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) May 10, 2011

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

Virginia	000-17377	54-1460991
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

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

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

N/A
(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))

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

The Boards of Directors of Commonwealth Bankshares, Inc. (the "Company") and Bank of the Commonwealth (the "Bank") appointed Chris E. Beisel as Chief Executive Officer, President and Director of the Company and the Bank effective May 10, 2011.

Mr. Beisel, 62, served as an Executive Vice President and the Chief Credit Officer of the Company from March 2010 until December 31, 2010. He has served as interim President since the December 3, 2010 announcement of the retirement of former Chief Executive Officer, President and Director, Edward J. Woodard, Jr. Prior to joining the Company, Mr. Beisel held various positions with Gateway Bank/Bank of Hampton Roads from 2003 to 2010 which included Senior Vice President and City Executive for Chesapeake, Virginia and Hampton Roads Regional President. Mr. Beisel's duties in these roles included commercial lending, supervision, and branch administration. During an 18-month period from 2002 to 2003, Mr. Beisel served as a commercial lender and Vice President with SouthTrust Bank and later BB&T. Prior to that time, Mr. Beisel was employed by Central Fidelity Bank/Wachovia Bank from 1978 to 2002 in a number of positions including the department head of real estate finance for Hampton Roads and later Northern Virginia, manager of small business banking for the state of Virginia, and numerous other retail and commercial banking positions.

Mr. Beisel currently has no written employment contract with the Company. His annual base salary is $300,000. In addition, Mr. Beisel is eligible to participate in all of the plans and arrangements that are generally available to all of the Company's salaried employees. Other benefits extended to Mr. Beisel include the personal use of a company automobile. All of the aforementioned plans are more fully discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2010. Mr. Beisel was not appointed as Chief Executive Officer, President and Director pursuant to any arrangement or understanding with any other person. Mr. Beisel has no family relationships with any director or executive officer of the Company, and Mr. Beisel has no reportable related party transactions under Item 404(a) of Regulation S-K.

Item 7.01. Regulation FD Disclosure.

On May 12, 2011, the Company issued a press release announcing the appointment of Mr. Beisel as Chief Executive Officer, President and Director of the Company and the Bank. A copy of the press release is attached hereto as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

     99.1     Press Release, dated May 12, 2011

SIGNATURE

    Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Commonwealth Bankshares, Inc.
Date: May 12, 2011	By: /s/ CYNTHIA A. SABOL, CPA Name: Cynthia A. Sabol, CPA Title: Executive Vice President and Chief Financial Officer