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): February 28, 2005
COMMUNITY BANKSHARES, INC.
Incorporated under the Commission File No. 000-22054 I.R.S. Employer
laws of South Carolina Identification No.
57-0966962
791 Broughton Street
Orangeburg, South Carolina 29115
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 (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 14e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Section 1 - Registrant's Business and Operations
Item 1.01 - Entry into a Material Definitive Agreement
Registrant entered into employment agreements as of February 28, 2005
with its president, William W. Traynham, and the presidents of three of its bank
subsidiaries, Michael A. Wolfe, Keith W. Buckhouse and Robert B. Smith. Each
agreement is for a term of three years and provides for a base salary of
$144,000. Each agreement also provides that the executive is eligible for
bonuses under a bonus plan adopted by the board. Each agreement also provides
for payment of country club and civic club dues, participation in 401(k), health
and dental insurance plans, vacations and participation in other benefits
generally accorded to company employees. Other terms of each agreement include
terms dealing with termination and the rights of the executive to payments
following termination under certain circumstances, noncompetition and related
agreements as well as other provisions frequently found in executive employment
agreements. The presidents of the registrant's other two direct subsidiaries,
William A. Harwell and A. Wade Douroux, were previously granted employment
agreements in connection with the acquisitions of those subsidiaries.
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: March 2, 2005 By: /s/ William W. Traynham
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William W. Traynham
President and Chief
Financial Officer