Commonwealth Bankshares, Inc., Norfolk, VA, Approves Stock Repurchase

      NORFOLK, Va., May 7 /PRNewswire-FirstCall/ -- The directors of
Commonwealth Bankshares, Inc. (Nasdaq: CWBS) approved the repurchase of shares
of its common stock in the open market and in private transactions at prices
that management determines to be prudent. Management will consider current
market conditions and the Company's current capital level, in addition to other
factors, when deciding whether to repurchase stock. It is anticipated that any
repurchased shares will be used primarily for general corporate purposes,
including the dividend reinvestment and stock purchase plan, stock incentive
plans and exercise of stock options. The repurchase program will remain in
effect until otherwise rescinded by the Board.

      Edward J. Woodard, Jr., CLBB, Chairman of the Board, President and Chief
Executive Officer, commented, "We approved a stock repurchase plan because the
directors of Commonwealth Bankshares believe our stock is undervalued."
Repurchasing shares in the open market will have a positive impact on the return
on shareholders' equity and earnings per share. In addition, repurchasing shares
will provide additional liquidity for the Company's common stock, which is
traded on the NASDAQ Global Market under the symbol CWBS.

      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 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
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-                             05/07/2007
    /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 /