8-K

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                       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)

                                 March 15, 2000


                         COMMUNITY FINANCIAL GROUP, INC.
             (Exact name of registrant as specified in its charter)

                                    Tennessee
                 (State or other jurisdiction of incorporation)

                 0-28496                                 62-1626938
          (Commission File No.)               (IRS Employer Identification No.)


401 Church Street, Nashville, Tennessee 37219
(Address of principal executive offices)

615/271-2000
(Registrant's telephone number, including area code)



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ITEM 5. OTHER EVENTS




Community Financial Group, Inc. announced the authorization of a new Stock
Repurchase Plan for the acquisition of up to 500,000 shares of common stock,
which is effective immediately. Purchases will be made in the open market or in
privately negotiated transactions as conditions warrant. This announcement comes
as the Company completes its initial repurchase of 400,000 shares as previously
authorized by its Board of Directors on March 23, 1999.

The Stock Repurchase Plan will remain in effect until December 31, 2000.
Currently there are 3,831,191 shares outstanding.

The news release is attached hereto as Exhibit 99.



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ITEM 7. EXHIBITS

Additional Exhibits:

                           Exhibit 99       News Release dated 3/15/00







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                                   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.

                                      COMMUNITY FINANCIAL GROUP, INC.




Date:   3/15/00                       /s/ Mack S. Linebaugh, Jr.
      -----------                     ------------------------------------------
                                      Mack S. Linebaugh, Jr.
                                      Chairman, President
                                      and Chief Executive Officer

EX-99

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                                                                      EXHIBIT 99


                         COMMUNITY FINANCIAL GROUP, INC.
                    ANNOUNCES NEW STOCK REPURCHASE PLAN UPON
                           COMPLETION OF CURRENT PLAN



FOR IMMEDIATE RELEASE
Contact:  Joan B. Marshall (615) 271-2025
          Anne B. Livingston (615) 271-2049



         Nashville, TENN., March 15, 2000--Community Financial Group, Inc.
(NASDAQ: CFGI) today announced the authorization of a new Stock Repurchase Plan
for the acquisition of up to 500,000 shares of common stock, which is effective
immediately. Purchases will be made in the open market or in privately
negotiated transactions as conditions warrant. This announcement comes as the
Company completes its initial repurchase of 400,000 shares as previously
authorized by its Board of Directors on March 23, 1999.
         The repurchase of shares will allow the Company to continue to manage
its capital position more effectively and enhance future earnings per share.
This action is part of the Company's continuing strategy to employ the
additional capital generated as a result of the exercise of warrants at the end
of 1998. Management continues to review other strategic opportunities for the
effective utilization of these funds.
         The Stock Repurchase Plan will remain in effect until December 31,
2000. Currently there are 3,831,191 shares outstanding.
         Community Financial Group, Inc. is a $308 million bank holding company
headquartered in Nashville, Tennessee. The Company provides banking services
through its subsidiary, The Bank of Nashville, with offices in Davidson,
Williamson and Sumner counties.



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