-----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, PvwgrDY8EhpYlZQBKLYDTceJRbAfI6o+WZhgTiO1nDstkL6UCYAQ3WQp2s+H0+VQ 5eNORSDE4OwJ53uDEyygdg== 0001171843-07-000575.txt : 20071022 0001171843-07-000575.hdr.sgml : 20071022 20071022143504 ACCESSION NUMBER: 0001171843-07-000575 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20071022 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20071022 DATE AS OF CHANGE: 20071022 FILER: 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-17377 FILM NUMBER: 071182959 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 8-K 1 f8k_102207.htm FORM 8-K Unassociated Document
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 22, 2007


Commonwealth Bankshares, Inc.
(Exact name of registrant as specified in its charter)
 

Virginia
01-17377
54-1460991
(State or other jurisdiction
     of incorporation)
 
(Commission
Identification No.)
 
(I.R.S. Employer File Number)


403 Boush Street, Norfolk, Virginia 23510
(Address of principal executive offices) (Zip Code)


Registrant’s telephone number including area code:   (757) 446-6900

___________________________________________
(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))



Section 8 – Other Events

Item 8.01 Other Events.

On October 22, 2007, Commonwealth Bankshares, Inc. issued a press release announcing the declaration of a quarterly dividend payable November 30, 2007 to shareholders of record as of November 19, 2007.  A copy of the Company’s press release is attached as Exhibit 99.1 hereto and is herby incorporated herein by reference.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits.

99.1
 Press Release, dated October 22, 2007, entitled "Commonwealth Bankshares, Inc., Norfolk, VA, Announces Quarterly Cash Dividend."
 
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.

 
 
Commonwealth Bankshares, Inc.
 
Date:   October 22, 2007
 
 
 
 
 
 
By:  /s/ Cynthia A. Sabol, CPA
Name:  Cynthia A. Sabol, CPA
Title:     Executive Vice President and
            Chief Financial Officer
 
 
 
 EX-99 2 exh_991.htm EXHIBIT 99.1

Exhibit 99.1

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

NORFOLK, Va., Oct. 22, 2007 (PRIME NEWSWIRE) -- The directors of Commonwealth Bankshares, Inc. (Nasdaq:CWBS) declared a quarterly cash dividend in the amount of $0.08 per share on its common stock, payable November 30, 2007, to shareholders of record as of November 19, 2007. This is the fourth quarterly dividend declared in 2007 for a year to date total of $0.28 per share, up 40.6% from the total dividends of $0.1991 per share paid in 2006. All share and per share amounts have been restated for all periods presented to reflect the eleven-for-ten stock split distributed on June 30, 2006 to shareholders of record on June 19, 2006 and the eleven-for-ten stock split distributed on December 29, 2006 to shareholders of record on December 18, 2006.

In July, the Directors increased the quarterly dividend in consideration of the Company's record earnings achieved this year. Edward J. Woodard, Jr., CLBB, Chairman of the Board, President and CEO of the Company, commented, "We are extremely pleased with our continued strong financial performance this year and are proud and excited to share our record performance with our shareholders. We are equally pleased to announce that as a result of our continued strong performance, our bank has received excellent performance ratings from four (4) distinguished companies that perform their extensive review on a regular basis. Sandler O'Neill, a leading full service brokerage and investment banking firm, just named our Company one of the 24 banks and thrifts to be included in the 2007 Sandler O'Neill Sm-All Stars. All 610 publicly traded banks and thrifts with a market cap of less than $2 billion were included in their evaluation to identify the small-cap depository institutions that are the top performing in the nation. We are proud to say, this is the second year in a row we were included in this exclusive fraternity. Financial Management Consulting Group, LLP, ("FMC"), a well experienced bank consulting firm serving the banking industry throughout the country, ranked us number 5 out of 111 Virginia Banks and the highest ranked (#1) in the Hampton Roads area in overall profitability and asset quality, in their "Virginia Bank Performance Report Mid-Year 2007." In addition, Bank of the Commonwealth has once again received a financial safety rating of "A" or "Excellent" from TheStreet.com Ratings, the nation's leading independent provider of ratings and analyses of financial services companies, mutual funds and stocks. This rating recognizes Bank of the Commonwealth as an outstanding bank offering excellent financial stability for its customers, vendors and employees. Fewer than four percent of the nation's banks and thrifts meet TheStreet.com Ratings' criteria for exceptio nal financial strength, making this distinction truly one to be proud of. Davenport & Company's Equity Research Group ranked Bank of the Commonwealth number 3 out of 52 community Banks in Virginia in both Profitability and Performance in their 'Davenport Community Bank Quarterly' for the Second Quarter of 2007. The loyalty and continued support of our shareholders and customers has provided the foundation for our growth and continued success. We look forward to continuing to execute on a strategy we believe will enhance the long-term growth of the company and value for our stockholders."

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 sixteen 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 its subsidiary Executive Title Center , mortgage funding services through its subsidiary Bank of the Commonwealth Mortgage and investment related services through its subsidiary, Commonwealth Financial Advisors, LLC.* Additional information about the company, its products and services, can be found on the Web at www.bankofthecommonwealth.com.

*Securities and Insurance Products are: not insured by FDIC or any Federal Government Agency; May Lose Value; Not a Deposit of or Guaranteed by the Bank or any Bank Affiliate. Securities and insurance offered through BI Investments, LLC. member NASD and SIPC. BI Investments is associated with Bank of the Commonwealth. Commonwealth Financial Advisors, LLC is a wholly-owned subsidiary of Bank of the Commonwealth. 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, like lihood 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.

CONTACT:  Commonwealth Bankshares, Inc.
          Edward J. Woodard, Jr., CLBB, Chairman of the Board, President and
           Chief Executive Officer
          (757) 446-6904
          ewoodard@bocmail.net
          http://www.bankofthecommonwealth.com
          P.O. Box 1177, Norfolk, Virginia 23501
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