U.S. SECURITIES AND EXCHANGE COMMISSION
                    Washington, D.C. 20549

                          FORM 10-Q


          QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
            OF THE SECURITIES EXCHANGE ACT OF 1934


For the Quarterly Period Ended March 31, 2002

Commission File Number 00-22246



                 COMMERCIAL BANKSHARES, INC.
-------------------------------------------------------------
   (Exact name of Registrant as specified in its charter)



             FLORIDA                        65-0050176
---------------------------------     ---------------------
 (State or other jurisdiction of          (IRS Employer
incorporation or organization)         Identification No.)


  1550 S.W. 57th Avenue, Miami, Florida          33144
-----------------------------------------     -----------
(Address of principal executive offices)	    (Zip Code)


                      (305) 267-1200
  ----------------------------------------------------
  (Registrant's Telephone Number, including area code)


     Indicate by check mark whether the Registrant (1) has filed
all reports required to be filed by Section 13 or 15 (d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes   X   No     .
    -----   -----


CLASS                              OUTSTANDING AT May 13, 2002
-----                              ---------------------------
COMMON STOCK, $.08 PAR VALUE       3,616,252 SHARES




                       TABLE OF CONTENTS




PART I    Item 1.   Financial Statements                    1
          Item 2.   Management's Discussion and Analysis
                    of Financial Condition and Results of
                    Operations                              7
          Item 3.   Quantitative and Qualitative Disclosures
                    About Market Risk                       9

PART II   Item 6.   Exhibits and Reports on Form 8-K       11








                 PART I - FINANCIAL INFORMATION

                 ITEM I - FINANCIAL STATEMENTS

           COMMERCIAL BANKSHARES, INC. AND SUBSIDIARY
             CONDENSED CONSOLIDATED BALANCE SHEETS
              March 31, 2002 and December 31, 2001
            (Dollars in thousands, except share data)


                                             3/31/2002   12/31/2001
                                             ---------   ----------
Assets:                                     (Unaudited)
  Cash and due from banks                    $ 21,145    $ 21,420
  Federal funds sold                           42,200      46,780
                                             --------    --------
    Total cash and cash equivalents            63,345      68,200

  Investment securities available for sale,
    at fair value (cost of $121,690 in 2002
    and $106,126 in 2001)                     124,940     111,138
  Investment securities held to maturity,
    at cost (fair value of $43,309 in 2002
    and $25,332 in 2001)                       43,088      24,664
  Loans, net                                  345,735     346,251
  Premises and equipment, net                  12,584      12,554
  Accrued interest receivable                   3,081       2,790
  Goodwill, net                                   253         253
  Other assets                                  3,799       3,078
                                             --------    --------
     Total assets                            $596,825    $568,928
                                             ========    ========

Liabilities and stockholders' equity:
  Deposits:
  Demand                                     $ 94,937    $ 94,453
  Interest-bearing checking                    64,918      65,630
  Money market accounts                        52,174      51,958
  Savings                                      26,200      24,896
  Time                                        241,529     225,569
                                             --------    --------
     Total deposits                           479,758     462,506

  Securities sold under agreements
     to repurchase                             61,919      53,436
  Accrued interest payable                        606         633
  Accounts payable and accrued liabilities      3,596       2,228
                                             --------    --------
     Total liabilities                        545,879     518,803
                                             --------    --------

Stockholders' equity:
  Common stock, $.08 par value, 6,250,000
     Authorized shares, 3,969,429 issued
     (3,962,440 in 2001)                          316         316
  Additional paid-in capital                   44,138      44,041
  Retained earnings                            11,015       9,786
  Accumulated other comprehensive income        2,214       2,686
  Treasury stock, 353,921 shares
     (352,571 in 2001), at cost                (6,737)     (6,704)
                                             --------    --------
     Total stockholders' equity                50,946      50,125
                                             --------    --------
     Total liabilities and
     stockholders' equity                    $596,825    $568,928
                                             ========    ========


