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 * JACKSON ROY B   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 _____ Officer (give title below) __X__ Other (specify below) Former Director (Last) (First) (Middle) 14573 MINOR HILL HIGHWAY 3. Date of Earliest Transaction (Month/Day/Year) 11/07/2006 (Street) MINOR HILL, TN 38473 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   4,500 D (1) 0 D   Common Stock 11/07/2006   D   600 D (2) 0 I Custodian for Grandchildren

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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

25,000

01/12/2005

01/11/2010

Common Stock

25,000

(3)

0

D

2004 Options

$ 5.35

11/07/2006

D

25,000

01/27/2004

01/26/2009

Common Stock

25,000

(4)

0

D

2003 Options

$ 7

11/07/2006

D

25,000

08/01/2003

07/31/2008

Common Stock

25,000

(5)

0

D

2002 Options

$ 7

11/07/2006

D

15,000

07/19/2002

07/18/2007

Common Stock

15,000

(6)

0

D

2001 Options

$ 10

11/07/2006

D

10,000

12/18/2001

12/17/2006

Common Stock

10,000

(7)

0

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
JACKSON ROY B 14573 MINOR HILL HIGHWAY MINOR HILL, TN 38473				Former Director

Signatures

Roy B. Jackson		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 4,038 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 538 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 $92,250, 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 $128,750, 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 $87,500, 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 $5,000, representing the difference between the exercise price of the option and $10.50 per share.

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