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): October 15, 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 October 15, 2008, the Board of Directors of Community Financial
Shares, Inc. (the "Company") voted to suspend the quarterly cash dividend on the
Company's common stock in an effort to conserve capital. For more information,
reference is made to the Company's press release dated October 17, 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 October 17, 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: October 17, 2008               By: /s/ Eric J. Wedeen
                                          --------------------------------------
                                          Eric J. Wedeen
                                          VICE PRESIDENT AND CHIEF FINANCIAL
                                          OFFICER