8-K

                      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):
                      October 30, 2003 (October 29, 2003)

                                -------------------

                           COMMUNITY BANCSHARES, INC.
             (Exact Name of Registrant as Specified in Its Charter)


         DELAWARE                       0-16461                63-0868361
(State or Other Jurisdiction       (Commission File         (I.R.S. Employer
      of Incorporation)                 Number)           Identification Number)


                MAIN STREET
           BLOUNTSVILLE, ALABAMA                            35031
  (Address of Principal Executive Offices)                (Zip Code)



                                 (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 October 30, 2003 Community Bank, principal subsidiary of the Registrant,
issued a Press Release concerning the indictment of its former Chairman and
Chief Executive Officer, Kennon R. Patterson, Sr., and its former Vice
President, Larry Bishop. Attached to Community Bank's Press Release was a Press
Release issued by the United States Department of Justice on October 29, 2003.
Copies of Community Bank's Press Release and the Department of Justice's Press
Release are filed as Exhibits 99(a) and 99(b), respectively, hereto, which are
incorporated herein by reference.

ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS

(a)      The following exhibits are filed herewith:

Exhibit Number             Description
- --------------             -----------
99(a)                      Press Release issued by Community Bank on
                           October 30, 2003
99(b)                      Press Release issued by the United States Department
                           of Justice on October 29, 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
    -----------------------------------------------
    Patrick M. Frawley
    Chairman, Chief Executive Officer and President

Date: October 30, 2003



EXHIBIT INDEX

Exhibit Number        Description
- --------------        -----------
99(a)                 Press Release issued by Community Bank on October 30, 2003
99(b)                 Press Release issued by the United States Department of
                      Justice on October 29, 2003

EX-99.(A)

                                                                  EXHIBIT 99(a)

COMMUNITY                                                   PRESS
BANK                                                        RELEASE

                      COMMUNITY BANK REACTS TO INDICTMENTS

For Immediate Release - October 30, 2003, Blountsville, Alabama

Community Bank has reviewed the U.S. Department of Justice Press Release
describing the indictments returned on October 29, 2003 by a federal grand jury
in Birmingham that has been investigating alleged improprieties of two of its
former officers. A copy of this Press Release is attached.

The Bank's current Chairman and CEO, Pat Frawley, said:

         "The action by the U.S. Attorney is a positive development for our
Bank. It is another step towards resolving the issues related to the Bank's
prior management that have clouded our organization. We have cooperated fully
with the investigations leading up to these indictments and will continue to do
so. We respect our judicial process and have full confidence in it. However, our
primary mission is to restore the Bank's profitability, maintain adequate
capital, overhaul corporate governance processes, generate sound growth, serve
our communities, and produce a respectable return for our shareholders. That is
what our current Management Team and Board of Directors is singularly focused on
and we don't intend to stop until we achieve our goals."

         Frawley continued: "Community Bank represents thousands of customers,
employees, and shareholders and it is unfair to continue to taint and burden the
many, many loyal and good people that comprise this organization with the
allegations and controversies that have plagued the Bank for far too long. I
want to personally thank and recognize our loyal and valued customers, our
dedicated and highly skilled associates, and our patient but vigilant
shareholders. We intend to make all of them proud of our efforts."



                                                                         Page 2

         Former Chairman and CEO, Kennon R. Patterson, Sr. received sufficient
votes at our last shareholders' meeting to remain on the Board of Directors of
the Bank's parent holding company, Community Bancshares, Inc. However, neither
he nor former Vice President, Larry Bishop, who was also indicted, hold any
other officer or director positions with the Bank, its subsidiaries, or its
parent holding company. Community Bancshares plans to again seek Mr. Patterson's
resignation as a result of these indictments and will continue to vigorously
pursue recovery of all amounts owed by Mr. Patterson to the Bank.

- -----------------
         Community Bank, the principal subsidiary of Community Bancshares,
Inc., headquartered in Blountsville, Alabama, had total assets at September 30,
2003 of approximately $537 million and operates 20 banking offices in North and
West-Central Alabama, providing competitive financial services to individual
and corporate customers. In addition, the Bank operates a consumer finance
company with 12 offices, an insurance agency, and a real estate appraisal
company.

