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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