UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) JUNE 10, 1999
Community Bankshares, Inc.
(Exact name of registrant as specified in its charter)
Commission File No: 33-81890
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GEORGIA 58-1415887
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(State or other jurisdiction (I.R.S. employer
of incorporation or identification
organization) number)
448 North Main Street, Cornelia, Georgia 30531
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(Address of principal executive offices)
(706) 778-2265
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(Registrant's telephone number, including area code)
Not applicable
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
On June 10, 1999, the Registrant issued a Press Release
regarding Financial Supermarkets, Inc. (FSI) attached hereto
as Exhibit 99.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
COMMUNITY BANKSHARES, INC.
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(Registrant)
By: /s/ J. Alton Wingate
J. Alton Wingate
President and Chief
Executive Officer
June 11, 1999
News Release_____________________________________June 10, 1999
For More Information, Contact: J. Alton Wingate - 1-800-992-4978
FSI WIDENS INTERNATIONAL NETWORK OF BANK PARTNERS
A Habersham County company will help "one-stop shopping" take on
new meaning for Florida banking customers in the months ahead. Two of
the foremost leaders in their respective industries in the United
States and Canada have announced plans for a joint venture begining in
communities across the State of Florida. Their plans may also impact
the shopping and banking habits of customers nationwide and
internationally as well.
J. Alton Wingate, President and Chief Executive Officer of
Financial Supermarkets, Inc. (FSI) - headquartered in Cornelia,
Georgia, and the "pioneer" of Supermarket Banking both in the United
States and Europe confirmed that his company has been named the
exclusive in-store banking partner for the Canadian Imperial Bank of
Commerce (CIBC). The agreement, signed on March 2nd of this year,
provides that the Northeast Georgia-based company will represent the
Canadian bank in all countries outside Canada in identifying in-store
banking partners.
Subsequent to that agreement, on June 8, 1999, officials of Winn-
Dixie Stores, Inc., headquartered in Jacksonville, Florida, and key
leaders for CIBC, with headquarters in Toronto, announced that,
subject to regulatory approval, their respective companies will begin
a joint venture to provide full service in-store banking facilities in
as many as 250 locations in Florida. Company spokesmen confirmed that
the agreement calls for additional banking centers to be located in
other states in which Winn-Dixie has stores.
"With this partnership and our aggressive plans to provide
increased convenience, customers in Florida will have another very
appealing banking option in our proposed network of Marketplace
Banks'....Banking is no longer about bringing the customer to the bank
but, rather, bringing the bank to the customer," according to Mr.
David Cyr, Senior Vice President of Electronic Banking for CIBC. "We
couldn't have found a better partner than Winn-Dixie," said Cyr. "As
one of the nation's largest food chains, Winn-Dixie is truly committed
to offering value and convenience to the customer....Our intention is
to invest in initiatives that provide additional value to Winn-Dixie
customers, he added."
Mickey Clerc, Director of Public Relations for Winn-Dixie
commented, "We are always looking at fresh new products and services
to provide our customers with more choices at low prices for one stop
shopping convenience." To help maintain this level of convenience,
Winn-Dixie began installing in-store banks in 1987 and currently has
hundreds in operation across the country.
With almost 7 million customers, Canadian Imperial Bank of
Commerce is the tenth largest banking company in North America and
Canada's largest bank by assets. Winn-Dixie Stores, Inc. is the fifth
largest retail food chain in the United States, and operates 1,180
supermarkets in 14 states and the Bahamas.
"We are honored to have been chosen as CIBC's in-store banking
partner and even prouder to have helped bring CIBC and Winn-Dixie
together," said Mr. Wingate. "It's a powerful combination of two
market leaders. We feel their joint in-store banking efforts will be
a critical element for their continued success in the efficient retail
delivery of their products and services in the years ahead. Their
association, we feel, is a natural fit and should prove mutually
beneficial as well as providing yet another viable financial service
provider for customers throughout the Southeast."
