CFX: Receives All Shareholder Approvals

Contact:  Mark A. Gavin, EVP/COO
          (603) 355-8604


                  SHAREHOLDERS APPROVE COMMUNITY 
                AND PORTSMOUTH MERGERS; REGULATORY
              APPROVALS IN HAND OR EXPECTED SHORTLY
                                
                                
     Keene, NH, July 31, 1997 -- CFX Corporation (AMEX: CFX)
announced today that all shareholder approvals necessary for its
mergers with Community Bankshares, Inc. (NASDAQ: CBNH) and
Portsmouth Bank Shares, Inc. (NASDAQ: POBS) have been received.
Both transactions are scheduled to close in the third quarter of
1997.
     Shareholders of CFX approved the transactions at their
annual meeting held on July 30, 1997. Community shareholder
approval was received at a special meeting also held on July 30,
1997. In addition, Portsmouth shareholder approval was received
at their annual meeting held earlier today. CFX shareholders also
re-elected directors, voted to amend the Articles of
Incorporation to increase the authorized shares of CFX Common
Stock, approved a new stock option plan, approved the amended and
restated 1992 Employee Stock Purchase Plan, and ratified the
appointment of auditors.
   The final exchange ratios for the Community and Portsmouth
transactions will be determined in August under the terms of the
respective agreements. All regulatory approvals have been
received, other than the Massachusetts approvals expected next
month. It is anticipated that the transactions will be accounted
for by the pooling-of-interests method of accounting.
   CFX Corporation is a multi-bank holding company with total
assets of $1.86 billion as of June 30, 1997. The Company's three
banking subsidiaries are CFX Bank, headquartered in Keene, New
Hampshire, Orange Savings Bank, headquartered in Orange,
Massachusetts, and The Safety Fund National Bank, headquartered
in Fitchburg, Massachusetts. CFX Mortgage, Inc., CFX Bank's
mortgage banking subsidiary, services approximately $895 million
in mortgage loans for others. In addition, CFX Funding L.L.C., a
51% owned subsidiary of CFX Bank that engages in the facilitation
of lease financing and rated securitizations, now services over
$117 million in leases for others. The Company operates 43 full
service offices, 3 loan production offices, and 68 automated
teller and remote service banking locations in New Hampshire and
central Massachusetts, and operates a trust division with $405
million in assets.
   Upon completion of the pending acquisitions and planned
increases in the balance sheet leverage associated with the
Portsmouth transaction, it is anticipated that the Company will
have $2.8 billion in assets, 58 full-service banking offices, 3
loan production offices and 88 automated teller and remote
service locations in New Hampshire and central Massachusetts.
     Portsmouth Bank Shares, Inc., a bank holding company
headquartered in Portsmouth, New Hampshire, has 3 full-service
branches, and $259 million in total assets as of June 30, 1997.
Community Bankshares, Inc., a bank holding company,
headquartered in Concord, New Hampshire, has 12 full-service
branches and total assets of $616 million as of June 30, 1997.


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