      The accompanying notes are an integral part of these
          condensed consolidated financial statements




             COMMERCIAL BANKSHARES, INC. AND SUBSIDIARY
             CONDENSED CONSOLIDATED STATEMENTS OF INCOME
          For the three months ended March 31, 2002 and 2001
               (Dollars in thousands, except share data)
                            (Unaudited)


                                                  2002        2001
                                                  ----        ----
Interest income:
  Interest and fees on loans                     $6,413      $6,501
  Interest on investment securities               2,174       2,636
  Interest on federal funds sold                    149         282
                                                 ------      ------
     Total interest income                        8,736       9,419
                                                 ------      ------

Interest expense:
  Interest on deposits                            2,675       3,892
  Interest on securities sold under
     agreements to repurchase                       226         635
                                                 ------      ------
     Total interest expense                       2,901       4,527
                                                 ------      ------

     Net interest income                          5,835       4,892
Provision for loan losses                            75          75
                                                 ------      ------
     Net interest income after provision          5,760       4,817
                                                 ------      ------

Non-interest income:
  Service charges on deposit accounts               667         637
  Other fees and service charges                    141         123
  Securities gains                                   40           -
                                                 ------      ------
     Total non-interest income                      848         760
                                                 ------      ------

Non-interest expense:
  Salaries and employee benefits                  2,358       2,088
  Occupancy                                         299         297
  Data processing                                   313         241
  Furniture and equipment                           175         188
  Insurance                                          80          53
  Stationery and supplies                            65          74
  Telephone and fax                                  56          55
  Administrative service charges                     54          54
  Amortization                                        -          41
  Other                                             335         214
                                                 ------      ------
     Total non-interest expense                   3,735       3,305
                                                 ------      ------

Income before income taxes                        2,873       2,272
Provision for income taxes                          849         636
                                                 ------      ------
     Net income                                  $2,024      $1,636
                                                 ------      ------

Earnings per common and common equivalent share:
     Basic                                         $.56        $.45
     Diluted                                       $.54        $.44

Weighted average number of shares and common equivalent shares:
     Basic                                    3,612,581   3,602,311
     Diluted                                  3,766,992   3,691,908



     The accompanying notes are an integral part of these
         condensed consolidated financial statements



            COMMERCIAL BANKSHARES, INC. AND SUBSIDIARY
     CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
        For the three months ended March 31, 2002 and 2001
                         (In thousands)
                           (Unaudited)


                                              Three months ended
                                                   March 31,
                                                2002     2001
                                                ----      ----
Net income                                     $2,024    $1,636

Other comprehensive income(loss), net of tax:
  Unrealized holding gains(losses) arising
     during the period                           (447)    1,064
  Reclassification adjustment for gains
     realized in net income                       (25)        -
  Cumulative effect of a change in
     accounting principle                           -       114
                                               ------    ------
  Other comprehensive income(loss)               (472)    1,178
                                               ------    ------
Comprehensive income                           $1,552    $2,814
                                               ======    ======



     The accompanying notes are an integral part of these
         condensed consolidated financial statements











          COMMERCIAL BANKSHARES, INC. AND SUBSIDIARY
       CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
      For the three months ended March 31, 2002 and 2001
                       (In thousands)
                        (Unaudited)

                                                   2002      2001
                                                   ----      ----
Cash flows from operating activities:
  Net income                                     $ 2,024   $ 1,636
  Adjustments to reconcile net income
     to net cash provided by operating activities:
  Provision for loan losses                           75        75
  Depreciation, amortization and accretion, net      192       229
  Gain on sale of investment securities              (40)        -
  Gain on sale of premises and equipment              (1)        -
  Change in accrued interest receivable             (291)      304
  Change in other assets                            (721)    1,023
  Change in accounts payable and accrued
     liabilities                                    1,610      (94)
  Change in accrued interest payable                  (27)     (38)
                                                  -------  -------
     Net cash provided by operating activities      2,821    3,135
                                                  -------  -------

