Exhibit 99.1

                     NEWS STORY FOR COMMONWEALTH BANKSHARES

                                January 25, 2006

  COMMONWEALTH BANKSHARES, INC., NORFOLK, VA, ANNOUNCES QUARTERLY CASH DIVIDEND

Norfolk, VA, January 25 / PRNewswire-FirstCall/ (NASDAQ: CWBS) -- The directors
of Commonwealth Bankshares, Inc. declared a quarterly cash dividend in the
amount of $0.06 per share on its common stock, payable February 28, 2006, to
shareholders of record as of February 20, 2006. This is the first quarterly
dividend declared in 2006. Total dividends paid in 2005 and 2004 were $0.21 and
$0.20 per share, respectively.

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 the communities it serves. Today, Bank of the Commonwealth has
ten 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 new 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.