UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
SCHEDULE
13D
Under
the Securities Exchange Act of 1934
Community
Bancshares Inc.
(Name
of
Issuer)
Common
Stock, $0.10 Par Value Per Share
(Title
of
Class of Securities)
20343H-10-6
(CUSIP
Number)
John
Wilson Spence, III
Financial
Junk, LLC
General
Partner
Spence
Limited, L.P.
P.O.
Box
505
Blakely,
Georgia 39823
(615)
383-2654
(Name,
Address and Telephone Number of Person
Authorized
to Receive Notices and Communications)
Copy
to:
Tracy
A.
Powell, Esq.
Sherrard
& Roe, PLC
424
Church Street, Suite 2000
Nashville,
Tennessee 37219
May
19,
2006
(Date
of
Event Which Requires
Filing
of
This Statement)
If
the
filing person has previously filed a statement on Schedule 13G to report
the
acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box:
Note:
Schedules filed in paper format shall include a signed original and five
copies
of the schedule, including all exhibits. See §240.13d-7 for other parties to
whom copies are to be sent.
*The
remainder of this cover page shall be filled out for a reporting person’s
initial filing on this form with respect to the subject class of securities,
and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
(Continued
on following pages)
CUSIP
No.
20343H-10-6
______________________________________________________________________________________________________
1. Name
of
Reporting Person and I.R.S. Identification Number
Spence
Limited, L.P.
_______________________________________________________________________________________________________
2. Check
the
Appropriate Row if a member of a Group (See Instructions)
(a)
(b)
N/A
_______________________________________________________________________________________________________
3. SEC
Use
Only
_______________________________________________________________________________________________________
4. Source
of
Funds
N/A
_______________________________________________________________________________________________________
5. Check
if
Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or
2(e)
N/A
_______________________________________________________________________________________________________
6. Citizenship
or Place of Organization
Georgia
_______________________________________________________________________________________________________
|
Number
of
shares
Beneficially
by
Owned
by
Each
Reporting
Person
with:
|
7.
Sole
Voting
Power: 0
_____________________________________________
8.
Shared
Voting
Power:
589,968
_____________________________________________
9.
Sole
Dispositive
Power: 0
_____________________________________________
10.
Shared
Dispositive
Power:
589,968
_____________________________________________
|
______________________________________________________________________________________________________
11. Aggregate
Amount Beneficially Owned By Each Reporting Person
589,968
______________________________________________________________________________________________________
12. Check
if
the Aggregate Amount in Row (11) Excludes Certain Shares
N/A
_____________________________________________________________________________________________________
13. Percent
of Class Represented by Amount in Row (11)
6.8%
_____________________________________________________________________________________________________
14. Type
of
Reporting Person
PN
_____________________________________________________________________________________________________
CUSIP
No.
20343H-10-6
____________________________________________________________________________________________________
1. Name
of
Reporting Person and I.R.S. Identification Number
Financial
Junk, LLC
____________________________________________________________________________________________________
2. Check
the
Appropriate Row if a member of a Group (See Instructions)
(a)
(b)
N/A
____________________________________________________________________________________________________
3. SEC
Use
Only
____________________________________________________________________________________________________
4. Source
of
Funds
N/A
____________________________________________________________________________________________________
5. Check
if
Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or
2(e)
N/A
____________________________________________________________________________________________________
6. Citizenship
or Place of Organization
Georgia
____________________________________________________________________________________________________
|
Number
of
shares
Beneficially
by
Owned
by
Each
Reporting
Person
with:
|
7.
Sole
Voting
Power:
0
______________________________________________
8.
Shared
Voting
Power:
589,968
______________________________________________
9.
Sole
Dispositive
Power:
0
______________________________________________
10. Shared
Dispositive Power: 589,968
______________________________________________
|
_________________________________________________________________________________________________
11. Aggregate
Amount Beneficially Owned By Each Reporting Person
589,968
_________________________________________________________________________________________________
12. Check
if
the Aggregate Amount in Row (11) Excludes Certain Shares
N/A
_________________________________________________________________________________________________
13. Percent
of Class Represented by Amount in Row (11)
6.8%
_________________________________________________________________________________________________
14. Type
of
Reporting Person
OO
_________________________________________________________________________________________________
CUSIP
No.
