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) November 27, 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

Item 8.01 Other Events.

         On November 27, 2006, Commonwealth Bankshares, Inc. issued a press
release announcing the declaration of an 11-for-10 stock split on its common
stock, payable December 29, 2006 to shareholders of record as of December 18,
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

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

         99.1   Press Release, dated November 27, 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: November 27, 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., Nov. 27 /PRNewswire-FirstCall/ -- The Directors of
Commonwealth Bankshares, Inc. (Nasdaq: CWBS) announced today the declaration of
an 11-for-10 stock split, payable December 29, 2006, to shareholders of record
as of December 18, 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 eleven 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.

    Contact: Edward J. Woodard, Jr., CLBB, Chairman of the Board, President
and Chief Executive Officer, P.O. Box 1177, Norfolk, Virginia 23501, Phone:
(757) 446-6904 or ewoodard@bocmail.net Web Site:
http://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-                             11/27/2006
    /CONTACT: Edward J. Woodard, Jr., CLBB, 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)