<PAGE>   1

================================================================================

                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                            Washington, D. C. 20549

                                 FORM 10-K/A
                              [AMENDMENT NO. 1]
                                     
(Mark One)

     [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

                  For the fiscal year ended December 31, 1996

                                       OR
     [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
         SECURITIES AND EXCHANGE COMMISSION

   For the transition period from __________________ to ____________________

                         Commission File Number 1-10633

                                CFX CORPORATION
             (Exact name of registrant as specified in its charter)

                     NEW HAMPSHIRE                        02-0402421
            (State or other jurisdiction of            (I.R.S. Employer
            incorporation or organization)            Identification No.)

                  102 MAIN STREET
               KEENE, NEW HAMPSHIRE                          03431
       (Address of principal executive offices)            (Zip Code)

Registrant's telephone number, including area code       (603) 352-2502

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

          Securities registered pursuant to Section 12(b) of the Act:

    COMMON STOCK, $.66 2/3 PAR VALUE, LISTED ON THE AMERICAN STOCK EXCHANGE

         Securities registered pursuant to Section 12(g) of the Act:       NONE

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
                                          YES  X  NO
                                              ---    ---

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to
this Form 10-K. [X]

The aggregate market value of the voting stock held by non-affiliates of the
registrant, based on the closing price on March 17, 1997, was $212,331,000.
Although directors and executive officers of the registrant were assumed to be
"affiliates" of the registrant for the purposes of this calculation, this
classification is not to be interpreted as an admission of such status.

As of March 17, 1997, 13,045,157 shares of the registrant's common stock were
issued and outstanding.


                      DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Annual Report to Shareholders for the fiscal year ended
December 31, 1996 are incorporated by reference into Part II and Part IV of
this Form 10-K.

================================================================================

<PAGE>   2
        This Form 10-K/A is being filed to provide the information required by
Part III of Form 10-K.


                                    PART III


ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

The directors and executive officers of the Company are:

<TABLE>
<CAPTION>
   Name                           Age      Position
   ----                           ---      --------
<S>                               <C>      <C>
Richard F. Astrella               54       Director; President of Orange Savings Bank

William E. Aubuchon, III          52       Director

Richard B. Baybutt                68       Director

Peter J. Baxter                   45       Director; President and Chief Executive Officer of CFX Corporation and CFX Bank

Christopher V. Bean               47       Director; Secretary of CFX Corporation

Christopher W. Bramley            55       Director; President and Chief Executive Officer of Safety Fund National Bank

P. Kevin Condron                  51       Director

Calvin L. Frink                   74       Director

Eugene E. Gaffey                  72       Director and Chairman of the Boards of CFX Corporation and CFX Bank

Mark A. Gavin                     35       Executive Vice President and Chief Operating Officer of CFX Corporation

David R. Grenon                   57       Director

Elizabeth Sears Hager             52       Director

Douglas S. Hatfield, Jr.          61       Director

Philip A. Mason                   54       Director

Walter R. Peterson                74       Director

Stephen R. Shirley                50       Senior Vice President and Senior Trust Officer of CFX Corporation; Senior Vice President
                                           and Trust Officer of Safety Fund National Bank
</TABLE>





                                    - 1 -
<PAGE>   3
<TABLE>
<S>                               <C>      <C>
L. William Slanetz                68       Director

Gregg R. Tewksbury                32       Chief Financial Officer of CFX Corporation
</TABLE>



DIRECTORS

        RICHARD ASTRELLA has been a Director since 1995; his term expires in
1999.  Mr. Astrella has been President of Orange Savings Bank since December 26,
1996.

        WILLIAM E. AUBUCHON, III has been a Director since 1996; his term
expires in 1998.  Mr. Aubuchon is Chairman of the Board and Chief Executive
Officer of W.E. Aubuchon Company.

        RICHARD B. BAYBUTT has been a Director since 1977; his term expires in
1998.  Mr. Baybutt is Chairman of the Board of Baybutt Construction Corp.

        PETER J. BAXTER has been a Director since 1988; his term expires in 1997
and he has been nominated for an additional three-year term that expires in
2000.  Mr. Baxter has been the President and Chief Executive Officer of CFX
Corporation since January 1, 1989 and the President and Chief Executive Officer
of CFX Bank since April 1, 1992.

