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 7, 2007
-----------
Commonwealth Bankshares, Inc.
-----------------------------
(Exact name of registrant as specified in its charter)
Virginia 01-17377 54-1460991
- ---------------------------- ---------------------- ------------------------------
(State or other jurisdiction (Commission File Number) (I.R.S. Employer Identification
No.) of incorporation)
403 Boush Street, Norfolk, Virginia 23510
-----------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code: (757) 446-6900
-----------------
--------------------------------------------------------------
(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))
Section 8 - Other Events
Item 8.01 Other Events.
On May 7, 2007, Commonwealth Bankshares, Inc. issued a press release
announcing the authorization by its Board of Directors for the repurchase of
shares of its common stock on the open market or in transactions privately
negotiated with shareholders. A copy of the Company's press release is attached
as Exhibit 99.1 hereto and is herby incorporated herein by reference.
Section 9 - Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press Release, dated May 7, 2007, entitled "Commonwealth Bankshares, Inc.,
Norfolk, VA, Approves Stock Repurchase."
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 7, 2007 By: /s/ Cynthia A. Sabol, CPA
--------------- ------------------------------
Name: Cynthia A. Sabol, CPA
Title: Executive Vice President and
Chief Financial Officer
Exhibit 99.1