-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 K7MG1INWeTwbHPPseW3Y9uK8hfLpJrDGnMKXRNuqdhi9zmucdQHNGMpfFfPeme6Z
 I8bYu0fPerzzsZUOp8WxHg==

<SEC-DOCUMENT>0000835012-08-000024.txt : 20081212
<SEC-HEADER>0000835012-08-000024.hdr.sgml : 20081212
<ACCEPTANCE-DATETIME>20081212100204
ACCESSION NUMBER:		0000835012-08-000024
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20081211
FILED AS OF DATE:		20081212
DATE AS OF CHANGE:		20081212

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			WOODARD EDWARD J JR
		CENTRAL INDEX KEY:			0001261579

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-17377
		FILM NUMBER:		081245072

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		7574466900

	MAIL ADDRESS:	
		STREET 1:		C/O COMMONWEALTH BANKSHARES INC
		STREET 2:		PO BOX 1177
		CITY:			NORFOLK
		STATE:			VA
		ZIP:			23501-1177

	FORMER NAME:	
		FORMER CONFORMED NAME:	WOODWARD E J JR
		DATE OF NAME CHANGE:	20030827

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COMMONWEALTH BANKSHARES INC
		CENTRAL INDEX KEY:			0000835012
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				541460991
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		403 BOUSH ST
		CITY:			NORFOLK
		STATE:			VA
		ZIP:			23510
		BUSINESS PHONE:		7574466900

	MAIL ADDRESS:	
		STREET 1:		403 BOUSH STREET
		CITY:			NORFOLK
		STATE:			VA
		ZIP:			23510
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>primary_doc.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-12-11</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000835012</issuerCik>
        <issuerName>COMMONWEALTH BANKSHARES INC</issuerName>
        <issuerTradingSymbol>CWBS</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001261579</rptOwnerCik>
            <rptOwnerName>WOODARD EDWARD J JR</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O COMMONWEALTH BANKSHARES INC</rptOwnerStreet1>
            <rptOwnerStreet2>PO BOX 1177</rptOwnerStreet2>
            <rptOwnerCity>NORFOLK</rptOwnerCity>
            <rptOwnerState>VA</rptOwnerState>
            <rptOwnerZipCode>23501-1177</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>President &amp; CEO</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2008-12-11</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2008-12-11</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>X</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>4537</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>8.281</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>130488</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>11584</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By nominee</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By custodian</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>8.281</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2008-12-11</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2008-12-11</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>X</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>4537</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>8.281</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2000-01-01</value>
            </exerciseDate>
            <expirationDate>
                <value>2008-12-31</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Stock Options</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>4537</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>72880</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <ownerSignature>
        <signatureName>Edward J. Woodard, Jr.</signatureName>
        <signatureDate>2008-12-12</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----