1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13G/A
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 11)(1)
TRI-COUNTY FINANCIAL CORPORATION
--------------------------------------------------------------------------------
(Name of Issuer)
COMMON STOCK
--------------------------------------------------------------------------------
(Title of Class of Securities)
89546L 10 7
--------------------------------------------------------------------------------
(CUSIP Number)
DECEMBER 31, 2006
--------------------------------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
/X/ Rule 13d-1(b)
/X/ Rule 13d-1(c)
/_/ Rule 13d-1(d)
--------------------
(1) The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, SEE the
NOTES).
Page 1 of 7 pages
2
--------------------------------------------------------------------------------
CUSIP NO. 89546L 10 7 13G/A PAGE 2 OF 7 PAGES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS:
COMMUNITY BANK OF TRI-COUNTY EMPLOYEE STOCK OWNERSHIP PLAN TRUST
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
52-2054674
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *
(a) /_/
(b) /_/
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
STATE OF MARYLAND
--------------------------------------------------------------------------------
5 SOLE VOTING POWER 8,020
NUMBER OF
SHARES ------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER 180,362
OWNED BY
EACH ------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER 8,020
PERSON
WITH ------------------------------------------------------
8 SHARED DISPOSITIVE POWER 180,362
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
188,383
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
/_/
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
7.1% (1)
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
EP
--------------------------------------------------------------------------------
(1) Based on 2,650,308 shares outstanding as of December 31, 2006.
3
--------------------------------------------------------------------------------
CUSIP NO. 89546L 10 7 13G/A PAGE 3 OF 7 PAGES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS:
LOUIS P. JENKINS, JR.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *
(a) /_/
(b) /_/
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES OF AMERICA
--------------------------------------------------------------------------------
5 SOLE VOTING POWER 11,732 (INCLUDES 8,020
NUMBER OF UNALLOCATED SHARES HELD BY
SHARES THE ESOP AND EXCLUDES 18,056
BENEFICIALLY SHARES SUBJECT TO OPTIONS)
OWNED BY
EACH --------------------------------------------------------
REPORTING 6 SHARED VOTING POWER 180,362 (1)
PERSON
WITH --------------------------------------------------------
7 SOLE DISPOSITIVE POWER 11,732 (INCLUDES 8,020
UNALLOCATED SHARES
HELD BY THE ESOP AND
EXCLUDES 18,056 SHARES
SUBJECT TO OPTIONS)
--------------------------------------------------------
8 SHARED DISPOSITIVE POWER 180,362 (1)
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
210,150 (INCLUDES 18,056 SHARES SUBJECT TO OPTIONS)
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
/_/
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
7.9% (2)
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
IN
--------------------------------------------------------------------------------
(1) Consists of shares held by the Tri-County Financial Corporation Employee
Stock Ownership Plan Trust ("ESOP Trust"), of which the reporting person
serves as a trustee.
(2) Based on 2,650,308 shares outstanding as of December 31, 2006, plus 18,056
shares that the reporting person may acquire within 60 days by exercising
stock options.
4
--------------------------------------------------------------------------------
CUSIP NO. 89546L 10 7 13G/A PAGE 4 OF 7 PAGES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS:
HERBERT N. REDMOND, JR.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *
(a) /_/
(b) /_/
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES OF AMERICA
--------------------------------------------------------------------------------
5 SOLE VOTING POWER 17,768 (INCLUDES 8,020
NUMBER OF UNALLOCATED SHARES HELD BY
SHARES THE ESOP AND EXCLUDES 29,925
BENEFICIALLY SHARES SUBJECT TO OPTIONS)
OWNED BY
EACH --------------------------------------------------------
REPORTING 6 SHARED VOTING POWER 180,362 (1)
PERSON
WITH --------------------------------------------------------
7 SOLE DISPOSITIVE POWER 17,768 (INCLUDES 8,020
UNALLOCATED SHARES HELD
BY THE ESOP AND EXCLUDES
29,925 SHARES SUBJECT TO
OPTIONS)
--------------------------------------------------------
8 SHARED DISPOSITIVE POWER 180,362 (1)
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
228,055 (INCLUDES 29,925 SHARES SUBJECT TO OPTIONS)
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
/_/
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
8.5% (2)
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
(1) Consists of shares held by the ESOP Trust, of which the reporting person
serves as a trustee.
(2) Based on 2,650,308 shares outstanding as of December 31, 2006, plus
29,925 shares that the reporting person may acquire within 60 days by
exercising stock options.
5
------------------------------
PAGE 5 OF 7 PAGES
------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
ITEM 1 (a). NAME OF ISSUER.
Tri-County Financial Corporation
(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES.
3035 Leonardtown Rd.
Waldorf, Maryland 20601
ITEM 2 (a). NAME OF PERSON(S) FILING.
