Exhibit 99.2

 Commonwealth Bankshares, Inc., Norfolk, VA, Announces Quarterly Cash Dividend

    NORFOLK, Va., Nov. 9 /PRNewswire-FirstCall/ -- (Nasdaq: CWBS) -- The
directors of Commonwealth Bankshares, Inc. declared a quarterly cash dividend
in the amount of $0.05 per share on its common stock, payable November 30,
2004, to shareholders of record as of November 22, 2004.  This is the fourth
quarterly dividend declared in 2004 for a total year to date dividend of
$0.20, a 25% increase over the $0.16 total dividend declared during the four
quarters of 2003.

    Commonwealth Bankshares, Inc. offers its shareholders the convenience of a
Dividend Reinvestment and Stock Purchase Plan and the direct deposit of cash
dividends, without payment of any brokerage commission, fee or service charge.

    Holders of stock may have their quarterly dividends automatically
reinvested in additional shares of the Company's common stock by utilizing the
Dividend Reinvestment Plan.  Shares of common stock purchased through the
Dividend Reinvestment Plan with reinvested dividends will be 95% of the market
price.

    Shareholders participating in the Stock Purchase Plan may also make
voluntary cash contributions not to exceed $20,000 per quarter.  These shares
are issued at market value, without incurring brokerage commissions.  In
addition, shareholders also have the option of having their cash dividends
deposited directly into an account with Bank of the Commonwealth.

    Shareholders may receive information on the Dividend Reinvestment and
Stock Purchase Plan or direct deposit of cash dividends by contacting the
Stock Transfer Department at Bank of the Commonwealth, P.O. Box 1177, Norfolk,
VA 23501-1177.


    About Commonwealth Bankshares

    Commonwealth Bankshares, Inc. is the parent of Bank of the Commonwealth
which opened its first office in Norfolk, Virginia, in 1971, creating a
community bank that was attuned to local issues and could respond to the needs
of local citizens and businesses. Over the last three decades, the Company's
growth has mirrored that of the communities it serves. Today, Bank of the
Commonwealth has nine bank branches strategically located throughout the
Hampton Roads region and an extensive ATM network for added convenience. The
Company continues to grow and develop new services, such as Online Banking and
a Corporate Cash Management program and at the same time, maintain the
longstanding commitment to personal service. Our slogan conveys our true
corporate philosophy: "When you bank with us, you bank with your neighbors."
Bank of the Commonwealth offers insurance services through its subsidiary BOC
Insurance Agencies of Hampton Roads, Inc., title services through BOC Title of
Hampton Roads, Inc. and mortgage funding services through one of its newest
subsidiaries, Community Home Mortgage of Virginia, Inc.  Additional
information about the company, its products and services, can be found on the
Web at http://www.bankofthecommonwealth.com.


    This press release contains forward-looking statements.  Words such as
"anticipates," " believes," "estimates," "expects," "intends," "should,"
"will," variations of such words and similar expressions are intended to
identify forward-looking statements.  These statements reflect management's
current beliefs as to the expected outcomes of future events and are not
guarantees of future performance.  These statements involve certain risks,
uncertainties and assumptions that are difficult to predict with regard to
timing, extent, likelihood and degree of occurrence. Therefore, actual results
and outcomes may materially differ from what may be expressed or forecasted in
such forward-looking statements. Factors that could cause a difference
include, among others: changes in the national and local economies or market
conditions; changes in interest rates, deposit flows, loan demand and asset
quality, including real estate and other collateral values; changes in banking
regulations and accounting principals, policies or guidelines; and the impact
of competition from traditional or new sources.  These and other factors that
may emerge could cause decisions and actual results to differ materially from
current expectations.  Commonwealth Bankshares, Inc. undertakes no obligation
to revise, update, or clarify forward-looking statements to reflect events or
conditions after the date of this release.



SOURCE  Commonwealth Bankshares, Inc.
    -0-                             11/09/2004
    /CONTACT:  E.J. Woodard, Jr., Chairman of The Board, President, and Chief
Executive Officer, of Commonwealth Bankshares, Inc., +1-757-446-6904, or
ewoodard@bocmail.net/
    /Web site:  http://www.bankofthecommonwealth.com /
    (CWBS)

CO:  Commonwealth Bankshares, Inc.; Bank of the Commonwealth
ST:  Virginia
IN:  FIN
SU:  DIV