, regulatory, technological and other factors which may affect the Company specifically, its existing and target market areas or the banking industry in general. The realization or occurrence of these risks or uncertainties could cause actual results to differ materially from those addressed in the forward-looking statements.