20343H-10-6
_________________________________________________________________________________________________
1. Name
of
Reporting Person and I.R.S. Identification Number
John
W.
Spence, III
_________________________________________________________________________________________________
2. Check
the
Appropriate Row if a member of a Group (See Instructions)
(a)
(b)
N/A
_________________________________________________________________________________________________
3. SEC
Use
Only
_________________________________________________________________________________________________
4. Source
of
Funds
N/A
_________________________________________________________________________________________________
5. Check
if
Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or
2(e)
N/A
_________________________________________________________________________________________________
6. Citizenship
or Place of Organization
United
States
_________________________________________________________________________________________________
|
Number
of
shares
Beneficially
by
Owned
by
Each
Reporting
Person
with:
|
7.
Sole
Voting
Power:
0
______________________________________________
8.
Shared
Voting
Power: 589,968
______________________________________________
9.
Sole
Dispositive
Power:
0
______________________________________________
10.
Shared
Dispositive Power: 589,968
______________________________________________
|
_______________________________________________________________________________________________
11. Aggregate
Amount Beneficially Owned By Each Reporting Person
589,968
_______________________________________________________________________________________________
12. Check
if
the Aggregate Amount in Row (11) Excludes Certain Shares
N/A
_______________________________________________________________________________________________
13. Percent
of Class Represented by Amount in Row (11)
6.8%
_______________________________________________________________________________________________
14. Type
of
Reporting Person
IN
_______________________________________________________________________________________________
CUSIP
No.
20343H-10-6
________________________________________________________________________________________________
1. Name
of
Reporting Person and I.R.S. Identification Number
Gerald
J.
Bruner
________________________________________________________________________________________________
2. Check
the
Appropriate Row if a member of a Group (See Instructions)
(a)
(b)
N/A
________________________________________________________________________________________________
3. SEC
Use
Only
________________________________________________________________________________________________
4. Source
of
Funds
N/A
________________________________________________________________________________________________
5. Check
if
Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or
2(e)
N/A
________________________________________________________________________________________________
6. Citizenship
or Place of Organization
United
States
________________________________________________________________________________________________
|
Number
of
shares
Beneficially
by
Owned
by
Each
Reporting
Person
with:
|
7.
Sole
Voting
Power:
0
______________________________________________
8.
Shared
Voting
Power:
589,968
______________________________________________
9. Sole
Dispositive
Power:
0
______________________________________________
10.
Shared
Dispositive Power: 589,968
______________________________________________
|
_______________________________________________________________________________________________
11. Aggregate
Amount Beneficially Owned By Each Reporting Person
589,968
_______________________________________________________________________________________________
12. Check
if
the Aggregate Amount in Row (11) Excludes Certain Shares
N/A
_______________________________________________________________________________________________
13. Percent
of Class Represented by Amount in Row (11)
6.8%
_______________________________________________________________________________________________
14. Type
of
Reporting Person
IN
_______________________________________________________________________________________________
This
Amendment No. 2 amends and supplements Amendment No. 1 to the Statement on
Schedule 13D previously filed on March 17, 2004, by John Wilson Spence, III,
Financial Junk, LLC, and Spence Limited, L.P., regarding the ownership of
the
common stock of Community Bancshares Inc., a Delaware corporation, with its
principal executive office at 68149 Main Street, Blountsville, Alabama
35031.
Unless
specifically amended hereby, the disclosures set forth in the Schedule 13D,
as
amended, shall remain unchanged.
Item
4. Purpose
of Transaction.
Item
4
is
hereby amended by deleting in its entirety and substituting therefore the
following:
Spence
Limited, L.P. by its general partner has disposed of 157,602 shares of Community
Bancshares Inc. common stock since May 19, 2006, in the ordinary course of
its
business and not with the purpose nor with the effect of changing or influencing
the control of the issuer, nor in connection with or as a participant in
any
transaction having such purpose of effect.
