Contact:      Scott W. Hamer
              President and Chief Executive Officer
              (630) 545-0900



COMMUNITY FINANCIAL SHARES, INC. ANNOUNCES SUSPENSION OF QUARTERLY CASH DIVIDEND

         Glen Ellyn, Illinois -- October 17, 2008 -- Community Financial Shares,
Inc. (OTCBB: CFIS) (the "Company"), the parent company of Community
Bank-Wheaton/Glen Ellyn (the "Bank"), announced today that the Company's Board
of Directors voted to suspend the payment of the quarterly cash dividend on the
Company's common stock in an effort to conserve capital. President and Chief
Executive Officer Scott W. Hamer stated, "While the Company and the Bank remain
well-capitalized under all applicable regulatory requirements, the Company's
Board of Directors has determined that the suspension of the Company's dividend
at this point in time is prudent to preserve capital in light of the recent
economic developments in the financial services industry." Mr. Hamer further
stated that the Company's Board of Directors intends to reevaluate the payment
of a quarterly dividend at the appropriate time. The Company believes that this
is the best course for the shareholders over the long term. The Board and
management are committed to successfully managing credit risk and to maintaining
adequate levels of capital and liquidity in the current challenging economic
environment.

         Community Financial Shares, Inc. is a bank holding company
headquartered in Glen Ellyn, Illinois. Its primary subsidiary, Community
Bank-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.