        CHRISTOPHER V. BEAN has been a Director since 1988; his term expires in
1998.  Mr. Bean is the Secretary of CFX Corporation and is an attorney with Bean
Law Offices.

        CHRISTOPHER W. BRAMLEY has been a Director since 1996; his term expires
in 1997 and he has been nominated for an additional three-year term that expires
in 2000.  Mr. Bramley has been President and Chief Executive Officer of Safety
Fund National Bank since 1994.  Previously, he was Executive Vice President of
Shawmut Bank, N.A. between 1986 and 1994.

        P. KEVIN CONDRON has been a Director since 1996; his term expires in
1999.  Mr. Condron is President of Central Supply Company, Inc., a wholesale
plumbing and heating company.

        CALVIN L. FRINK has been a Director since 1972; his term expires in 1997
and he has been nominated for an additional three-year term that expires in
2000.  Mr. Frink is retired.

        EUGENE E. GAFFEY has been a Director since 1972; his term expires in
1999.  Mr. Gaffey is Chairman of the Boards of CFX Corporation and CFX Bank and
is a retired Justice of the Hinsdale Municipal Court.

        DAVID R. GRENON has been a Director since 1996; his term expires in
1999.  Mr. Grenon is Chairman of the Advisory Board and the Assistant Clerk of
Protector Group Insurance Agency, Inc. and a Director of Commerce Group, Inc.,
Commerce Holdings, Inc., and Commerce Insurance Company of Webster,
Massachusetts.

        ELIZABETH SEARS HAGER has been a Director since 1994; her term expires
in 1998.  Ms. Hager is Executive Director of the United Way of Merrimack County
and is a New Hampshire State Representative.  She also is a Director of Chubb
America Fund, Inc. and Chubb Investment Funds, Inc., both subsidiaries of Chubb
Corp.





                                    - 2 -
<PAGE>   4
        DOUGLAS S. HATFIELD, JR. has been a Director since 1990; his term
expires in 1997 and he has been nominated for an additional three-year term that
expires in 2000.  Mr. Hatfield is President and Treasurer of Hatfield, Moran &
Barry, P.A., attorneys at law.

        PHILIP A. MASON has been a Director since 1988; his term expires in 1997
and he has been nominated for an additional three-year term that expires in
2000.  Mr. Mason is a Partner at Mason & Martin, LLP, attorneys at law.

        WALTER R. PETERSON has been a Director since 1988; his term expires in
1999.  Mr. Peterson is President Emeritus of Franklin Pierce College and a
Trustee of the University of New Hampshire.

        L. WILLIAM SLANETZ has been a Director since 1968; his term expires in
1998.  Mr. Slanetz is the owner of Cheshire Realty.

OTHER EXECUTIVE OFFICERS

        MARK A. GAVIN has been the Executive Vice President and Chief Operating
Officer of CFX Corporation since February 17, 1997 and previously served as
Chief Financial Officer from March 2, 1992 until February 17, 1997.

        STEPHEN R. SHIRLEY has been a Senior Vice President and Senior Trust
Officer of CFX Corporation since 1996 and has been a Senior Vice President and
Trust Officer of Safety Fund National Bank since June 1, 1994. Previously, he
was Senior Vice President (Personal Trust Division) of Shawmut Bank Connecticut,
N.A. and its predecessors between 1985 and 1994.

        GREGG R. TEWKSBURY has been the Chief Financial Officer of CFX
Corporation since February 17, 1997 and previously served as Controller of CFX
Corporation from March 2, 1992 until February 17, 1997.

        COMPLIANCE WITH SECTION 16(a) OF THE SECURITIES EXCHANGE ACT OF 1934. 
Section 16(a) of the Securities Exchange Act of 1934 requires CFX's officers and
directors to file reports of ownership and changes in ownership with the SEC and
with the American Stock Exchange.  Officers and directors are required by SEC
regulation to furnish CFX with copies of all Section 16(a) forms they file.
Based on review of the copies of such forms furnished to CFX and written
representations that no additional forms were required, CFX believes all of its
officers and directors complied with the Section 16(a) filing requirements
applicable to them in 1996.


