-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Apk1keVVhvHefiIBwrvEs0wOIKYsDkaIO//Y+KxD/RYxoU4OlT1hZEznYndSM95A 7VEkCWksAtayx163GIOa3Q== 0000882377-05-001714.txt : 20050706 0000882377-05-001714.hdr.sgml : 20050706 20050706171824 ACCESSION NUMBER: 0000882377-05-001714 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20050706 DATE AS OF CHANGE: 20050706 SUBJECT COMPANY: 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 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-40863 FILM NUMBER: 05941535 BUSINESS ADDRESS: STREET 1: 403 BOUSH ST CITY: NORFOLK STATE: VA ZIP: 23510 BUSINESS PHONE: 8044466900 MAIL ADDRESS: STREET 1: 403 BOUSH STREET CITY: NORFOLK STATE: VA ZIP: 23510 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: FINANCIAL STOCKS CAPITAL PARTNERS III LP CENTRAL INDEX KEY: 0001267899 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: 507 CAREW TOWER VINE STREET CITY: CINCINNATI STATE: OH ZIP: 45202 BUSINESS PHONE: 513-241-6166 SC 13G 1 d293465.txt FINANCIAL STOCKS CAPITAL PARTNERS III L.P. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934* Commonwealth Bankshares, Inc. (Name of Issuer) Common Stock (Title of Class of Securities) 202736104 (CUSIP Number) June 28, 2005 (Date of Event which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which the Schedule is filed: [ ] Rule 13d-1(b) [x] Rule 13d-1(c) [ ] Rule 13d-1(d) *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 (the "Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
- ---------------------------------------- --------------------------------------- CUSIP No. 202736104 13G Page 2 of 10 Pages - ---------------------------------------- --------------------------------------- - -------- ------------------------------------------------------------------------------------------------------------ 1 NAME OF REPORTING PERSON SS. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (Voluntary) Financial Stocks Capital Partners III L.P. - -------- ------------------------------------------------------------------------------------------------------------ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] - -------- ------------------------------------------------------------------------------------------------------------ 3 SEC USE ONLY - -------- ------------------------------------------------------------------------------------------------------------ 4 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - ------------------------- ---------- --------------------------------------- ---------------------------------------- NUMBER OF 5 SOLE VOTING POWER SHARES 0 BENEFICIALLY OWNED BY EACH REPORTING PERSON - ------------------------- ---------- --------------------------------------- ---------------------------------------- 6 SHARED VOTING POWER 268,069 - ------------------------- ---------- --------------------------------------- ---------------------------------------- 7 SOLE DISPOSITIVE POWER 0 - ------------------------- ---------- --------------------------------------- ---------------------------------------- 8 SHARED DISPOSITIVE POWER 268,069 - ------------------------- ---------- --------------------------------------- ---------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 268,069 - -------- ------------------------------------------------------------------------------------------------------------ 10 CHECK IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES CERTAIN SHARES* [ ] - -------- ------------------------------------------------------------------------------------------------------------ 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 6.6% of 4,036,189 shares of Common Stock outstanding based on the most current information available from the Issuer as of June 30, 2005. - -------- ------------------------------------------------------------------------------------------------------------ 12 TYPE OF REPORTING PERSON* PN - -------- ------------------------------------------------------------------------------------------------------------
- ---------------------------------------- --------------------------------------- CUSIP No. 202736104 13G Page 3 of 10 Pages - ---------------------------------------- --------------------------------------- - -------- ------------------------------------------------------------------------------------------------------------ 1 NAME OF REPORTING PERSON SS. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (Voluntary) Finstocks Capital Management, LLC - -------- ------------------------------------------------------------------------------------------------------------ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] - -------- ------------------------------------------------------------------------------------------------------------ 3 SEC USE ONLY - -------- ------------------------------------------------------------------------------------------------------------ 4 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - ------------------------- ---------- --------------------------------------- ---------------------------------------- NUMBER OF 5 SOLE VOTING POWER SHARES 0 BENEFICIALLY OWNED BY EACH REPORTING PERSON - ------------------------- ---------- --------------------------------------- ---------------------------------------- 6 SHARED VOTING POWER 268,069 - ------------------------- ---------- --------------------------------------- ---------------------------------------- 7 SOLE DISPOSITIVE POWER 0 - ------------------------- ---------- --------------------------------------- ---------------------------------------- 8 SHARED DISPOSITIVE POWER 268,069 - ------------------------- ---------- --------------------------------------- ---------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 268,069 - -------- ------------------------------------------------------------------------------------------------------------ 10 CHECK IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES CERTAIN SHARES* [ ] - -------- ------------------------------------------------------------------------------------------------------------ 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 6.6% of 4,036,189 shares of Common Stock outstanding based on the most current information available from the Issuer as of June 30, 2005. - -------- ------------------------------------------------------------------------------------------------------------ 12 TYPE OF REPORTING PERSON* OO - -------- ------------------------------------------------------------------------------------------------------------