         Certain statements in this Release may be "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. These
forward-looking statements are not based on historical facts and may be
identified by their reference to a future period or by the use of
forward-looking terminology, such as "anticipate," "estimate," "expect," "may"
and "should." These forward-looking statements include, without limitation,
those relating to the Company's future growth, profitability, capital adequacy,
and shareholder value. We caution you not to place undue reliance on these
forward-looking statements. Actual results could differ materially from those
indicated in such forward-looking statements due to a variety of factors. These
factors include, but are not limited to, changes in economic conditions and
government fiscal and monetary policies, changes in prevailing interest rates
and effectiveness of the Company's interest rate strategies, laws, regulations
and regulatory authorities affecting financial institutions, changes in and
effectiveness of the Company's operating or expansion strategies, geographic
concentration of the Company's assets and operations, competition from other
financial services companies, unexpected financial results or outcomes of legal
proceedings, and other risks detailed from time to time in the Company's press
releases and filings with the Securities and Exchange Commission. We undertake
no obligation to update these forward-looking statements to reflect events or
circumstances occurring after the date of this Report.

Community Bank - "MAKING A DIFFERENCE, ONE CUSTOMER AT A TIME."

EX-99.(B)

                                                                  EXHIBIT 99(b)

DEPARTMENT OF JUSTICE

FOR IMMEDIATE RELEASE                                                        CRM
WEDNESDAY, OCTOBER 29, 2003                                       (202) 514-2008
WWW.USDOJ.GOV                                                 TDD (202) 514-1888

            TWO FORMER BANK EXECUTIVES, BUSINESS OWNER CHARGED WITH
               SCHEME TO DIVERT BANK FUNDS FOR PERSONAL BENEFIT

         WASHINGTON, D.C. - Assistant Attorney General Christopher A. Wray of
the Criminal Division and U.S. Attorney Alice H. Martin of the Northern
District of Alabama announced today the filing of a 25-count indictment against
two former executives of Community Bank of Blountsville, Alabama, and the owner
of J&M Materials, Inc., of Blountsville, in connection with a scheme to divert
Community Bank funds for personal benefit.

         The indictment charges Kennon R. Patterson, Sr.; Larry E. Bishop; and
Jimmie D. Childers with conspiracy, bank fraud, misapplication of bank funds,
false statements to a financial institution, and false entries in the books and
records of a financial institution. Patterson has also been charged with money
laundering and filing false tax returns. The government is seeking forfeiture
of proceeds derived from the fraudulent scheme.

         Patterson, 61, was chairman and chief executive officer of both
Community Bank and Community Bancshares, Inc., a Delaware corporation and
holding company for Community Bank. Bishop, 58, Community Bank's vice president
of construction and maintenance, acted as the general contractor and was
responsible for receiving and approving construction invoices on Community Bank
projects. Childers, 51, of Oneonta, Alabama, owned and controlled J&M
Materials, which provided construction services on commercial and residential
construction projects, including Community Bank and Patterson's personal
projects.

         The charges stem from the defendants' alleged participation in a
scheme to use $2,150,000 of bank funds for construction work on Patterson's
personal projects, including the building of a 17,000-square foot residence.
The indictment further alleges that Patterson obtained more than $5 million
dollars in bank loans to build the residence, but used more than $1.34 million
of those funds for other purposes.

         "The prosecution of corporate fraud cases send the message that CEOs
are not above the law," said U.S. Attorney Alice H. Martin. "It is an extremely
serious matter when the CEO of a financial institution uses the bank for his
own personal gain."

         In October 2002, a federal jury in Birmingham, Alabama convicted Dewey
and Linda Hamaker and their company, Morgan City Construction, Inc., of
conspiracy and bank fraud for their role in the scheme.



         The maximum sentence for bank fraud, misapplication of bank funds,
making false statements to a financial institution and making false entries in
the books and records of a financial institution is 30 years in prison and a $1
million fine. The maximum sentence for money laundering is 10 years in prison
and a $250,000 fine. The maximum sentence for filing false tax returns is three
years in prison and a $100,000 fine.

         The case is being prosecuted by Trial Attorneys William C. Athanas and
Malinda R. Lawrence of the Fraud Section, Criminal Division, U.S. Department of
Justice, along with Assistant U.S. Attorney James D. Ingram of the Northern
District of Alabama. The investigation is being handled by the Federal Bureau
of Investigation, the Federal Deposit Insurance Corporation's Office of
Inspector General, and the Internal Revenue Services' Criminal Investigation
Division.

         Members of the public are reminded that the indictment contains only
charges. A defendant is presumed innocent of the charges and it will be the
government's burden to prove a defendant's guilt beyond a reasonable doubt at
trial.