Commonwealth Bankshares, Inc., Norfolk, VA, Announces Quarterly Cash Dividend

      NORFOLK, Va., April 24 /PRNewswire-FirstCall/ -- The directors of
Commonwealth Bankshares, Inc. (Nasdaq: CWBS) declared a quarterly cash dividend
in the amount of $0.06 per share on its common stock, payable May 31, 2007, to
shareholders of record as of May 21, 2007. This is the second quarterly dividend
declared in 2007, for a total year to date dividend of $0.12 per share, up 21.2%
from the $0.099 per share dividend declared during the first two quarters of
2006. All share and per share amounts have been restated for all periods
presented to reflect the eleven-for-ten stock split distributed on June 30, 2006
to shareholders of record on June 19, 2006 and the eleven-for-ten stock split
distributed on December 29, 2006 to shareholders of record on December 18, 2006.

      Commonwealth Bankshares, Inc. offers its shareholders the convenience of a
Dividend Reinvestment and Stock Purchase Plan and the direct deposit of cash
dividends, without payment of any brokerage commission, fee or service charge.

      Holders of stock may have their quarterly dividends automatically
reinvested in additional shares of the Company's common stock by utilizing the
Dividend Reinvestment Plan. Shares of common stock purchased through the
Dividend Reinvestment Plan with reinvested dividends will be 95% of the market
price.

      Shareholders participating in the Stock Purchase Plan may also make
voluntary cash contributions not to exceed $20,000 per quarter. These shares are
issued at market value, without incurring brokerage commissions. In addition,
shareholders also have the option of having their cash dividends deposited
directly into an account with Bank of the Commonwealth.

      Shareholders may receive information on the Dividend Reinvestment and
Stock Purchase Plan or direct deposit of cash dividends by contacting the Stock
Transfer Department at Bank of the Commonwealth, P.O. Box 1177, Norfolk, VA
23501-1177.

      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 tht 6 0 e communities it serves. Today, Bank of the
Commonwealth has thirteen 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
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.

                                   04/24/2007
    /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/