- ---------------------------------------- --------------------------------------- CUSIP No. 202736104 13G Page 4 of 10 Pages - ---------------------------------------- --------------------------------------- - -------- ------------------------------------------------------------------------------------------------------------ 1 NAME OF REPORTING PERSON SS. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (Voluntary) Elbrook Holdings, LLC - -------- ------------------------------------------------------------------------------------------------------------ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] - -------- ------------------------------------------------------------------------------------------------------------ 3 SEC USE ONLY - -------- ------------------------------------------------------------------------------------------------------------ 4 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - ------------------------- ---------- --------------------------------------- ---------------------------------------- NUMBER OF 5 SOLE VOTING POWER SHARES 0 BENEFICIALLY OWNED BY EACH REPORTING PERSON - ------------------------- ---------- --------------------------------------- ---------------------------------------- 6 SHARED VOTING POWER 268,069 - ------------------------- ---------- --------------------------------------- ---------------------------------------- 7 SOLE DISPOSITIVE POWER 0 - ------------------------- ---------- --------------------------------------- ---------------------------------------- 8 SHARED DISPOSITIVE POWER 268,069 - -------- ------------------------------------------------------------------------------------------------------------ 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 268,069 - -------- ------------------------------------------------------------------------------------------------------------ 10 CHECK IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES CERTAIN SHARES* [ ] - -------- ------------------------------------------------------------------------------------------------------------ 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 6.6% of 4,036,189 shares of Common Stock outstanding based on the most current information available from the Issuer as of June 30, 2005. - -------- ------------------------------------------------------------------------------------------------------------ 12 TYPE OF REPORTING PERSON* OO - -------- ------------------------------------------------------------------------------------------------------------
- ---------------------------------------- --------------------------------------- CUSIP No. 202736104 13G Page 5 of 10 Pages - ---------------------------------------- --------------------------------------- - -------- ------------------------------------------------------------------------------------------------------------ 1 NAME OF REPORTING PERSON SS. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (Voluntary) Steven N. Stein - -------- ------------------------------------------------------------------------------------------------------------ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] - -------- ------------------------------------------------------------------------------------------------------------ 3 SEC USE ONLY - -------- ------------------------------------------------------------------------------------------------------------ 4 CITIZENSHIP OR PLACE OF ORGANIZATION United States of America - ------------------------- ---------- --------------------------------------- ---------------------------------------- NUMBER OF 5 SOLE VOTING POWER SHARES 0 BENEFICIALLY OWNED BY EACH REPORTING PERSON - ------------------------- ---------- --------------------------------------- ---------------------------------------- 6 SHARED VOTING POWER 268,069 - ------------------------- ---------- --------------------------------------- ---------------------------------------- 7 SOLE DISPOSITIVE POWER 0 - ------------------------- ---------- --------------------------------------- ---------------------------------------- 8 SHARED DISPOSITIVE POWER 268,069 - -------- ------------------------------------------------------------------------------------------------------------ 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 268,069 - -------- ------------------------------------------------------------------------------------------------------------ 10 CHECK IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES CERTAIN SHARES* [ ] - -------- ------------------------------------------------------------------------------------------------------------ 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 6.6% of 4,036,189 shares of Common Stock outstanding based on the most current information available from the Issuer as of June 30, 2005. - -------- ------------------------------------------------------------------------------------------------------------ 12 TYPE OF REPORTING PERSON* IN - -------- ------------------------------------------------------------------------------------------------------------
