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EXHIBIT 11 - STATEMENTS RE:  COMPUTATION OF PER SHARE EARNINGS


                           COMMUNITY BANCSHARES, INC.
                   COMPUTATION OF NET INCOME PER COMMON SHARE

The following tabulation presents the calculation of primary and fully diluted
earnings per common share for the years ended December 31, 1997, 1996 and 1995.

<TABLE>
<CAPTION>
                                                                              1997           1996          1995
                                                                          ----------      ----------     ----------
<S>                                                                       <C>             <C>            <C>           
Reported net income....................................................   $3,512,278      $3,458,986     $2,704,798    
                                                                          ==========      ==========     ========== 
                                                                                                                    
Earnings on common shares..............................................   $3,512,278      $3,458,986     $2,704,798 
                                                                          ==========      ==========     ========== 
                                                                                                                    
Weighted average common shares outstanding - basic.....................    1,903,616       1,863,753      1,667,945 
                                                                          ==========       =========     ========== 
                                                                                                                    
Earnings per common share - basic                                                                                    
  Income from continuing operations....................................   $     1.85      $     1.86     $     1.62 
                                                                          ==========      ==========     ========== 
                                                                                                                    
  Net income............................................................  $     1.85      $     1.86     $     1.62 
                                                                          ==========      ==========     ========== 
                                                                                                                    
Weighted average common shares outstanding - diluted....................   2,038,992       1,960,940      1,667,945 
                                                                          ==========      ==========     ========== 
                                                                                                                    
Earnings per common share - diluted                                                                                  
  Income from continuing operations.....................................  $     1.72      $     1.76     $     1.62 
                                                                          ==========      ==========     ========== 
                                                                                                                    
  Net income............................................................  $     1.72      $     1.76     $     1.62 
                                                                          ==========      ==========     ========== 
</TABLE>