ITEM 11.  EXECUTIVE COMPENSATION

        The following table sets forth cash compensation for CFX's chief
executive officer and other executive officers of CFX whose total compensation
exceeded $100,000 for services rendered in all capacities to CFX and its
subsidiaries during the last three fiscal years (the "Named Executive
Officers"):
<TABLE>
<CAPTION>
                                                                                Long Term
                                                 Annual Compensation(1)        Compensation
                                                 -------------------           ------------

                                                                          Options       All Other
      Name and Principal Position         Year      Salary    Bonus(2)      SARs     Compensation(3)
      ---------------------------         ----      ------    -----         ----     ------------   
 <S>                                      <C>      <C>         <C>         <C>            <C>
 PETER J. BAXTER                          1996     $256,298    $64,075     7,350          $9,166
 President and Chief Executive            1995      231,808     22,195     30,870         8,999
 Officer, CFX Corporation                 1994      193,000      --        22,903         9,079
</TABLE>





                                    - 3 -
<PAGE>   5
<TABLE>
 <S>                                      <C>       <C>        <C>         <C>            <C>
 PAUL D. SPIESS(4)                        1996      159,610    40,000       4,725         9,166
 Executive Vice President,                1995      156,704    19,630      22,050         9,017
 CFX Corporation                          1994      145,600    11,486      28,793         8,734

 MARK A. GAVIN(5)                         1996      129,471    32,500       4,725         7,768
 Executive Vice President and             1995      106,202    13,325      22,050         6,591
 Chief Operating Officer,                 1994       90,000     7,100      21,875         4,499
 CFX Corporation

 CHRISTOPHER W. BRAMLEY(6)                1996      117,593    58,402      18,112         4,750
 President and Chief Executive
 Officer, Safety Fund National
 Bank
</TABLE>

--------------------------
(1)   None of the named executive officers received perquisites and other
      personal benefits, securities, or property which, in the aggregate, cost
      CFX the lesser of $50,000 or 10% of the named executive officer's salary
      and bonus in the fiscal year noted, with the exception of Mr. Bramley.
      Mr. Bramley received other annual compensation in the amount of $33,256,
      of which $15,000 was paid to a rabbi trust on his behalf.

(2)   Includes bonus awards earned for performance in the fiscal year noted
      even though such amounts may be paid in subsequent years.

(3)   Includes contributions by CFX to the 401(k) savings plan, where CFX makes
      a matching contribution of between one-third and one-half of the amount
      contributed by each participating employee, up to 6% of the employee's
      yearly salary.  The 401(k) savings plan also allows for supplementary
      profit sharing by CFX in its discretion for the benefit of participating
      employees.

(4)   Mr. Spiess served as Executive Vice President and Chief Operating Officer
      until February 14, 1997.

(5)   Mr. Gavin has served as Executive Vice President and Chief Operating
      Officer since February 17, 1997 and previously served as Chief Financial
      Officer from March 2, 1992 until February 17, 1997.

(6)   CFX acquired Safety Fund National Bank on July 1, 1996.  The table
      includes compensation paid from the date of acquisition.


      The following table sets forth certain information concerning options
granted to the Named Executive Officers during 1996:





                                    - 4 -
<PAGE>   6


<TABLE>
<CAPTION>
                                                                                                        
                                                                                                         POTENTIAL REALIZABLE  
                                     INDIVIDUAL GRANTS                                                  VALUE AT ASSUMED ANNUAL
---------------------------------------------------------------------------------------------------       RATES OF STOCK PRICE
                        NUMBER OF         % OF TOTAL           EXERCISE                                     APPRECIATION FOR
                        SECURITIES     OPTIONS GRANTED         OR BASE                                        OPTION TERM     
                        UNDERLYING       EMPLOYEES IN           PRICE              EXPIRATION       ------------------------------
NAME                 OPTIONS GRANTED     FISCAL YEAR          ($/SHARE)               DATE             5%($)              10%($)
----                 ---------------     -----------          ---------               ----            ------              ------ 
<S>                      <C>                <C>                 <C>                  <C>              <C>                <C>
Peter J. Baxter          7,350              9.37%               $14.29               11/04/06         $66,054            $167,393
Paul D. Spiess           4,725              6.02%                14.29               11/04/06          42,463             107,610
Mark A. Gavin            4,725              6.02%                14.29               11/04/06          42,463             107,610
Christopher Bramley      4,725              6.02%                14.29               11/04/06          42,463             107,610
</TABLE>


