Written agreement with Commonwealth Bankshares and Bank of the Commonwealth

The following press release was published by the Board of Governors of the Federal Reserve System on July 9, 2010. It is reproduced in full below.

The Federal Reserve Board on Friday announced the execution of a Written Agreement by and among Commonwealth Bankshares, Inc., Norfolk, Virginia, a registered bank holding company, and its subsidiary bank, Bank of the Commonwealth, Norfolk, Virginia, a state-chartered member bank, the Federal Reserve Bank of Richmond, and the Virginia State Corporation Commission, Bureau of Financial Institutions.

A copy of the Written Agreement is attached.

Source: Board of Governors of the Federal Reserve System