Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
KINNEY KERRI C
  2. Issuer Name and Ticker or Trading Symbol
COMMUNITY BANCSHARES INC /DE/ [comb]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Chief Financial Officer
(Last)
(First)
(Middle)
P.O. BOX 1000
3. Date of Earliest Transaction (Month/Day/Year)
11/07/2006
(Street)

BLOUNTSVILLE, AL 35031
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 11/07/2006   D   500 D (1) 0 D  
Common Stock 11/07/2006   D   4,893 D (2) 0 I ESOP

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
2005 Options $ 6.81 11/07/2006   D     5,000 01/12/2005 01/11/2010 Common Stock 5,000 (3) 0 D  
2004 Options $ 5.35 11/07/2006   D     10,500 01/27/2004 01/26/2009 Common Stock 10,500 (4) 0 D  
2003 Options $ 7 11/07/2006   D     12,500 02/06/2003 02/05/2008 Common Stock 12,500 (5) 0 D  
2003 Options $ 7 11/07/2006   D     15,000 08/01/2003 07/31/2008 Common Stock 15,000 (6) 0 D  
2001 Options $ 10 11/07/2006   D     3,000 12/18/2001 12/17/2006 Common Stock 3,000 (7) 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
KINNEY KERRI C
P.O. BOX 1000
BLOUNTSVILLE, AL 35031
      Chief Financial Officer  

Signatures

 Kerri C. Kinney   11/07/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Disposed of pursuant to the merger agreement between the issuer and Superior Bancorp in exchanged for 448 shares of Superior common stock having a market value of $10.85 per share on the effective date of the merger plus a small amount of cash in lieu of a fractional share.
(2) Disposed of pursuant to the merger agreement between the issuer and Superior Bancorp in exchanged for 4,390 shares of Superior common stock having a market value of $10.85 per share on the effective date of the merger plus a small amount of cash in lieu of a fractional share.
(3) This option was cancelled in the merger in exchange for a cash payment of $18,450, representing the difference between the exercise price of the option and $10.50 per share.
(4) This option was cancelled in the merger in exchange for a cash payment of $54,075, representing the difference between the exercise price of the option and $10.50 per share.
(5) This option was cancelled in the merger in exchange for a cash payment of $43,750, representing the difference between the exercise price of the option and $10.50 per share.
(6) This option was cancelled in the merger in exchange for a cash payment of $52,500, representing the difference between the exercise price of the option and $10.50 per share.
(7) This option was cancelled in the merger in exchange for a cash payment of $1,500, representing the difference between the exercise price of the option and $10.50 per share.

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