Cash flows from investing activities:
  Proceeds from maturities of investment securities
     held to maturity                               2,522    1,318
  Proceeds from maturities and sales of investment
     securities available for sale                 10,041   31,605
  Purchases of investment securities
     held to maturity                             (21,287)       -
  Purchases of investment securities
     available for sale                           (24,259) (16,723)
  Net (increase) decrease in loans                    441  (22,374)
  Purchases of premises and equipment                (176)     (78)
  Sales of premises and equipment                       1        -
                                                  -------  -------
     Net cash used in investing activities        (32,717)  (6,252)
                                                  -------  -------

Cash flows from financing activities:
  Net change in deposits                           17,252   19,358
  Net change in securities sold under
     agreements to repurchase                       8,483    2,819
  Dividends paid                                     (758)    (720)
  Proceeds from issuance of stock                      97       38
  Purchase of treasury stock                          (33)      (4)
                                                  -------  -------
     Net cash provided by financing activities     25,041   21,491
                                                  -------  -------

Increase (decrease) in cash and cash equivalents   (4,855)  18,374
Cash and cash equivalents at beginning of period   68,200   35,015
                                                  -------  -------
Cash and cash equivalents at end of period        $63,345  $53,389
                                                  =======  =======

Supplemental disclosures:
  Interest paid (net of amounts credited
     to deposit accounts)                         $   440  $   715
                                                  =======  =======

  Income taxes paid                               $   160  $   132
                                                  =======  =======


    The accompanying notes are an integral part of these
        condensed consolidated financial statements





           COMMERCIAL BANKSHARES, INC. AND SUBSIDIARY

      NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                          (Unaudited)


1.  INTERIM FINANCIAL STATEMENTS

The accompanying unaudited condensed consolidated financial
statements, which are for interim periods, do not include all
disclosures provided in the annual consolidated financial
statements.  These financial statements and the footnotes thereto
should be read in conjunction with the annual consolidated
financial statements for the years ended December 31, 2001, 2000,
and 1999 for Commercial Bankshares, Inc. (the "Company").

All material intercompany balances and transactions have been
eliminated.

In the opinion of management, the accompanying unaudited
condensed consolidated financial statements contain all
adjustments necessary for a fair presentation of the financial
statements.  Those adjustments are of a normal recurring nature.
The results of operations for the three month period ended March
31, 2002, are not necessarily indicative of the results to be
expected for the full year.



2.  PER SHARE DATA

Earnings per share have been computed by dividing net income by
the weighted average number of common shares (basic earnings per
share) and by the weighted average number of common shares plus
dilutive common share equivalents outstanding (diluted earnings
per share).  Common stock equivalents include the effect of all
outstanding stock options, using the treasury stock method.

The following tables reconcile the weighted average shares used
to calculate basic and diluted earnings per share (in thousands,
except per share amounts):


        Three Months Ended               Three Months Ended
          March 31, 2002                   March 31, 2001
--------------------------------  -------------------------------
  Income      Shares   Per-Share     Income    Shares   Per-Share
(Numerator)(Denominator) Amount   (Numerator)(Denominator) Amount
 ---------  -----------  ------    ---------  -----------  ------
Basic EPS
   $2,024      3,613      $.56      $1,636       3,602      $.45

Effect of
Dilutive
Options
        -        154      (.02)          -          90      (.01)
   ------      -----      ----      ------       -----      ----
Diluted EPS
   $2,024      3,767      $.54      $1,636       3,692      $.44
   ======      =====      ====      ======       =====      ====


3.  NEW ACCOUNTING PRONOUNCEMENTS

SFAS NO. 142:  "Goodwill and Other Intangible Assets"

In June 2001, the FASB issued SFAS No. 142, "Goodwill and Other
Intangible Assets."  This statement addresses how intangible
assets that are acquired individually or with a group of other
assets (but not those acquired in a business combination) should
be accounted for in financial statements upon their acquisition.
This statement also addresses how goodwill and other intangible
assets should be accounted for after they have been initially
recognized in the financial statements.  Except for goodwill and
intangible assets acquired after June 30, 2001, which are
immediately subject to its provision, SFAS No. 142 is effective
starting with fiscal years beginning after December 15, 2001.

