Commonwealth Bankshares, Inc., Norfolk, VA, Announces Quarterly Cash Dividend

NORFOLK, Va., May 11, 2009 (GLOBE NEWSWIRE) -- Commonwealth Bankshares, Inc.
(Nasdaq:CWBS) announced today that the board of directors declared a regular
quarterly cash dividend to common shareholders of $0.02 per share. The dividend
is payable May 29, 2009, to shareholders of record as of May 18, 2009. This is
the second quarterly dividend declared in 2009, for a year to date total of
$0.10 per share. The annualized year to date dividend payments represent an
annual yield to shareholders of approximately 4.81% based on the Company's stock
recent trading price.

Edward J. Woodard, Jr., CLBB, Chairman of the Board, President and Chief
Executive Officer, stated "Given the decline in economic conditions, and in a
continued effort to preserve and bolster our capital, the board of directors
made an affirmative decision to temporarily reduce the quarterly cash dividend
to common shareholders. This action was aimed at managing the Company for
long-term success. We expect the dividend reduction to add over $1.6 million to
capital on an annualized basis. This will further strengthen our balance sheet
and position our Company to successfully weather any further or prolonged
deterioration in the economy. Also, this boost to our already strong capital
levels will allow our Company to continue to lend to and support the communities
we serve."

Commonwealth Bankshares, Inc. offers its shareholders the convenience of a
Dividend Reinvestment and Stock Purchase Plan and the direct deposit of cash
dividends, without payment of any brokerage commission, fee or service charge.

Shareholders may receive information on the Dividend Reinvestment and Stock
Purchase Plan or direct deposit of cash dividends by contacting the Stock
Transfer Department at Bank of the Commonwealth, P.O. Box 1177, Norfolk, VA
23501-1177.

About Commonwealth Bankshares

Commonwealth Bankshares, Inc. is the parent of Bank of the Commonwealth which
opened its first office in Norfolk, Virginia, in 1971, creating a community bank
that was attuned to local issues and could respond to the needs of local
citizens and businesses. Over the last three decades, the Company's growth has
mirrored that of the communities it serves. Today, Bank of the Commonwealth has
twenty-one bank branches strategically located throughout the Hampton Roads and
Eastern North Carolina regions and an extensive ATM network for added
convenience. The Company continues to grow and develop new services, such as
Online Banking and a Corporate Cash Management program and at the same time,
maintain the longstanding commitment to personal service. Our slogan conveys our
true corporate philosophy: "When you bank with us, you bank with your
neighbors." Bank of the Commonwealth offers insurance services through its
subsidiary BOC Insurance Agencies of Hampton Roads, Inc., title services through
its subsidiary Executive Title Center, mortgage funding services through its
subsidiary, Bank of the Commonwealth Mortgage, and access to investment related
services through its subsidiary Commonwealth Financial Advisors, LLC.*
Additional information about the company, its products and services, can be
found on the Web at www.bankofthecommonwealth.com.

*Securities offered through Infinex Investments, Inc., member FINRA and SIPC.
Not insured by FDIC or any Federal Government Agency. May Lose Value. Not a
Deposit of or Guaranteed by the Bank or any Bank Affiliate. Commonwealth
Financial Advisors, LLC is a wholly-owned subsidiary of Bank of the
Commonwealth. This press release contains forward-looking statements. Words such
as "anticipates," " believes," "estimates," "expects," "intends," "should,"
"will," variations of such words and similar expressions are intended to
identify forward-looking statements. These statements reflect management's
current beliefs as to the expected outcomes of future events and are not
guarantees of future performance. These statements involve certain risks,
uncertainties and assumptions that are difficult to predict with regard to
timing, extent, likelihood and degree of occurrence. Therefore, actual results
and outcomes may materially differ from what may be expressed or forecasted in
such forward-looking statements. Factors that could cause a difference include,
among others: changes in the national and local economies or market conditions;
changes in interest rates, deposit flows, loan demand and asset quality,
including real estate and other collateral values; changes in banking
regulations and accounting principals, policies or guidelines; and the impact of
competition from traditional or new sources. These and other factors that may
emerge could cause decisions and actual results to differ materially from
current expectations. Commonwealth Bankshares, Inc. undertakes no obligation to
revise, update, or clarify forward-looking statements to reflect events or
conditions after the date of this release.

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CONTACT: Commonwealth Bankshares, Inc.
Edward J. Woodard, Jr., CLBB, Chairman of the Board,
President and Chief Executive Officer
(757) 446-6904
ewoodard@bocmail.net
P.O. Box 1177, Norfolk, Virginia 23501
http://bankofthecommonwealth.com