- ---------------------------------------- --------------------------------------- CUSIP No. 202736104 13G Page 6 of 10 Pages - ---------------------------------------- --------------------------------------- - -------- ------------------------------------------------------------------------------------------------------------ 1 NAME OF REPORTING PERSON SS. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (Voluntary) John M. Stein - -------- ------------------------------------------------------------------------------------------------------------ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] - -------- ------------------------------------------------------------------------------------------------------------ 3 SEC USE ONLY - -------- ------------------------------------------------------------------------------------------------------------ 4 CITIZENSHIP OR PLACE OF ORGANIZATION United States of America - ------------------------- ---------- --------------------------------------- ---------------------------------------- NUMBER OF 5 SOLE VOTING POWER SHARES 0 BENEFICIALLY OWNED BY EACH REPORTING PERSON - ------------------------- ---------- --------------------------------------- ---------------------------------------- 6 SHARED VOTING POWER 268,069 - ------------------------- ---------- --------------------------------------- ---------------------------------------- 7 SOLE DISPOSITIVE POWER 0 - ------------------------- ---------- --------------------------------------- ---------------------------------------- 8 SHARED DISPOSITIVE POWER 268,069 - -------- ------------------------------------------------------------------------------------------------------------ 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 268,069 - -------- ------------------------------------------------------------------------------------------------------------ 10 CHECK IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES CERTAIN SHARES* [ ] - -------- ------------------------------------------------------------------------------------------------------------ 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 6.6% of 4,036,189 shares of Common Stock outstanding based on the most current information available from the Issuer as of June 30, 2005. - -------- ------------------------------------------------------------------------------------------------------------ 12 TYPE OF REPORTING PERSON* IN - -------- ------------------------------------------------------------------------------------------------------------
- ---------------------------------------- --------------------------------------- CUSIP No. 202736104 13G Page 7 of 10 Pages - ---------------------------------------- --------------------------------------- - --------------------------------------------------------------------------------------------------------------------- ITEM 1(A). NAME OF ISSUER - --------------------------------------------------------------------------------------------------------------------- Commonwealth Bankshares Inc. - --------------------------------------------------------------------------------------------------------------------- ITEM 1(B). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICE - --------------------------------------------------------------------------------------------------------------------- 403 Boush Street, Norfolk, Virginia 23510 - --------------------------------------------------------------------------------------------------------------------- ITEM 2(A). NAME OF PERSON FILING - --------------------------------------------------------------------------------------------------------------------- Financial Stocks Capital Partners III L.P.; Finstocks Capital Management, LLC; Elbrook Holdings, LLC; Steven N. Stein; John M. Stein - --------------------------------------------------------------------------------------------------------------------- ITEM 2(B). ADDRESS OF PRINCIPAL BUSINESS OFFICE - --------------------------------------------------------------------------------------------------------------------- 507 Carew Tower, 441 Vine Street, Cincinnati, Ohio 45202 - --------------------------------------------------------------------------------------------------------------------- ITEM 2(C). CITIZENSHIP - --------------------------------------------------------------------------------------------------------------------- Delaware; Delaware; Delaware; United States of America; United States of America - --------------------------------------------------------------------------------------------------------------------- ITEM 2(D). TITLE OF CLASS OF SECURITIES - --------------------------------------------------------------------------------------------------------------------- Common stock - --------------------------------------------------------------------------------------------------------------------- ITEM 2(E). CUSIP NUMBER - --------------------------------------------------------------------------------------------------------------------- 202736104 - ---------------------------------------------------------------------------------------------------------------------
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO SS.SS.240.13D-1(B) OR 240.13D-2(B) OR (C), CHECK WHETHER THE PERSON FILING IS A: Not Applicable. ITEM 4. OWNERSHIP (a) Amount beneficially owned..................... 268,069 (b) Percent of class.............................. 6.6% 1 (c) Number of shares as to which such person has:.............................. (i) Sole power to vote or to direct the vote.. 0 (ii) Shared power to vote or to direct the vote 268,069 (iii) Sole power to dispose or to direct disposition of............................ 0 (iv) Shared power to dispose or to direct disposition of............................ 268,069 - -------------------- 1 Based on 4,036,189 shares of Common Stock outstanding, the most current information available from the Issuer as of June 30, 2005.
