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<PAGE> Registration No. 33-99416 Rules 424(b)(3) and 424(c) COMMUNITY BANCSHARES, INC. SUPPLEMENT NO. 1 TO PROSPECTUS DATED MARCH 8,1996 Community Bancshares, Inc. (the "Company") has elected to extend the Expiration Date of the offering to September 12, 1996. As of June 14, 1996, gross proceeds of $1,396,160 had been received by the Company in the offering. The date of this Supplement is June 19, 1996
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