SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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 27, 2002
Community Bancshares, Inc.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
000-16461 63-0868361
(Commission File No.) (IRS Employer Identification No.)
68149 Main Street
Blountsville, Alabama 35631
(Address of principal executive offices)
(Zip Code)
(205) 429-1001
(Registrant's telephone number including area code)
Item 5. Other Events.
The Company has agreed to a proposed settlement in the Benson litigation.
Discussions of this litigation are included in the Company's previous filings
with the Commission, most recently the September 30, 2002 Form 10Q filed on
November 19, 2002 in which the Company disclosed that the parties had entered
into meaningful settlement negotiations and reached a provisional agreement to
settle all claims in the lawsuit. The proposed settlement remains to be subject
to approvals of the court. A notice of the proposed settlement has been
distributed to the shareholders of the Company and a copy of the notice is
attached as an exhibit hereto.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
Exhibits
99.1 Notice to Sharehoders
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, thereunto duly authorized.
COMMUNITY BANCSHARES INC.
By: /s/ Kerri Newton
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Kerri Newton
Chief Financial Officer
Date: November 29, 2002