- ---------------------------------------- --------------------------------------- CUSIP No. 202736104 13G Page 8 of 10 Pages - ---------------------------------------- ---------------------------------------
Financial Stocks Capital Partners III L.P. is the record owner of the shares of the security being reported. Finstocks Capital Management, LLC is the general partner of Financial Stocks Capital Partners III L.P. Finstocks Capital Management, LLC is controlled by Elbrook Holdings, LLC, which is in turn controlled by Steven N. Stein and John M. Stein. Therefore, Finstocks Capital Management, LLC, Elbrook Holdings, LLC, Steven N. Stein and John M. Stein indirectly have the power to vote and dispose of the shares being reported, and, accordingly, may be deemed the beneficial owners of such shares. The foregoing should not be construed in and of itself as an admission by Finstocks Capital Management, LLC, Elbrook Holdings, LLC, Steven N. Stein or John M. Stein as to the beneficial ownership of the shares owned by Financial Stocks Capital Partners III L.P. A Joint Filing Agreement is attached hereto as Exhibit 1. ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS Not Applicable. ITEM 6. OWNERSHIP OF FIVE PERCENT ON BEHALF OF ANOTHER PERSON Not Applicable. ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY Not Applicable. ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP Not Applicable. ITEM 9. NOTICE OF DISSOLUTION OF GROUP Not Applicable.
- ---------------------------------------- --------------------------------------- CUSIP No. 202736104 13G Page 9 of 10 Pages - ---------------------------------------- ---------------------------------------
ITEM 10. CERTIFICATION By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having such purpose or effect. SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: July 5, 2005 FINANCIAL STOCKS CAPITAL PARTNERS III L.P. By: Finstocks Capital Management, LLC ----------------------------------------- General Partner By: Elbrook Holdings, LLC ------------------------------------ Managing Member By: /s/ John M. Stein ------------------------------- John M. Stein Managing Member FINSTOCKS CAPITAL MANAGEMENT, LLC By: Elbrook Holdings, LLC ---------------------------------------- Managing Member By: /s/ John M. Stein ------------------------------------ John M. Stein Managing Member ELBROOK HOLDINGS, LLC By: /s/ John M. Stein ---------------------------------------- John M. Stein Managing Member /s/ Steven N. Stein -------------------------------------------------- STEVEN N. STEIN /s/ John M. Stein -------------------------------------------------- JOHN M. STEIN
- ---------------------------------------- --------------------------------------- CUSIP No. 202736104 13G Page 10 of 10 Pages - ---------------------------------------- ---------------------------------------
EXHIBIT 1 JOINT FILING AGREEMENT Pursuant to Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree that the Schedule 13G to which this Joint Filing Agreement is being filed as an exhibit shall be a joint statement filed on behalf of each of the undersigned. Dated: July 5, 2005 FINANCIAL STOCKS CAPITAL PARTNERS III L.P. By: Finstocks Capital Management, LLC ---------------------------------------- General Partner By: Elbrook Holdings, LLC ------------------------------------ Managing Member By: /s/ John M. Stein ------------------------------ John M. Stein Managing Member FINSTOCKS CAPITAL MANAGEMENT, LLC By: Elbrook Holdings, LLC ---------------------------------------- Managing Member By: /s/ John M. Stein ------------------------------------ John M. Stein Managing Member ELBROOK HOLDINGS, LLC By: /s/ John M. Stein ---------------------------------------- John M. Stein Managing Member /s/ Steven N. Stein -------------------------------------------------- STEVEN N. STEIN /s/ John M. Stein -------------------------------------------------- JOHN M. STEIN -----END PRIVACY-ENHANCED MESSAGE-----