| Business Summary | | Commonwealth
Bankshares,
Inc.
is
the
holding
company
for
Bank
of
the
Commonwealth
(the
Bank).
The
Bank
operates
three
branches
in
Norfolk,
four
branches
in
Virginia
Beach
and
one
in
Chesapeake.
A
new
branch
was
opened
on
April
30,
2001
in
Portsmouth.
Through
its
network
of
banking
facilities,
the
Bank
provides
a
wide
range
of
commercial
banking
services
to
individuals
and
small
and
medium-sized
businesses.
Services
include
the
acceptance
of
checking
and
savings
deposits,
and
the
initiating
of
commercial,
real
estate,
personal,
home
improvement,
automobile
and
other
installment
and
term
loans.
The
Bank
also
offers
other
related
services,
such
as
home
banking,
trust,
travelers'
checks,
safe
deposit,
lock
box,
depositor
transfer,
customer
note
payment,
collections,
notary
public,
escrow,
drive-in
facility
and
other
customary
banking
services. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | Commonwealth
Bankshares,
Inc.
is
the
holding
company
for
the
Bank
of
Commonwealth,
which
operates
nearly
10
branches
in
Virginia.
For
the
six
months
ended
6/30/01,
total
interest
income
rose
26%
to
$8.7
million.
Net
interest
income
after
LLP
fell
3%
to
$3
million.
Net
income
fell
37%
to
$377
thousand.
Net
interest
income
reflects
an
increase
in
interest-earning
assets,
offset
by
higher
deposits.
Earnings
reflect
an
increase
in
salaries
and
benefits. | More
from
Market Guide: Significant
Developments |
| Officers | | Edward
J. Woodward
Jr.,
Chmn./Pres./CEO John
H. Gayle,
Exec. VP/Secy. | More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
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