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Commonwealth Bankshares announces new board leadership

Staff writer |
Norfolk, Va., USA - April 26, 2010, Norfolk, Va., USA - Commonwealth Bankshares announced that it will be formally separating the roles of chairman and chief executive officer into two positions.

The Boards of Directors of the Company and its subsidiary Bank of the Commonwealth appointed Richard J. Tavss to serve as chair of both Boards, replacing Edward J. Woodard, Jr., who has served as the chair of both Boards since 1988.

Mr. Woodard will continue to serve as a member of both Boards as well as President and Chief Executive Officer of the Company and Bank, a position he has held with the Company since 1988 and with the Bank since 1973.

Mr. Tavss has been a director of the Company and Bank since 1988, and has recently served as the chairman of the Asset Reduction Committee and Capital Committee. He is also a member of the Company Board's Executive and Nominating Committees and the Bank Board's Investment, Trust, CRA and Regulatory Response Committees.

Mr. Tavss is the Senior Counsel of Tavss Fletcher, a Norfolk, Virginia-based law firm. Mr. Tavss has practiced law for over 46 years including representation of all types of businesses. He is also part owner and manager of several successful businesses.


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