The provisions of SFAS No. 142 no longer allow the amortization
of goodwill, and certain intangible assets that have indefinite
useful lives, and requires that impairment of goodwill on those
assets be tested annually.  In addition, SFAS No. 142 requires
the following additional disclosures for goodwill and other
intangible assets:

   -  Changes in the carrying amount of goodwill from period-to-
      period;
   -  The carrying amount of goodwill by major intangible assets
      class, and
   -  The estimated intangible amortization for the next five
      years

The Company adopted SFAS No. 142 effective January 1, 2002.  The
Company did not incur impairment losses for goodwill resulting
from a transitional impairment test.  The Company expects that
the elimination of goodwill amortization will positively impact
pre-tax net income by approximately $160,000 in 2002.


SFAS No. 144:  "Accounting for the Impairment or Disposal of
               Long-Lived Assets"

In October 2001, the FASB issued SFAS No. 144, "Accounting for
the Impairment or Disposal of Long-Lived Assets."  SAFS No. 144
is effective for fiscal years beginning after December 15, 2001
and was written to provide a single model for the disposal of
long-lived assets.  SFAS No. 144 supersedes SFAS No. 121
"Accounting for Impairment of Long-Lived Assets and for Long-
Lived Assets to be Disposed of" and the accounting and reporting
provision of Accounting principles Board Opinion No. 30,
"Reporting the Results of Operations-Reporting the Effects of
Disposal of a Segment of a Business, and Extraordinary, Unusual
and Infrequently Occurring Events and Transactions."  The Company
adopted the provision of SFAS No. 144 effective January 1, 2002.
The implementation of this statement has not had a material
effect on the Company's financial position, results of operations
or cash flows.





          ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF
           FINANCIAL CONDITION AND RESULTS OF OPERATIONS


RESULTS OF OPERATIONS

The Company's net income reported for the quarter ended March 31,
2002, was $2.02 million, a 23% increase over the quarter ended
March 31, 2001 of $1.64 million.  Basic and diluted earnings per
share were $.56 and $.54, respectively, for the first quarter of
2002, as compared to $.45 and $.44, respectively, for the first
quarter of 2001.

The Company's first quarter tax-equivalent net interest income
increased to $6.11 million, from $5.14 million in the
corresponding quarter in 2001. The increase is due primarily to
an increase in average earning assets of $50 million and to a
higher yielding asset mix in 2002. The net interest margin for
the quarter ended March 31, 2002 was 4.58%.  This compares to
4.25% for the quarter ended March 31, 2001. The net interest
margin has been calculated on a tax-equivalent basis, which
includes an adjustment for interest on tax-exempt securities.

Non-interest income for the first quarter of 2002 increased by
$88,000, or 12%, from the corresponding period of 2001.  The
increase for the first quarter of 2002 is primarily due to an
increase in account activity charges of $29,000 and a gain on
sale of investments of $40,000.

Salaries and employee benefits expense increased by $270,000, or
13%, for the first quarter of 2002, from the corresponding period
of 2001.  The increase is attributable to normal payroll
increases and increased benefit costs.

Data processing expense increased by $72,000, or 30%, for the
first quarter of 2002, as compared to the corresponding period in
2001. The increase is attributable to an increase in the number
of accounts processed and to an increase in rates from the
Company's service provider.

