OMB APPROVAL
OMB No. 3235-0145
Expires December 31, 1997
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13G
Under the Securities Exchange Act of 1934
COMMUNITY BANCSHARES, INC.
(Name of Issuer)
Common Stock, par value $3.00 per share
(Title of Class of Securities)
203434 10 5
(CUSIP Number)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
X Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
(Continued on the following page(s))
Page 1 of 5 Pages
CUSIP No. 203434 10 5 13G Page 2 of 5 Pages
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Jack Ray Ferguson
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
NUMBER OF 5 SOLE VOTING POWER
SHARES 10,000
BENEFICIALLY 6 SHARE VOTING POWER
OWNED BY 66,738
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 10,000
PERSON 8 SHARED DISPOSITIVE POWER
WITH 66,738
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
76,738
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES CERTAIN SHARES*
[ ]
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.3%
12 TYPE OF REPORTING PERSON*
IN
*SEE INSTRUCTIONS BEFORE FILLING OUT
Item 1(a). Name of Issuer.
Community Bancshares, Inc.
Item 1(b). Address of Issuer's Principal Executive Offices.
1301 Westwood Lane
Westfield Village
Wilkesboro, NC 28697
Item 2(a). Name of Person Filing.
This statement is filed by: Jack Ray Ferguson
Item 2(b). Address of Principal Business Office or, if none, Residence.
71 Beaverdam Road
Candler, N.C. 28715
Item 2(c). Citizenship.
Mr. Ferguson is a citizen of the United States of America
Item 2(d). Title of Class of Securities.
Common Stock, par value $3.00 per share
Item 2(e). CUSIP Number.
203434 10 5
Item 3. If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b),
check whether the person filing is a:
Not applicable
Item 4. Ownership.
(a) Amount Beneficially Owned as of December 31, 1998:
76,738 shares of Common Stock (includes (a) 10,000 shares
subject to presently exercisable stock options held individually by
Mr. Ferguson; (b)64,738 shares owned jointly with his spounse; and
(c) 2,000 shares owned by the Ferguson Educational Trust, of which
Mr. Ferguson serves as a Trustee).
Page 3 of 5 Pages
Does not include (a) 127,809 shares of Common Stock and (b)
warrants to purchase 20,742 shares of Common Stock, to be purchased
pursuant to Stock and Warrant Purchase Agreements dated December 23,
1998 in connection with the settlement of certain litigation among
Mr. Ferguson and certain other directors of Community Bancshares,
Inc., which will be completed within 10 days of receiving Federal
Reserve Board approval of the transaction.
(b) Percent of Class: 5.3%
(c) Number of Shares as to Which Such Person has:
(i) sole power to vote or to direct the vote: 10,000
(ii) shared power to vote to direct the vote: 66,738
(iii) sole power to dispose or to direct the disposition of:
10,000
(iv) shared power to dispose or to direct the disposition
of: 66,738
Item 5. Ownership of Five Percent or Less of a Class.
Not Applicable
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Not Applicable
Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on by the Parent Holding Company.
Not Applicable
Item 8. Identification and Classification of Members of the Group.
Not Applicable
Item 9. Notice of Dissolution of Group.
Not Applicable
Item 10. Certification.
Not Applicable
Page 4 of 5 Pages
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and
correct.
Date: February 5, 1999 /s/ Jack Ray Ferguson
Jack Ray Ferguson, in his individual
Capacity and as Trustee of the
Ferguson Educational Trust
Page 5 of 5 Pages
