Exhibit 21.1

SUBSIDIARIES

1. Bank of the Commonwealth, a Virginia Company, is a wholly owned subsidiary of Commonwealth Bankshares, Inc.

2. Commonwealth Bankshares Capital Trust II, a Delaware Company, is a wholly owned subsidiary of Commonwealth Bankshares, Inc.

3. BOC Title of Hampton Roads, Inc., T/A Executive Title Center, a Virginia Corporation, is a 91% owned subsidiary of Bank of the Commonwealth.

4. BOC Insurance Agencies of Hampton Roads, Inc., a Virginia Corporation, is a wholly owned subsidiary of Bank of the Commonwealth.

5. Community Home Mortgage of Virginia, Inc., T/A Bank of the Commonwealth Mortgage, a Virginia Corporation, is a wholly owned subsidiary of Bank of the Commonwealth.

6. Commonwealth Financial Advisors, L.L.C., a Virginia Company, is a wholly owned subsidiary of Bank of the Commonwealth.

7. Commonwealth Property Associates, L.L.C., a Virginia Company, is a 61% owned subsidiary of Bank of the Commonwealth.

8. WOV Properties, L.L.C., a Virginia Company, is a wholly owned subsidiary of Bank of the Commonwealth.

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