CFX: Receives Final Regulatory Approval

Contact:  Mark A. Gavin, Chief Operating Officer
          (603) 355-8604
          Gregg R. Tewksbury, Chief Financial Officer                          
          (603) 355-8607
                                
                                
                                
                                
                                
                                
                    CFX CORPORATION RECEIVES
                    FINAL REGULATORY APPROVAL
                                
                                
                                
    Keene,  N.H., August 14, 1997 -- CFX Corporation (AMEX:  CFX)
today  announced  that the final regulatory approvals  have  been
received for its mergers with Community Bankshares, Inc. (NASDAQ:
CBNH)  and  Portsmouth  Bank Shares, Inc.  (NASDAQ:  POBS).  Both
transactions are scheduled to close August 29, 1997.

    The  final exchange ratio for the Portsmouth transaction  has
been fixed at .9314 shares of CFX Common Stock for each share  of
Portsmouth  Common Stock. The final exchange ratio for  Community
Bankshares will be set at the time the transaction closes.

    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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