UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): May 7, 2008
COMMUNITY BANKSHARES, INC.
Incorporated under the Commission File No. 000-22054 I.R.S. Employer
laws of South Carolina Identification No.
57-0966962
102 Founders Court
Orangeburg, South Carolina 29118
Telephone: 803-535-1060
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:
[ ] 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))
Section 7 - Regulation FD
Item 7.01 Regulation FD Disclosure.
COMMUNITY BANKSHARES INC. (SC) PARTICIPATES IN CAROLINA BANK INVESTOR FORUM
ORANGEBURG, South Carolina, May 7, 2008 - Community Bankshares Inc., (AMEX:SCB),
announced that it would make a presentation at the Carolina Bank Investor Forum
at Kiawah Island, South Carolina on May 7, 2008. Company Chief Executive Officer
Samuel L. Erwin and Company President William W. Traynham will provide guests
with a description of the Company and its history from the opening of its bank
in 1987 to its March 31, 2008 position with $585 million in assets. The
Company's condition and results of operations for 2007 and the first quarter of
2008 will also be discussed. In addition, selected performance ratios for the
first quarter of 2008 will be reported as follows:
Return on average assets .............................. 0.75%
Return on average equity .............................. 8.10%
Efficiency ratio ..................................... 69%
Asset quality:
Nonperforming loans/Total assets .................. 1.16%
Nonperforming loans/Total loans .................... 1.50%
Loan loss reserve/Total loans ...................... 1.27%
Loan loss reserve/Nonperforming loans .............. 84.70%
Net charge offs/Average loans ...................... 0.02%
The presentation will also discuss the Company's growth opportunities which are
supported by the Company's existing infrastructure and include organic growth
through branching and the use of remote deposit capture, the use of loan
production offices and the possibility of strategic partnerships and mergers and
acquisitions.
Community Bankshares, Inc.'s common stock is traded on the American Stock
Exchange under the ticker symbol SCB. Community Bankshares Inc., based in
Orangeburg, South Carolina, is the holding company for Community Resource Bank,
N.A., and Community Resource Mortgage, Inc.
This document contains forward-looking statements. Investors are cautioned that
all forward-looking statements involve risks and uncertainties, and several
factors could cause actual results to differ materially from those in the
forward-looking statements. Forward-looking statements relate to anticipated
office openings, increasing of lending capabilities, growing of assets and
infrastructure, and growth of the market for our services and products. The
following factors, among others, could cause actual results to differ from those
indicated in the forward-looking statements: uncertainties associated with
market acceptance of and demand for the company's services and products, impact
of competitive products and pricing, dependence on third party suppliers, and
uncertainties associated with the implementation of technology. Investors are
directed to the company's 2007 annual report, which is available on the
Company's website: www.cbisc.com.
SIGNATURE
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.
COMMUNITY BANKSHARES, INC.
(Registrant)
Date: May 6, 2008 By: /s/ William W. Traynham
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William W. Traynham
President and Chief Financial Officer