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<TITLE>Form 8-K</TITLE>
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<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 OR 15(d) of The Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of earliest event reported): May 27, 2009</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>COMMUNITY BANCORP</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>

<DIV align="center">
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<TD nowrap align="center" valign="top"><B>Nevada
</B></TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top"><B>000-51044
</B></TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top"><B>01-0668846</B></TD>
</TR>
<TR style="font-size: 1px">
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD valign="top" align="left">&nbsp;</TD>
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD valign="top" align="left">&nbsp;</TD>
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">(State or other jurisdiction<BR>
of incorporation)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(Commission File Number)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(IRS Employer Identification No.)</TD>
</TR>
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<DIV align="center">
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<TD width="48%">&nbsp;</TD>
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<TD align="center" valign="top"><B>400 South 4<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Street, Suite 215,<BR>
Las Vegas, Nevada
</B></TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top"><B>&nbsp;<BR>89101</B></TD>
</TR>
<TR style="font-size: 1px">
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD valign="top" align="left">&nbsp;</TD>
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">(Address of principal executive offices)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(Zip Code)</TD>
</TR>
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</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code: <B>(702) 878-0700</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B></B></DIV>

<DIV align="center" style="font-size: 10pt"><FONT style="border-top: 1px solid #000000">(Former name or former address, if changed since last report.)</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </DIV>

<DIV style="margin-top: 6pt">
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio --> </DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<P align="justify" style="font-size: 10pt"><B>Section&nbsp;1 &#150; Registrant&#146;s Business and Operations</B>


<P align="justify" style="font-size: 10pt"><B>Item&nbsp;1.01 Entry into a Material Definitive Agreement.</B>


<P align="justify" style="font-size: 10pt; text-indent: 4%">On
May&nbsp;27, 2009, Community Bancorp (Nasdaq:CBON) (the &#147;Company&#148;) and its subsidiary bank, Community Bank of Nevada, entered into
a written agreement with the Federal Reserve Board and the State of Nevada Financial Institutions Division to provide
the agencies with plans, policies and procedures to strengthen board of director oversight, credit risk management,
loan review, asset quality, allowance for loan and lease losses, capital planning, strategic planning and budgeting,
liquidity management, and regulatory reporting. The written agreement also restricts the Company from increasing
brokered deposits as well as paying dividends and interest on its outstanding trust preferred securities, incurring
additional indebtedness and redeeming stock. The common goal of the agreement is to take affirmative action to improve
the Company&#146;s and the subsidiary bank&#146;s operations and address the current challenges facing these institutions.


<P align="justify" style="font-size: 10pt; text-indent: 4%">The Agreement also contains a requirement that the Company provide a capital plan to the FRB within 60&nbsp;days to
maintain sufficient capital at the Company and the subsidiary bank. The written agreement does not contain specific
target capital ratios to be obtained or specific timelines. Based upon March&nbsp;31, 2009 call report information, both the
Company and the subsidiary bank were considered only &#147;adequately capitalized&#148; by regulatory standards. The Company has
engaged investment bankers to assist in its ongoing efforts to increase capital.


<P align="justify" style="font-size: 10pt; text-indent: 4%">A copy of
the written agreement is attached hereto as Exhibit 10.1. The
foregoing description of the written agreement is summary in nature,
and reference is made to Exhibit 10.1 for the complete terms and
conditions of the agreement.


<P style="font-size: 10pt" align="justify"><B>Section&nbsp;8 &#8212; Other
Events.</B>

<P style="font-size: 10pt" align="justify"><B>Item&nbsp;8.01 Other Events.</B>

<P style="font-size: 10pt; text-indent: 4%" align="justify">On May&nbsp;27,
2009, the Company issued a press release announcing the written agreement
discussed in Item&nbsp;1.01, above, and other updates concerning the Company. A
copy of the press release is attached hereto as Exhibit&nbsp;99.1

<P style="font-size: 10pt; text-indent: 4%" align="justify">On May&nbsp;28,
2009, the Company issued a press release disclosing that it recently received
notice from NASDAQ that it was not in compliance with NASDAQ&#8217;s continued
listing criteria because of its failure to file a 10-K for the year ended
December&nbsp;31, 2008, and a 10-Q for the quarter ended March&nbsp;31, 2009. A
copy of the press release is attached hereto as Exhibit&nbsp;99.2.