Spence
Limited, L.P. may make additional purchases or dispositions of Community
Bancshares Inc.’s common stock, although it currently does not have plans to do
so. Except as noted in this Schedule 13D, neither Spence Limited, L.P.,
Financial Junk, LLC, Mr. John Wilson Spence, III or Mr. Gerald Bruner has
any
plans or proposals relating to, or that could result in, any of the matters
set
forth in paragraphs (b) through (j) inclusive, of Item (4) of Schedule
13D.
Item
5. Interest
in Securities of the Issuer.
Item
5
is
hereby amended by deleting in its entirety and substituting therefore the
following:
(a) The
aggregate number of shares of the common stock of Community Bancshares Inc.
beneficially owned by Spence Limited, L.P., Financial Junk, LLC, Mr. Spence,
and
Mr. Bruner for the purposes of this Statement is 589,968 shares representing
approximately 6.8% of the outstanding shares of common stock of Community
Bancshares Inc.
(b) (i) The
number of shares of the common stock of Community Bancshares Inc. as to which
Spence Limited, L.P. has sole power to vote or to direct the vote or sole
power
to dispose or to direct the disposition of is 0 shares of the common stock.
The
number of shares of the common stock of Community Bancshares Inc. as to which
Spence Limited, L.P. has shared power to vote or to direct the vote or shared
power to dispose or to direct the disposition of is 589,968 shares of the
common
stock.
(ii) The
number of shares of the common stock of Community Bancshares Inc. as to which
Financial Junk, LLC. has sole power to vote or to direct the vote or sole
power
to dispose or to direct the disposition of is 0 shares of the common stock.
The
number of shares of the common stock of Community
Bancshares
Inc. as to which Financial Junk, LLC. has shared power to vote or to direct
the
vote or shared power to dispose or to direct the disposition of is 589,968
shares of the common stock.
(iii) The
number of shares of the common stock of Community Bancshares Inc. as to which
Mr. Spence has sole power to vote or to direct the vote or sole power to
dispose
or to direct the disposition of is 0 shares of the common stock. The number
of
shares of the common stock of Community Bancshares Inc. as to which Mr. Spence
has shared power to vote or to direct the vote or shared power to dispose
or to
direct the disposition of is 589,968 shares of the common stock.
(iv) The
number of shares of the common stock of Community Bancshares Inc., as to
which
Mr. Bruner has sole power to vote or to direct the vote or sole power to
dispose
or to direct the disposition of is 0 shares of the common stock. The number
of
shares of the common stock of Community Bancshares Inc. as to which Mr. Bruner
has shared power to vote or to direct the vote or shared power to dispose
or to
direct the disposition of is 589,968 shares of the common stock.
(c) Spence
Limited, L.P., sold in open market transactions a total of 157,602 shares
of
Community Bancshares Inc. common stock since May 19, 2006, as described below:
|
DATE
|
|
TRANSACTION
|
PER
SHARE SALE
PRICE
($)
|
AGGREGATE
SALE
PRICE
($)
|
|
05/19/06
|
|
Sold
100,000 shares
|
9.70
|
969,970.06
|
|
06/14/06
|
|
Sold
5,000 shares
|
9.83
|
49,198.48
|
|
06/19/06
|
|
Sold
18,102 shares
|
9.74
|
178,299.19
|
|
06/29/06
|
|
Sold
18,000 shares
|
9.87
|
177,690.51
|
|
06/30/06
|
|
Sold
6,500 shares
|
9.90
|
64,351.26
|
|
08/14/06
|
|
Sold
10,000 shares
|
9.85
|
98,500.00
|
| |
|
TOTAL
|
|
1,538,009.50
|
(Remainder
of Page Intentionally Left Blank)
SIGNATURES
After
reasonable inquiry and to the best of my knowledge and belief, I certify
that
the information set forth in this statement is true, complete and
correct.
Dated:
August 22, 2006
SPENCE
LIMITED, L.P.
By:/s/
Gerald J.
Bruner
Manager, Financial Junk, LLC
General
Partner
FINANCIAL
JUNK, LLC
By:/s/
Gerald J.
Bruner
Manager
JOHN
WILSON SPENCE, III
/s/
John Wilson Spence,
III
GERALD
J.
BRUNER
/s/
Gerald J.
Bruner