         The following table sets forth certain information with respect to
stock options exercised during 1996 and outstanding stock options held by the
Named Executive Officers as of December 31, 1996:


<TABLE>
<CAPTION>
                                                                                                              VALUE OF
                                                                                                             UNEXERCISED
                                                                                                            IN-THE-MONEY
                                  SHARES                                                                     OPTIONS AT
                                 ACQUIRED                        NUMBER OF UNEXERCISED OPTIONS             FISCAL YEAR-END
                                    ON             VALUE              AT FISCAL YEAR-END                    EXERCISABLE/
   NAME                          EXERCISE         REALIZED         EXERCISABLE/UNEXERCISABLE                UNEXERCISABLE
   ----                          --------         --------         -------------------------                -------------
<S>                               <C>               <C>                     <C>                               <C>
Peter J. Baxter                    5,250            $27,101                 109,706/351                       $554,037/$425
Paul D. Spiess                       --               --                     60,882/0                          253,497/0
Mark A. Gavin                        --               --                     69,439/0                          313,556/0
Christopher Bramley               26,775            250,748                  18,112/0                           37,044/0
</TABLE>


        DIRECTOR COMPENSATION.  During 1996, each of CFX's non-employee
directors received an annual retainer of $10,000 ($15,000 for the chairman) and
received $500 per Board meeting attended and $400 per Committee meeting
attended.  Messrs. Astrella, Baxter and Bramley were not compensated separately
as directors of CFX.  Directors who are also directors, trustees or other
non-officer directors of CFX's subsidiaries were additionally compensated by
such subsidiaries and received $400 per subsidiary Board meeting and $300 per
subsidiary committee meeting.  For 1997, CFX increased its Board and committee
fees as follows: $11,000 annual retainer ($16,500 for the chairman), $600 per
CFX Board meeting, $500 per Committee meeting, $500 per subsidiary Board meeting
and $400 per subsidiary committee meeting.

        EMPLOYMENT ARRANGEMENTS.  CFX has entered into an employment agreement
with Mr. Baxter.  The term of the agreement is for three years and is extended
for an additional year each year unless either party elects to limit the
agreement to its then existing term.  During the term of the agreement, Mr.
Baxter is to be employed as President of CFX.  The agreement provides for a base
salary of not less than $135,000, provided that, in the event such base salary
is increased, the base salary will not be decreased thereafter during the term
of the agreement.  Under the agreement, Mr. Baxter will be entitled to
participate in compensation and employee benefit plans adopted for executive
employees generally.  The agreement also contains a prohibition against
competition with CFX or its subsidiary in New Hampshire for a period of two
years upon termination. In the event of a change of control followed by either a
termination of employment or a change in authority, the agreement provides for
lump sum or periodic payments to Mr. Baxter equal to an amount such that the
present





                                    - 5 -
<PAGE>   7
value of all such payments equals 2.99 times the average annual compensation
received during the five-year period prior to the change in control and change
in authority.  At December 31, 1996, this equates to an aggregate total payment
of $655,210.  CFX also entered into change of control agreements with Messrs.
Spiess and Gavin.  Mr. Spiess resigned from CFX effective February 14, 1997.
Mr. Gavin's change of control agreement is 1.5 times the average annual
compensation of the past five years.  At December 31, 1996, this equates to an
aggregate total payment of $158,223.