Company management continually reviews and evaluates the
allowance for loan losses.  In evaluating the adequacy of the
allowance for loan losses, management considers the results of
its methodology, along with other factors such as the amount of
non-performing loans and the economic conditions affecting the
Company's markets and customers.  The allowance for loan losses
was approximately $4.66 million at March 31, 2002, as compared
with $4.64 million at December 31, 2001.  For the three months
ended March 31, 2002, the allowance for loan losses was increased
by the provision for loan losses of $75,000, and decreased by
approximately $61,000 in net charge-offs.  For the three months
ended March 31, 2001, the allowance was increased with a
provision for loan losses of $75,000 and decreased by
approximately $6,000 in net charge-offs.  The allowance as a
percentage of total loans has increased to 1.33% at March 31,
2002, from 1.32% at December 31, 2001.  Based on the nature of
the loan portfolio and prevailing economic factors, management
believes that the current level of the allowance for loan losses
is sufficient to absorb losses in the loan portfolio.


Approximately $215 million, or 61% of total loans, was secured
by nonresidential real estate, and $74.7 million, or 21% of total
loans, was secured by residential real estate as of March 31,
2002. Virtually all loans are within the Company's markets in
Miami-Dade and Broward counties.

The Company had no non-accrual loans at March 31, 2002.



LIQUIDITY AND CAPITAL RESOURCES

The objective of liquidity management is to maintain cash flow
requirements to meet immediate and ongoing future needs for loan
demand, deposit withdrawals, maturing liabilities, and expenses.
In evaluating actual and anticipated needs, management seeks to
obtain funds at the most economical cost.  Management believes
that the level of liquidity is sufficient to meet future funding
requirements.

For banks, liquidity represents the ability to meet both loan
commitments and withdrawals of deposited funds.  Funds to meet
these needs can be obtained by converting liquid assets to cash
or by attracting new deposits or other sources of funding.  Many
factors affect a bank's ability to meet liquidity needs.
Commercial Bank of Florida's (the Bank) principal sources of
funds are deposits, repurchase agreements, payments on loans,
maturities and sales of investments.  As an additional source of
funds, the Bank has credit availability with the Federal Home
Loan Bank amounting to $89 million, and Federal Funds purchased
lines available at correspondent banks amounting to $13 million
as of March 31, 2002.

The Bank's primary use of funds is to originate loans and
purchase investment securities.  The Bank purchased $45.5 million
of investment securities during the first three months of 2002.
Funding for the above came primarily from increases in deposits
of $17.3 million, increases in securities sold under agreements
to repurchase of $8.5 million and increases from proceeds from
maturities and sales of investment securities of $12.6 million.

In accordance with risk-based capital guidelines issued by the
Federal Reserve Board, the Company and the Bank are each required
to maintain a minimum ratio of total capital to risk weighted
assets of 8%.  Additionally, all bank holding companies and
member banks must maintain "core" or "Tier 1" capital of at least
3% of total assets ("leverage ratio").  Member banks operating at
or near the 3% capital level are expected to have well
diversified risks, including no undue interest rate risk
exposure, excellent control systems, good earnings, high asset
quality, high liquidity, and well managed on- and off-balance
sheet activities, and in general be considered strong banking
organizations with a composite 1 rating under the CAMELS rating
system of banks.  For all but the most highly rated banks meeting
the above conditions, the minimum leverage ratio is to be 3% plus
an additional 100 to 200 basis points.  The Tier 1 Capital, Total
Capital, and Leverage Ratios of the Company were 12.11%, 13.61%,
and 8.08%, respectively, as of March 31, 2002.





ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
        RISK

ASSET/LIABILITY MANAGEMENT AND INTEREST RATE RISK

Changes in interest rates can substantially impact the Company's
long-term profitability and current income.  An important part of
management's efforts to maintain long-term profitability is the
management of interest rate risk.  The goal is to maximize net
interest income within acceptable levels of interest rate risk
and liquidity.  Interest rate exposure is managed by monitoring
the relationship between interest-earning assets and interest-
bearing liabilities, focusing on the size, maturity or repricing
date, rate of return and degree of risk.  The Asset/Liability
Management Committee of the Bank oversees the interest rate risk
management and reviews the Bank's asset/liability structure on a
quarterly basis.

