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) December 9, 2010
Commonwealth Bankshares, Inc.
(Exact name of registrant as specified in its charter)
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Virginia
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000-17377
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54-1460991
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(I.R.S. Employer Identification No.)
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403 Boush Street, Norfolk, Virginia 23510
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number including area code: (757) 446-6900
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
On December 9, 2010, the employment of Stephen G. Fields, as Executive Vice President and Commercial Loan Officer of Commonwealth Bankshares, Inc. (the “Company”) and of Bank of the Commonwealth, the Company’s wholly owned subsidiary, was terminated effective on that date. Prior to his termination, Mr. Fields also served as Director, Vice President and Secretary of Community Home Mortgage of Virginia, Inc., T/A Bank of the Commonwealth Mortgage, and Director and Vice President of BOC Title of Hampton Roads, Inc., T/A Executive Title Center.
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 hereunto duly authorized.
Commonwealth Bankshares, Inc.
Date: December 15, 2010 By: /s/ Cynthia A. Sabol
Name: Cynthia A. Sabol
Title: Executive Vice President and
Chief Financial Officer