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): March 31, 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 5 - Corporate Governance and Management
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(a) J. M. Guthrie and Martha Rose Carson, both founding directors of
Community Bankshares Inc., in conformity with the Corporation's age related
retirement policy, have announced their intention to retire from the Board of
Directors at the expiration of their current terms in May 2008.
(d) Henrietta C. Guthrie, age 53, was elected to the Board of Directors of
the Corporation on March 31, 2008. Mrs. Guthrie is a Certified Public Accountant
and is the Chief Financial Officer for the Orangeburg Calhoun Technical College.
Mrs. Guthrie lives in Orangeburg, South Carolina. She will also serve on the
Corporation's audit committee.
Also, James Richard Williamson, M. D., age 54, was elected to the Board of
Directors of the Corporation on March 31, 2008. Dr. Williamson is an
obstetrician and a graduate of the Baylor School of Medicine. He served as a
director of Orangeburg National Bank (now Community Resource Bank, N. A.) for
over ten years and has been a regional director for Community Resource Bank
since September 2006. Dr. Williamson lives in Orangeburg, South Carolina.
The Corporation's Bank, in the ordinary course of its business, makes loans
to and has other transactions with its directors, officers, principal
shareholders, and their immediate family members and associates. Loans are made
on substantially the same terms, including rates and collateral, as those
prevailing at the time for comparable transactions with other persons and do not
involve more than the normal risk of collectibility or present other unfavorable
features.
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: April 3, 2008 By: /s/ William W. Traynham
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William W. Traynham
President and Chief Financial Officer