SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
November 20, 2003 (November 20, 2003)
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COMMUNITY BANCSHARES, INC.
(Exact Name of Registrant as Specified in Its Charter)
DELAWARE 0-16461 63-0868361
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification Number)
68149 MAIN STREET
BLOUNTSVILLE, ALABAMA 35031
(Address of Principal Executive Offices)
(205) 429-1000
(Registrant's Telephone Number, Including Area Code)
NOT APPLICABLE
(Former Name or Former Address, If Changed From Last Report)
ITEM 5. OTHER EVENTS
On November 20, 2003 the Board of Directors of the Registrant received
a letter (the "Letter") dated November 14, 2003 from Kennon R. Patterson, Sr.,
former Chairman, President and CEO of the Registrant, stating that Mr.
Patterson has taken an immediate leave of absence from the Registrant's Board
of Directors, pending the disposition of the charges against him contained in
an indictment issued by a federal grand jury on October 29, 2003. In the Letter
Mr. Patterson said that he would not seek or accept a new term as a director if
his current term expires prior to a final resolution of the charges against
him. A copy of the Letter is filed as Exhibit 99.1 hereto and is incorporated
herein by reference.
Mr. Patterson's employment with the Registrant and its subsidiary,
Community Bank, was terminated on January 27, 2003, and Mr. Patterson was
removed as a director of Community Bank on February 6, 2003.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) The following exhibits are filed herewith:
Exhibit Number Description
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99.1 Letter from Kennon R. Patterson, Sr. to the Registrant's
Board of Directors dated November 14, 2003
SIGNATURES
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 BANCSHARES, INC.
By: /s/ Patrick M. Frawley
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Patrick M. Frawley
Chairman, Chief Executive Officer and President
Date: November 20, 2003
EXHIBIT INDEX
Exhibit Number Description
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99.1 Letter from Kennon R. Patterson, Sr. to the Registrant's
Board of Directors dated November 14, 2003