D.C. firm takes hefty stake in Staunton Community bank. (Friedman, Billings and Ramsey investment in Community Federal Savings Bank) (article includes additional banking news)

D.C. firm takes hefty stake in Staunton Community bank

Community Federal Savings Bank is a small thrift way out in Staunton, a $120 million shop nestled in the Shenandoahs that doesn't lend itself to much outside attention.

But one of Washington's best-known bank and thrift stock brokers took notice and has taken a major position in the sleepy thrift. Friedman, Billings and Ramsey, the D.C. broker/dealer made up of former Johnson & Lemon dynamos, went on a Community Federal buying spree in late March.

In January, FBR established an investment fund called Weston Capital II L.P., said Emanual J. Friedman, chairman of FBR.

From March 18 to the 28, Weston amassed 5.3 percent of Community Federal's holding company stock, or 32,100 shares.

On March 18, FBR purchased a whopping 46,700 shares for $10.50 …