EFFECTIVE AUGUST 23RD, 2004

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): ~~January~~May 1817, 2005 (date of authorizing board meeting)

Community First Financial Corporation

(Exact name of registrant as specified in its charter):

Virginia	000-49909	81-0556879
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
Virginia	000-49909	81-0556879

1646 Graves Mill Road, Lynchburg, VA 24502


(Address of principal executive offices)		(Zip Code):
1646 Graves Mill Road, Lynchburg, VA		24502

(Address of principal executive offices) (Zip Code):

Registrant’s telephone number, including area code: 434.386.6312

(Former name or former address, if changed since last report.): Not applicable

(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 (see General Instruction A.2. below): Not applicable

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

INFORMATION TO BE INCLUDED IN THE REPORT

Item 58.0301 ~~Amendments~~Other ~~to Articles of Incorporation or Bylaws; Change in Fiscal Year~~Events.

OnCommunity ~~January~~First ~~18,~~Financial ~~2005~~Corporation (the “Corporation”) has announced that its Board of Directors ofauthorized ~~Community~~a ~~First~~settlement ~~Financial~~with ~~Corporation~~respect ~~approved an amendment~~ to ~~the~~its ~~Company’s~~outstanding ~~bylaws~~lawsuit ~~that~~by ~~will~~a bebank ~~effective~~participating ~~immediately.~~in ~~The~~a ~~amendment~~prior toloan ~~the~~arrangement, ~~bylaws~~in ~~reflects~~ the ~~board’s~~amount ~~decision~~of to$140,000. ~~compensate~~An ~~Directors~~initial ~~who~~payment ~~are~~ of ~~regular~~$70,000 ~~employment~~has ofbeen ~~the~~made ~~Bank~~and ora ~~of one~~final ofpayment ~~its affiliates. A copy~~ of ~~the~~$70,000 ~~bylaws~~will ~~amendment~~be ismade ~~attached~~on asor ~~Exhibit~~before 3September 30, 2005.~~(ii).~~

Item 9.01 Exhibit.

~~Amended~~Not ~~Bylaws dated January 18, 2005~~applicable.

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 FIRST FINANCIAL CORPORATION		Date: ~~January~~May 2124, 2005
/s/ F. F. Falls
F. F. Falls
Vice President “Chief Financial Officer”

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