8-K

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                                  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 18, 2006

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

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

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

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

                                 Not Applicable
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          (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))

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SECTION 8 - OTHER EVENTS
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Item 8.01 Other Events.

     On May 18, 2006, Commonwealth Bankshares, Inc. issued a press release
announcing the declaration of an 11-for-10 stock split on its common stock,
payable June 30, 2006 to shareholders of record as of June 19, 2006.
Shareholders will receive 1 additional share for every 10 shares held. A copy of
the Company's press release is attached as Exhibit 99.1 hereto and is hereby
incorporated herein by reference.

SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS
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Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

              99.1   Press Release, dated May 18, 2006, entitled "Commonwealth
                     Bankshares, Inc., Norfolk, VA, Announces an 11-for-10 Stock
                     Split."



                                   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: May 18, 2006                           By:    /s/ Cynthia A. Sabol, CPA
                                                    ----------------------------
                                             Name:  Cynthia A. Sabol, CPA
                                             Title: Executive Vice President and
                                                    Chief Financial Officer

EX-99.1

                                                                    Exhibit 99.1

              COMMONWEALTH BANKSHARES, INC., NORFOLK, VA, ANNOUNCES
                            AN 11-FOR-10 STOCK SPLIT

    NORFOLK, Va., May 18 /PRNewswire-FirstCall/ -- (Nasdaq: CWBS) -- The
Directors of Commonwealth Bankshares, Inc. announced today the declaration of an
11-for-10 stock split, payable June 30, 2006, to shareholders of record as of
June 19, 2006. Shareholders will receive 1 additional share for every 10 shares
held. Edward J. Woodard, Jr., CLBB, Chairman of the Board, President and Chief
Executive Officer, commented, "Commonwealth Bankshares is dedicated to enhancing
the value of our shareholders' investment in our Company. The larger number of
shares that will be outstanding as a result of this stock split should increase
the float and trading volume in our stock to further benefit our shareholders.
This stock split will help broaden our shareholders base and further strengthen
the marketability of the shares. It also reinforces our confidence in the future
growth of Commonwealth Bankshares and complements future capital planning. In
addition, I am proud to say we have provided a total return to our shareholders,
which includes appreciation in share price and reinvestment of cash dividends,
of 50% in 2005. In fact, over a 3 and 5 year period, Commonwealth Bankshares'
stock has enjoyed an average total return of 158% and 424%, respectively. These
returns far exceed the most successful banking organizations in the country
today."

    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 ten 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 new
subsidiary, Commonwealth Financial Advisors, LLC.* Additional information about
the company, its products and services, can be found on the Web at
http://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, 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-                             05/18/2006
    /CONTACT:  Edward J. Woodard, Jr., CLBB, Chairman of the Board, President
and Chief Executive Officer of Commonwealth Bankshares, Inc.,
+1-757-446-6904, ewoodard@bocmail.net/
    /Web site:  http://www.bankofthecommonwealth.com /
    (CWBS)