8-K

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K
                                 CURRENT REPORT

     PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

       Date of Report (Date of earliest event reported): February 20, 2008
                                                         -----------------

                        COMMUNITY FINANCIAL SHARES, INC.
                        --------------------------------
             (Exact name of registrant as specified in its charter)

         Delaware                        0-51296              36-4387843
         --------                        -------              ----------
(State or other Jurisdiction of         (Commission          (IRS Employer
incorporation or organization)          File Number)        Identification No.)

                 357 Roosevelt Road, Glen Ellyn, Illinois 60137
                 ----------------------------------------------
                    (Address of principal executive offices)

                                 (630) 545-0900
                                 --------------
              (Registrant's telephone number, including area code)

                                 Not Applicable
                                 --------------
          (Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

[ ]  Written communications pursuant to Rule 425 under the Securities Act
     (17 CFR 230.425)

[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act
     (17 CFR 240.14a-12)

[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

[ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))





ITEM 8.01     OTHER EVENTS.
              ------------

         On February 20, 2008, the Board of Directors of Community Financial
Shares, Inc. (the "Company") approved a repurchase program for up to 15,000
shares of the Company's outstanding common stock, which is approximately 1.2% of
the Company's outstanding shares. For more information, reference is made to the
Company's press release dated February 25, 2008, a copy of which is attached to
this Report as Exhibit 99.1 and is furnished herewith.

ITEM 9.01     FINANCIAL STATEMENTS AND EXHIBITS.
              ---------------------------------

        (d)   Exhibits

               Number            Description
               ------            -----------

               99.1              Press Release dated February 25, 2008










                                   SIGNATURES
                                   ----------

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.



Dated: February 25, 2008                  By: /s/ Eric J. Wedeen
                                              ----------------------------------
                                              Eric J. Wedeen
                                              VICE PRESIDENT AND CHIEF FINANCIAL
                                              OFFICER

EX-99.1

GLEN ELLYN, ILLINOIS                                    CONTACT:  SCOTT W. HAMER
FEBRUARY 25, 2008                                                 PRESIDENT/CEO
COMPANY RELEASE                                                   630-545-0900


                  COMMUNITY FINANCIAL SHARES, INC. TO INITIATE
                            STOCK REPURCHASE PROGRAM

Community Financial Shares, Inc. (OTCBB: CFIS) (the "Company"), the holding
company for Community Bank of Wheaton/Glen Ellyn (the "Bank"), announced today
that the Company's Board of Directors has approved the repurchase of up to
15,000 shares of the Company's outstanding common stock, which is approximately
1.2% of outstanding shares. Repurchases, which will be conducted through open
market purchases or privately negotiated transactions, will be made from time to
time depending on market conditions and other factors. There is no guarantee as
to the exact number of shares to be repurchased by the Company. Repurchased
shares will be retired.

         Community Financial Shares, Inc. is a bank holding company
headquartered in Glen Ellyn, Illinois with $298.3 million in assets. Its primary
subsidiary, Community Bank of Wheaton/Glen Ellyn, maintains four full service
offices in Glen Ellyn and Wheaton.

         For further information about the Company and the Bank visit them on
the world-wide-web at www.commbank-wge.com. In addition, information on the
Company's stock can be found at www.otcbb.com under the symbol CFIS.

         Statements contained in this news release which are not historical
facts, are forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements are
subject to risk and uncertainties which could cause actual results to differ
materially from those currently anticipated due to a number of factors, which
include, but are not limited to, factors discussed in documents filed by the
Company with the Securities and Exchange Commission from time to time.

         The Company does not undertake, and specifically disclaims any
obligation, to publicly release the result of any revisions which may be made to
any forward-looking statements to reflect events or circumstances after the date
of such statements or to reflect the occurrence of anticipated or unanticipated
events.