The Bank uses interest rate sensitivity, or GAP analysis to
monitor the amount and timing of balances exposed to changes in
interest rates.  The GAP analysis is not relied upon solely to
determine future reactions to interest rate changes because it is
presented at one point in time and could change significantly
from day-to-day.  Other methods such as simulation analysis are
utilized in evaluating the Bank's interest rate risk position.
The table presented below shows the Bank's GAP analysis at March
31, 2002.

               INTEREST RATE SENSITIVITY ANALYSIS
                     (Dollars in Thousands)

                            Term to Repricing
                                            Over 1 Year
                 90 Days   91-181  182-365   & Non-rate
                 or Less    Days     Days    Sensitive  Total
                 -------    ----     ----    ---------  -----
Interest-earning assets:
  Federal funds sold
                 $42,200   $     -  $     -  $      - $ 42,200
  Investment securities
                  21,254    11,413   28,118   104,204  164,989
  Gross loans (excluding non-accrual)
                  81,287    31,676   62,690   175,411  351,064
                --------   -------  -------  -------- --------
  Total interest-earning assets
                $144,741   $43,089  $90,808  $279,615 $558,253
                --------   -------  -------  -------- --------

Interest-bearing liabilities:
  Interest-bearing checking
               $      -   $     -  $     -  $ 64,918 $ 64,918
  Money market        -    13,044   13,044    26,086   52,174
  Savings             -         -        -    26,200   26,200
  Time deposits  79,545    57,225   63,102    41,657  241,529
  Borrowed funds 63,553         -        -         -   63,553
               --------   -------  -------  -------- --------
  Total interest-bearing liabilities
               $143,098   $70,269  $76,146  $158,861 $448,374
               --------   -------  -------  -------- --------

Interest sensitivity gap
               $  1,643  ($27,180) $14,662  $120,754 $109,879

Cumulative gap $  1,643  ($25,537)($10,875) $109,879

Cumulative ratio of interest-earning assets to
  interest-bearing liabilities
                   101%       88%      96%      125%
Cumulative gap as a percentage of total
  interest-earning assets
                   0.3%     (4.6%)   (1.9%)    19.7%


Management's assumptions reflect the Bank's estimate
of the anticipated repricing sensitivity of non-
maturity deposit products.  Interest-bearing checking
and savings accounts have been allocated to the "over
1 year" category, and money market accounts 25% to
the "91-181 days" category, 25% to the "182-365 days"
category, and 50% to the "over 1 year" category.


The Bank uses simulation analysis to quantify the effects of
various immediate parallel shifts in interest rates on net
interest income over the next 12 month period.  Such a "rate
shock" analysis requires key assumptions which are inherently
uncertain, such as deposit sensitivity, cash flows from
investments and loans, reinvestment options, management's capital
plans, market conditions, and the timing, magnitude and frequency
of interest rate changes.  As a result, the simulation is only a
best-estimate and cannot accurately predict the impact of the
future interest rate changes on net income.  As of March 31,
2002, the Bank's simulation analysis projects an increase to net
interest income of 5.25%, assuming an immediate parallel shift
downward in interest rates by 200 basis points.  If rates rise by
200 basis points, the simulation analysis projects net interest
income would decrease by 4.22%.  These projected levels are
within the Bank's policy limits.






                  PART II - OTHER INFORMATION


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

(a)       Exhibits

          All exhibits are omitted because they are not
          applicable.

(b)       Reports on Form 8-K.  No report on Form 8-K was filed
          During the quarter ended March 31, 2002.





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 thereunto duly authorized.


Commercial Bankshares, Inc.
---------------------------
      (Registrant)



/s/   Barbara E. Reed
-----------------------
Senior Vice President &
Chief Financial Officer



Date:   May 13, 2002
      ---------------