Item 8.01. Other Events.

On February 11, 2009, Commonwealth Bankshares, Inc. issued a press release announcing earnings for the quarter ended December 31, 2008, and the declaration of a quarterly dividend payable February 27, 2009 to shareholders of record as of February 16, 2009. 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 February 11, 2009, entitled "Commonwealth Bankshares, Inc., Norfolk, VA, Reports Fourth Quarter Earnings and Declares Quarterly Cash Dividend."

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