CFX: Completes CBNH and POBS Mergers

Contact: Mark A. Gavin, EVP, Chief Operating Officer
        (603)  355-8604
        Gregg R. Tewksbury, Chief Financial Officer
        (603) 355-8607

                    CFX CORPORATION COMPLETES
                   COMMUNITY BANKSHARES AND
                PORTSMOUTH BANK SHARES MERGERS
                               
                               
   Keene, NH, August 29, 1997 -- CFX Corporation (AMEX: CFX)
announced today that it is completing its mergers with
Community Bankshares, Inc. ("Community") and Portsmouth Bank
Shares, Inc. ("Portsmouth").

   Pursuant to the definitive agreements, each of Community's
2,489,000 outstanding and Portsmouth's 5,907,000 outstanding
shares of common stock were converted into 2.113 shares and
.9314 shares, respectively, of the Company's Common Stock,
resulting in the issuance of 5,259,000 shares and 5,502,000
shares, respectively, of the Company's Common Stock to
Community and Portsmouth shareholders. Cash will be paid in
lieu of issuing fractional shares.

   Community's two banking subsidiaries, Concord Savings Bank
and Centerpoint Bank, headquartered in Concord, New Hampshire
and Bedford, New Hampshire, respectively, were merged into
CFX's New Hampshire subsidiary, CFX Bank in the merger.
Similarly, Portsmouth's banking subsidiary, Portsmouth Savings
Bank, headquartered in Portsmouth, New Hampshire, was merged
into CFX Bank in the merger.

  Both the Community and Portsmouth mergers will be accounted
for by the pooling-of-interests method of accounting.

 Peter J. Baxter, President and Chief Executive Officer of CFX
Corporation said,"We welcome the shareholders, customers, 
employees, and communities of Community and Portsmouth to the
CFX family ofcommunity banks. As a combined company, all
customers willshare in the many benefits of a larger and more 
diversified community banking company."

 Mr. Baxter added, " We also welcome Douglas Crichfield to our
company who will assume the position of President and Chief
Executive Officer of CFX Bank. Mr. Crichfield was the President
and Chief Executive Officer of Community and comes to us with
many years of community banking experience and a philosophy
which blends well with our existing franchise. In addition,
Mark E. Simpson, President of Portsmouth Savings Bank will
continue to be a leading representative of CFX in the seacoast
region."

   CFX Corporation is a multi-bank holding company with total
assets of $2.8 billion. 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 58 full service offices, 3 loan production offices,
and 88 automated teller and remote service banking locations in
New Hampshire and central Massachusetts, and operates a trust
division with $405 million in assets.

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