        CFX assumed two employment agreements in connection with its acquisition
of The Safety Fund Corporation ("Safety Fund") and its subsidiary bank, Safety
Fund National Bank ("SFNB").  Effective February 1 and June 1, 1994, Safety Fund
entered into employment agreements with Messrs. Bramley and Shirley,
respectively.  The term of Mr. Bramley's agreement is for one year and is
automatically extended one day for each day that he remains employed by Safety
Fund. During the term of the agreement, Mr. Bramley is to be employed as
President and Chief Executive Officer of Safety Fund.  The agreement provides
for a base salary of not less than $200,000, provided that, in the event such
base salary is increased, the base salary will not be decreased thereafter
during the term of the agreement (other than concurrent reductions based on
Safety Fund's performance affecting all senior management).  Under the
agreement, Mr. Bramley will be entitled to participate in compensation or
employee benefit plans adopted for executive employees generally, including the
grant of stock options.  In the event of termination, due to a material breach
of his agreement by Safety Fund, termination without cause or failure of the
Safety Fund Board to re-elect Mr. Bramley to his present positions, Mr. Bramley
will receive an amount equal to his annual salary for one year and upon
termination due to a change in control a lump sum in the amount of $400,000. Mr.
Shirley's agreement entitles him to annual base salary of $95,000.  In the event
of a change in control, Safety Fund will pay an amount equal to Mr. Shirley's
annual base salary, in effect at the time, for a period of one year. The
Acquisitions will not result in an event of change in control under either
agreement at the time they are consummated.

        COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION. The members
of the Compensation Committee and other directors, trustees and executive
officers of CFX and its subsidiaries are at present, as in the past, customers
of CFX's subsidiaries and have transactions with CFX's subsidiaries in the
ordinary course of business. In addition, such persons are at present also
owners or officers of corporations and business trusts, or are members of
partnerships that are customers of CFX's subsidiaries and which have
transactions, including loans, with CFX's subsidiaries in the ordinary course of
business.  Such loans and transactions are on substantially the same terms,
including interest rates and collateral, as those prevailing at the time for
comparable transactions with others and do not involve more than the normal risk
of collectability or present other unfavorable features.  CFX's subsidiaries
expect, in the future, to have banking transactions in the ordinary course of
business with executive officers, trustees and directors of CFX and its
subsidiaries and their associates, on substantially the same terms, including
interest rates and collateral on loans, as those prevailing at the same time for
comparable transactions with unaffiliated persons.  All the foregoing
transactions with management were on substantially the same terms as would have
been negotiated with unaffiliated parties.

        Messrs. Aubuchon, Bean, Frink, Gaffey (ex officio) and Hatfield and Ms.
Hager served on the Compensation Committee of the Board for the past fiscal
year.  Mr. Baxter served as a member of the Compensation Committee until January
1996.  Each December, CFX's Board of Directors as a whole determines the amount
in which CFX's Profit Sharing/Bonus Plan ("Incentive Compensation Plan") should
be funded for the just concluded fiscal year.  However, the Compensation
Committee alone exercises discretion in allocating the Incentive Compensation
Plan among CFX's officers.  Mr. Baxter participated in deliberations concerning
the appropriate amount of funding for the Incentive Compensation Plan in 1996.

        CFX and its subsidiaries obtained legal services during 1996 from the
Bean Law Offices with which Christopher V. Bean, a director of CFX, is
associated.  Direct payments of $18,146 were made to the Bean Law Offices for
legal services and expenses in 1996.  In addition, CFX Bank and CFX Mortgage,
Inc. together collected $47,143 from its customers that was paid to the Bean Law
Offices for legal work performed in





                                    - 6 -
<PAGE>   8
connection with real estate mortgage and collection matters and as
reimbursement for transaction costs such as recording fees, filing fees and
other miscellaneous expenses.  CFX and its subsidiaries expect to obtain legal
services from the Bean Law Offices in the future.  Prior to establishing Bean
Law Offices on March 1, 1996, Bean was associated with the law firm of Tower,
Bean & Crocker.  From January 1, 1996 through March 1, 1996, CFX Bank and CFX
Mortgage paid $26,008 to Tower, Bean & Crocker.

        Richard B. Baybutt, a director of CFX and a trustee of CFX Bank, is the
Chairman of Baybutt Construction Corp.  In 1996, Baybutt Construction Corp.
performed construction improvement projects on a number of the properties owned
or leased by CFX Bank and Orange Savings Bank.  The total cost of the work
performed was $734,264.

