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Community Resource Mortgage Adds Top Executives and Enters Charlotte Market.

ORANGEBURG, S.C. -- Community Bankshares Inc. (AMEX:SCB)(CBI) and Community Resource Bank (CRB) announced that two mortgage executives of CP Mortgage in Charlotte NC have joined Community Resource Mortgage (CRM), a division of Community Resource Bank,.

Former Chief Executive Officer of CP Mortgage, George D. Rosario, joined CRB as Executive Vice President and Director of Sales for the mortgage division. He is a native of Puerto Rico and currently lives in Ridgeway, SC. He earned a BS in Business Administration from the University of South Carolina in 1976 and began his 30-year mortgage career at Cameron Brown Mortgage Company. In 1983, he moved to South Carolina Federal S&L and remained through subsequent mergers with First Union and Wachovia. Rosario retired as EVP and Director of Retail Lending in 2004 from Wachovia Mortgage. He was president of the Mortgage Bankers Association of Greater Columbia in 1985 and president of the Mortgage Bankers Association of the Carolinas in 1994. In 1987, he was awarded Young Mortgage Banker of the Year by the Mortgage Bankers Association of America and the Carolinas (MBAC).

Linley R. Miller, Jr., formerly President of CP Mortgage, heads up CRM's North Carolina Region as Senior Vice President and Regional Manager. Miller is a native of Concord, NC and graduated from Western Carolina University in 1972 with a BS in Business Administration. He extended his education with studies in Residential and Commercial Mortgage Lending, Residential and Commercial Appraisals, Industrial Real Estate, and Real Estate Law. His mortgage experience began in 1972 and includes successful positions at BancBoston Mortgage Corporation, Great Western Bank, and Chase Manhattan Mortgage before starting CP Mortgage, Inc. in Charlotte. Miller earned his Certified Mortgage Banker designation in 1988 and is a member of MBAC. He also served when appointed to the Charlotte Certified Development Corporation.

CRM has a long history as a mortgage provider in South Carolina's Upstate, Midlands, and Low Country. The Charlotte office will open in first quarter 2007.

Sissie Childress, President of CRM, said, "We are honored that both George and Lin are joining our company. Their experience and success in the mortgage business brings a new level of professionalism and knowledge to us that will benefit our team and the markets we serve. Opening our office in Charlotte is the realization of one of our goals - to continue growing into additional markets. CRM brings the experience and array of products that will demonstrate our ability to serve a wide variety of mortgage needs."

Community Bankshares, Inc.'s common stock is traded on the American Stock Exchange under the ticker symbol SCB. Community Bankshares Inc., based in Orangeburg, South Carolina, is the holding company for Community Resource Bank, N. A. and Community Resource Mortgage, Inc., with banking and mortgage locations in Orangeburg, Sumter, Florence, Blythewood, Ridgeway, and Winnsboro, SC as well as additional mortgage locations in Anderson, Mount Pleasant, and Charlotte, NC.

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, expansion of mortgage services marketing, improvement of mortgage services efficiency, 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 2005 annual report, which is available from the company without charge or from its website, www.communitybanksharesinc.com, for a more complete description of the company's business.
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Publication:Business Wire
Date:Feb 15, 2007
Words:627
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