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Section&nbsp;9 &#151; Financial Statements and Exhibits</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;9.01 Financial Statements and Exhibits.</B>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(a)&nbsp;Not applicable.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(b)&nbsp;Not applicable.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(c)&nbsp;Not applicable.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(d)&nbsp;The following exhibits are included with this Report:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
</TR>

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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">Exhibit&nbsp;10.1
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Written Agreement dated May&nbsp;27, 2009</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Exhibit&nbsp;99.1
</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Press
Release dated May&nbsp;27, 2009</DIV></TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">Exhibit&nbsp;99.2
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Press
Release dated May&nbsp;28, 2009</DIV></TD>
</TR>

<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SIGNATURES</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="43%">&nbsp;</TD>
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</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><BR>
<u><B>COMMUNITY BANCORP</B></u><BR>
(Registrant)<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date:       May 29, 2009&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Edward M. Jamison
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Edward M. Jamison, President,&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="4" align="left">Chief Executive Officer and Chairman of the Board&nbsp;</TD>

</TR>
</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="11%">&nbsp;</TD>
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</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>


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    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">Exhibit&nbsp;10.1
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Written Agreement dated May&nbsp;27, 2009</DIV></TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">Exhibit&nbsp;99.1
</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Press
Release dated May&nbsp;27, 2009</DIV></TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">Exhibit&nbsp;99.2
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Press
Release dated May&nbsp;28, 2009</DIV></TD>
</TR>

<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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{"company-data": {"conformed-name": "Community Bancorp", "cik": "0001304366", "assigned-sic": "6021", "irs-number": "010668846", "state-of-incorporation": "NV", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-51044", "film-number": "09860768"}, "business-address": {"street1": "400 S. 4TH STREET, SUITE 215", "city": "LAS VEGAS", "state": "NV", "zip": "89101", "phone": "702-878-0700"}, "mail-address": {"street1": "400 S. 4TH STREET, SUITE 215", "city": "LAS VEGAS", "state": "NV", "zip": "89101"}}
Form 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 27, 2009
COMMUNITY BANCORP
(Exact name of registrant as specified in its charter)
Nevada
000-51044
01-0668846
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
400 South 4
th
Street, Suite 215,
Las Vegas, Nevada
89101
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code:
(702) 878-0700
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Section 1 – Registrant's Business and Operations
Item 1.01 Entry into a Material Definitive Agreement.
On
May 27, 2009, Community Bancorp (Nasdaq:CBON) (the "Company") and its subsidiary bank, Community Bank of Nevada, entered into
a written agreement with the Federal Reserve Board and the State of Nevada Financial Institutions Division to provide
the agencies with plans, policies and procedures to strengthen board of director oversight, credit risk management,
loan review, asset quality, allowance for loan and lease losses, capital planning, strategic planning and budgeting,
liquidity management, and regulatory reporting. The written agreement also restricts the Company from increasing
brokered deposits as well as paying dividends and interest on its outstanding trust preferred securities, incurring
additional indebtedness and redeeming stock. The common goal of the agreement is to take affirmative action to improve
the Company's and the subsidiary bank's operations and address the current challenges facing these institutions.
The Agreement also contains a requirement that the Company provide a capital plan to the FRB within 60 days to
maintain sufficient capital at the Company and the subsidiary bank. The written agreement does not contain specific
target capital ratios to be obtained or specific timelines. Based upon March 31, 2009 call report information, both the
Company and the subsidiary bank were considered only "adequately capitalized" by regulatory standards. The Company has
engaged investment bankers to assist in its ongoing efforts to increase capital.
A copy of
the written agreement is attached hereto as Exhibit 10.1. The
foregoing description of the written agreement is summary in nature,
and reference is made to Exhibit 10.1 for the complete terms and
conditions of the agreement.
Section 8 — Other
Events.
Item 8.01 Other Events.
On May 27,
2009, the Company issued a press release announcing the written agreement
discussed in Item 1.01, above, and other updates concerning the Company. A
copy of the press release is attached hereto as Exhibit 99.1
On May 28,
2009, the Company issued a press release disclosing that it recently received
notice from NASDAQ that it was not in compliance with NASDAQ's continued
listing criteria because of its failure to file a 10-K for the year ended
December 31, 2008, and a 10-Q for the quarter ended March 31, 2009. A
copy of the press release is attached hereto as Exhibit 99.2.
Section 9 — Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Not applicable.
(d) The following exhibits are included with this Report:
Exhibit 10.1
Written Agreement dated May 27, 2009
Exhibit 99.1
Press
Release dated May 27, 2009
Exhibit 99.2
Press
Release dated May 28, 2009
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
COMMUNITY BANCORP
(Registrant)
Date:       May 29, 2009
/s/ Edward M. Jamison
Edward M. Jamison, President,
Chief Executive Officer and Chairman of the Board
EXHIBIT INDEX
Exhibit No.
Description
Exhibit 10.1
Written Agreement dated May 27, 2009
Exhibit 99.1
Press
Release dated May 27, 2009
Exhibit 99.2
Press
Release dated May 28, 2009