The Virginian-Pilot 
                             THE VIRGINIAN-PILOT 
              Copyright (c) 1994, Landmark Communications, Inc.

DATE: Thursday, November 3, 1994             TAG: 9411030488
SECTION: BUSINESS                 PAGE: D2   EDITION: FINAL 
                                             LENGTH: Short :   21 lines

COMMONWEALTH BANKSHARES REPORT 26 PERCENT INCREASE FOR THIRD-QUARTER:

Commonwealth Bankshares Inc. in Norfolk reported a 26 percent increase in third-quarter net income, which it attributed to higher interest income on loans and investments and a reduced provision for loan losses. Commonwealth Bankshares, parent of Bank of the Commonwealth, said it earned $207,000 for three months ended Sept. 30, up from $164,000 earned in the comparable quarter of 1993. Per-share earnings rose to 25 cents from 20 cents in the year-earlier period. For the nine months through September, net income totaled $568,600, a 49 percent increase from $381,600 for the year-earlier period. Earnings per share were 67 cents, compared with 45 cents. (Staff) by CNB