SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: August 8, 1997
(Date of earliest event reported)
COMMUNITY BANKSHARES INCORPORATED
(Exact Name of Registrant as Specified in its Charter)
Virginia 0-13100 54-1290793
(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
200 North Sycamore Street 23804
Petersburg, Virginia (Zip Code)
(Address of Principal Executive Offices)
Registrant's telephone number, including area code:
(804) 861-2320
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Item 5. Other Events.
The press release issued by the Registrant on August 8, 1997 and
attached hereto as Exhibit 99 is incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
99 Press release issued by the Registrant on August 8, 1997.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
COMMUNITY BANKSHARES INCORPORATED
(Registrant)
Date: August 8, 1997 By: /s/ Nathan S. Jones, 3rd.
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Nathan S. Jones, 3rd.
President and Chief Executive Officer
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Exhibit Index
Number Document
99 Press release issued by the Registrant on August 8, 1997.
Exhibit 99
[LETTERHEAD OF THE COMMUNITY BANK]
FOR IMMEDIATE RELEASE Contact: Nathan S. Jones, 3rd.
August 8, 1997 (804) 861-2320
Community Bankshares Incorporated Announces Stock Buyback
PETERSBURG, VA -- Community Bankshares Incorporated (NASDAQ:CBIV)
announced today that the Company's Board of Directors has authorized the
repurchase of up to 50,000 shares of the Company's outstanding common stock. The
Company currently has 2,768,714 issued and outstanding shares of common stock.
Repurchases are authorized to be made by the Company from time to time
in open-market or privately negotiated transactions during the next 12 months
as, in the opinion of management, market conditions warrant. The repurchased
shares will be held as treasury stock and will be available for general
corporate purposes.
"The stock buyback is one of the steps that management is taking to
increase shareholder value," stated Nathan S. Jones, 3rd., President and
Chief Executive Officer of the Company. "We believe that this is a prudent use
of the Company's capital."
Community Bankshares Incorporated, headquartered in Petersburg,
Virginia, is the holding company for three banks in the central Virginia area
and has assets in excess of $251 million. The Community Bank, which began
operations in 1974, has four offices in the cities of Petersburg, and
Colonial Heights and Chesterfield County. Commerce Bank of Virginia opened
in 1986 and operates five offices in the city of Richmond and the counties
of Goochland, Hanover and Henrico. County Bank of Chesterfield also opened in
1986 and now has three offices in Chesterfield County.
