Item 8.01. Other Events.

On November 6, 2008, Commonwealth Bankshares, Inc. issued a press release announcing results for the quarter ended September 30, 2008, and the declaration of a quarterly dividend payable November 28, 2008 to shareholders of record as of November 17, 2008. A copy of the Company's press release is attached as Exhibit 99.1 hereto and is herby incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(c) Exhibits.

99.1 Press Release, dated November 6, 2008, entitled "Commonwealth Bankshares, Inc., Norfolk, VA, Reports Third Quarter Results and Declares Quarterly Cash Dividend."

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