Community Bankshares Inc. -SC- Announces Second Quarter 2002 Cash Dividend.

Business Editors

ORANGEBURG, S.C.--(BUSINESS WIRE)--May 10, 2002

Community Bankshares Inc., (AMEX:SCB), announced that its Board of Directors has declared a quarterly cash dividend of $.08 per share, payable June 29, 2002 to shareholders of record June 14, 2002.

Chairman and CEO E. J. Ayers stated, "CBI has always believed in a safe, consistent dividend policy based on a review of our earnings, capital and other factors. Total cash dividends for the first half of this year are $.16 per share, a 14.3% increase over the $.14 cents paid for the same period in 2001."

Community Bankshares Inc. recently announced consolidated net income of $1,125,000 or $.34 per share for the quarter ended March 31, 2002 compared to $901,000 or $.28 per share for the quarter ended March 31, 2001, an increase of $224,000 or 24.9%.

At March 31, 2002 consolidated assets for CBI totaled $332 million compared to $280 million at March 31, 2001, an increase of $52 million or 18.6%.

Community Bankshares Inc. also recently announced that its shareholders had approved the acquisition of Ridgeway Bancshares, the parent company of the Bank of Ridgeway. This transaction is expected to be completed July 1, 2002.

Community Bankshares has a dividend reinvestment and additional stock purchase plan. Information on the plan may be obtained from Registrar and Transfer Company, the plan administrator, at 800-368-5948.

Community Bankshares Inc. is based in Orangeburg, South Carolina. It is the parent company of three South Carolina commercial banks, Orangeburg National Bank, Sumter National Bank and Florence National Bank, and a mortgage company, Community Resource Mortgage Inc. The company serves primarily consumers and small to medium sized business customers in the central and northeastern sections of South Carolina. Community Bankshares' common stock is traded on the American Stock Exchange under the ticker symbol SCB.

This press release contains forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainties, and several factors could cause actual results to differ materially from those in the forward-looking statements. Forward-looking statements relate to anticipated revenues, gross margins, earnings, and growth of the market for our services and products. The following factors, among others, could cause actual results to differ from those indicated in the forward-looking statements: uncertainties associated with market acceptance of and demand for the company's services and products, impact of competitive products and pricing, dependence on third party suppliers, and uncertainties associated with the development of technology. Investors are directed to the company's 2001 annual report, which is available from the company without charge for a more complete description of the company's business.