Community Bank of Tri-County Employee Stock Ownership Plan Trust
("ESOP"), and the following individuals who serve as its trustees:
Louis P. Jenkins, Jr. and Herbert N. Redmond, Jr.
(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE.
Same as Item 1(b).
(c). CITIZENSHIP.
See Row 4 of the second part of the cover page provided for each
reporting person.
(d). TITLE OF CLASS OF SECURITIES.
Common Stock, par value $0.01 per share.
(e). CUSIP NUMBER.
89546L 10 7
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13D-1(b), OR
13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A:
(f) [X] An employee benefit plan or endowment fund in accordance with
Rule 13d-1(b)(1)(ii)(F)
Items (a), (b), (c), (d), (e), (g), (h), (i), and (j) are not
applicable. This Schedule 13G is being filed on behalf of the ESOP identified in
Item 2(a), filing under the Item 3(f) classification, and by each trustee of the
trust established pursuant to the ESOP, filing pursuant to Rule 13d-1(c) and
applicable SEC no-action letters.
6
------------------------------
PAGE 6 OF 7 PAGES
------------------------------
ITEM 4. OWNERSHIP.
(a) AMOUNT BENEFICIALLY OWNED: See Row 9 of the second part of the
-------------------------
cover page provided for each reporting person.
(b) PERCENT OF CLASS: See Row 11 of the second part of the cover
----------------
page provided for each reporting person.
(c) NUMBER OF SHARES AS TO WHICH SUCH PERSON HAS: See Rows 5, 6, 7,
--------------------------------------------
and 8 of the second part of the cover page provided for each reporting person.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities, check the following: /_/
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
The ESOP Committee has the power to determine whether dividends on
allocated shares that are paid to the ESOP trust are distributed to participants
or are used to repay the ESOP loan.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING
COMPANY OR CONTROL PERSON.
Not applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
See Exhibit A.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
Not applicable.
ITEM 10. CERTIFICATIONS.
By signing below, each signatory in the capacity of an ESOP trustee
certifies that, to the best of his knowledge and belief, the securities referred
to above were acquired and are held in the ordinary course of business and were
not acquired and are not held for the purpose of or with the effect of changing
or influencing the control of the issuer of the securities and were not acquired
and are not held in connection with or as a participant in any transaction
having that purpose or effect.
By signing below, each signatory in his individual capacity certifies
that, to the best of his knowledge and belief, the securities referred to above
were not acquired and are not held for the purpose of or with the effect of
changing or influencing the control of the issuer of the securities and were not
acquired and are not held in connection with or as a participant in any
transaction having that purpose or effect.
7
------------------------------
PAGE 7 OF 7 PAGES
------------------------------
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
COMMUNITY BANK OF TRI-COUNTY
EMPLOYEE STOCK OWNERSHIP PLAN TRUST
By Its Trustees:
/s/ Louis P. Jenkins, Jr. February 14, 2007
-----------------------------------------------------
Louis P. Jenkins, Jr., as Trustee
/s/ Herbert N. Redmond, Jr. February 14, 2007
-----------------------------------------------------
Herbert N. Redmond, Jr., as Trustee
/s/ Louis P. Jenkins, Jr. February 14, 2007
-----------------------------------------------------
Louis P. Jenkins, Jr., as an Individual Stockholder
/s/ Herbert N. Redmond, Jr. February 14, 2007
-----------------------------------------------------
Herbert N. Redmond, Jr., as an Individual Stockholder
8
EXHIBIT A
---------
Members of the Group:
Community Bank of Tri-County Employee Stock Ownership Plan Trust (the "ESOP")
Louis P. Jenkins, Jr.
Herbert N. Redmond, Jr.
9
EXHIBIT 99
----------
AGREEMENT RELATING TO FILING OF
JOINT STATEMENT PURSUANT TO
RULE 13D-1(k) UNDER THE SECURITIES ACT OF 1934
The undersigned agree that Amendment No. 11 to the Statement on Schedule
13G to which this Agreement is attached is filed on behalf of each of them.
Date: February 14, 2007
COMMUNITY BANK OF TRI-COUNTY
EMPLOYEE STOCK OWNERSHIP PLAN TRUST
By Its Trustees:
/s/ Louis P. Jenkins, Jr. February 14, 2007
-----------------------------------------------------
Louis P. Jenkins, Jr., as Trustee
/s/ Herbert N. Redmond, Jr. February 14, 2007
-----------------------------------------------------
Herbert N. Redmond, Jr., as Trustee
/s/ Louis P. Jenkins, Jr. February 14, 2007
-----------------------------------------------------
Louis P. Jenkins, Jr., as an Individual Stockholder
/s/ Herbert N. Redmond, Jr. February 14, 2007
-----------------------------------------------------
Herbert N. Redmond, Jr., as an Individual Stockholder