        RETIREMENT PLAN.  Employees of CFX and its subsidiaries (other than
employees of Orange Savings Bank) are entitled to participate in the CFX
Corporation Retirement Plan (the "Retirement Plan") after attaining the age of
twenty-one and completing one year of service.  Under the Retirement Plan, CFX
makes periodic contributions computed on an actuarial basis for the benefit of
eligible employees.

        The Retirement Plan provides for monthly benefits to, or on behalf of,
each covered employee upon retirement following 100% vesting, which occurs on
the earlier of the employee's sixty-fifth birthday or completion of five years
of employment with a minimum of 1,000 hours worked in each year. The Retirement
Plan includes provisions for, among other things, disability benefits, death
benefits, early retirement benefits and deferred retirement benefits.  The
amount of an employee's benefit is derived from a formula based on years of
service and regular salary.

        The following table indicates the annual retirement benefit that would
be payable under the plan upon retirement at age 65 to a participant electing to
receive his retirement benefit in the standard form of benefit (10 Year Certain
and Continuous), assuming various specified levels of plan compensation and
various specified years of credited service:


                                YEARS OF SERVICE

<TABLE>
<CAPTION>
      FINAL
   COMPENSATION             10                  15               20            25                 30    
   ------------          ----------          ---------        ---------     ---------          ---------
     <S>                  <C>                 <C>              <C>           <C>                <C>
     $ 60,000             $ 7,500             $11,300          $15,100       $18,800            $22,600

       80,000              10,600              15,800           21,100        26,300             31,600

      100,000              13,500              20,300           27,100        33,800             40,600

      120,000              16,500              24,800           33,100        41,300             49,600

      140,000              19,500              29,300           39,100        48,800             58,600

      160,000              22,500              33,800           45,100        56,300             67,600
</TABLE>

        The various amounts shown above were calculated for an employee
attaining age 65 and retiring on January 1, 1997.  Salary increases were assumed
to have been 5.0% annually.  Benefits are shown in the form of a life annuity. 
Messrs. Baxter, Spiess, Gavin and Bramley have nine, three, seven and three
years of service under the Retirement Plan, respectively.


ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT


SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS





                                    - 7 -
<PAGE>   9
        As of December 31, 1996, there were no known beneficial owners of five
percent or more of the Company's Common Stock.

SECURITY OWNERSHIP OF MANAGEMENT

        Beneficial ownership of the Company's Common Stock by Directors and
the Named Executive officers, and all current officers and Directors as a
group, is set forth below:

<TABLE>
<CAPTION>
                                           Shares of CFX Common Stock                Percent (if more
Name of Beneficial Owner                   Owned as of December 31, 1996(1)          than 1 percent)
------------------------                   -----------------------------             ---------------
<S>                                              <C>                                      <C>
Richard F. Astrella                               69,107
William E. Aubuchon, III                          21,183
Richard B. Baybutt                                89,980
Peter J. Baxter                                  128,129
Christopher V. Bean                               35,099
Christopher W. Bramley                            49,637
P. Kevin Condron                                  29,423
Calvin L. Frink                                   23,815
Eugene E. Gaffey                                  22,483
Mark A. Gavin                                     77,202
David R. Grenon                                   61,588
Elizabeth Sears Hager                             15,065
Douglas S. Hatfield, Jr.                          47,982
Philip A. Mason                                   15,336
Walter R. Peterson                                89,834
Stephen R. Shirley                                19,739
L. William Slanetz                                32,244
Gregg R. Tewksbury                                10,253


All Directors and executive officers             838,099                                  6.46%
  as a group (18 persons)
</TABLE>


  (1)    Shares of CFX beneficially owned.  The number of shares shown
         includes, but is not limited to, shares of CFX Common Stock that could
         be acquired within 60 days pursuant to the exercise of stock options,
         the power to revoke a trust or similar arrangement: for Mr. Baybutt,
         27,783 shares held by Baybutt Construction Corp. and 15,627 shares
         owned by the Baybutt Construction Corp. Profit Sharing Trust; for Mr.
         Hatfield, 14,439 shares held by the Douglas S. Hatfield Trust, 1,000
         shares held by the Douglas and Judith Hatfield Charitable Unitrust and
         shares held by an Individual Retirement Account ("IRA"); for Messrs.
         Aubuchon, Condron, Peterson and Slanetz, 936 shares, 1,452 shares,
         1,100 shares and 7,656 shares, respectively, held by close relatives,
         that such individuals have neither investment power nor voting power
         and with respect to which they disclaim beneficial ownership; for
         Messrs. Astrella, Aubuchon, Baxter, Baybutt, Bean, Bramley, Condron,
         Frink, Gaffey, Gavin, Grenon and Ms. Hager and Messrs. Hatfield,
         Mason, Peterson, Shirley, Slanetz, Spiess and Tewksbury, 48,337
         shares, 3,150 shares, 110,057 shares, 14,883 shares, 14,883 shares,
         1,842 shares, 18,112 shares, 14,884 shares, 36,250 shares, 69,439
         shares, 3,150 shares, 14,883 shares, 14,883 shares, 14,883 shares,
         14,883 shares, 11,151 shares, 14,883 shares, 60,882 shares and 9,751
         shares, respectively, subject to stock options granted under CFX (or
         predecessor company) stock option plans, and to which such individuals
         disclaim beneficial ownership. Includes shares as to which voting or
         investment power is shared with the individual's spouse.





                                    - 8 -
<PAGE>   10
  ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

        See Item 11, "Compensation Committee Interlocks and Insider
Participation" for a discussion of certain business relationships and
transactions involving the Company, certain of its subsidiaries and certain
Directors of the Company.





                                    - 9 -
<PAGE>   11



                                   SIGNATURES


        Pursuant to the requirements of Section 13 or 15 (d) 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.

                                         CFX CORPORATION


Date: April 29, 1997                     By:     /s/ PETER J. BAXTER
                                                 -------------------
                                                 Peter J. Baxter, President

        Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.

<TABLE>
<CAPTION>
           Name                                    Title                              Date
           ----                                    -----                              ----

<S>                                             <C>                                  <C>
                                                 Director                             April 29, 1997
------------------------------------
Richard F. Astrella

/s/ WILLIAM E. AUBUCHON, III                     Director                             April 29, 1997
------------------------------------
William E. Aubuchon, III

                                                 Director                             April 29, 1997
------------------------------------
Richard B. Baybutt

/s/ PETER J. BAXTER                              President and Director               April 29, 1997
------------------------------------             (Principal Executive Officer)
Peter J. Baxter

/s/ CHRISTOPHER V. BEAN                          Director                             April 29, 1997
------------------------------------
Christopher V. Bean

/s/ CHRISTOPHER W. BRAMLEY                       Director                             April 29, 1997
------------------------------------
Christopher W. Bramley

/s/ P. KEVIN CONDRON                             Director                             April 29, 1997
------------------------------------
P. Kevin Condron

/s/ CALVIN L. FRINK                              Director                             April 29, 1997
------------------------------------
Calvin L. Frink

/s/ EUGENE E. GAFFEY                             Director                             April 29, 1997
------------------------------------
Eugene E. Gaffey

                                                 Director                             April 29, 1997
------------------------------------
David R. Grenon

/s/ ELIZABETH SEARS HAGER                        Director                             April 29, 1997
------------------------------------
Elizabeth Sears Hager

                                                 Director                             April 29, 1997
------------------------------------
Douglas S. Hatfield, Jr.

                                                 Director                             April 29, 1997
------------------------------------
Philip A. Mason

/s/ WALTER R. PETERSON                           Director                             April 29, 1997
------------------------------------
Walter R. Peterson

/s/ L. WILLIAM SLANETZ                           Director                             April 29, 1997
------------------------------------
L. William Slanetz

/s/ MARK A. GAVIN                                Chief Operating Officer              April 29, 1997
------------------------------------             (Principal Operating Officer)
Mark A. Gavin

/s/ GREGG R. TEWKSBURY                           Chief Financial Officer              April 29, 1997
------------------------------------             (Principal Financial and
Gregg R. Tewksbury                                 Accounting Officer)

</TABLE>

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