UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 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)): July 31, 2007


                         Community First Bancorporation
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             (Exact name of registrant as specified in its charter)

       South Carolina                   000-29640              58-2322486
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(State or other jurisdiction     (Commission file number)    (IRS Employer
  of incorporation)                                          Identification No.)


       449 Highway 123 Bypass
       Seneca, South Carolina                                 29678
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(address of principal executive offices)                   (zip code)

        Registrant's telephone number, including area code (864) 886-0206
                                                           --------------


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          (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):

[ ]  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)





Section 5 - Corporate Governance and Management

Item 5.02 Departure  of Directors or Certain  Officers;  Election of  Directors;
          Appointment of Certain Officers;  Compensatory Arrangements of Certain
          Officers

(e) Employment  Agreement.  On July 31, 2007 Community First  Bancorporation and
its wholly owned bank subsidiary,  Community First Bank,  Inc.,  entered into an
employment agreement with Frederick D. Shepherd, Jr., President, Chief Executive
Officer,  and  Treasurer  of the holding  company and the bank.  The  employment
agreement has a three-year term,  renewing annually for one additional year. The
initial  base salary of $293,000  under the  employment  agreement is subject to
potential  annual  increases  to maintain Mr.  Shepherd's  salary at the average
salary level for chief executive  officers of holding companies and institutions
within Community  First's peer group percentile rank, with percentile rank being
determined  based upon return on average assets,  return on average equity,  and
efficiency ratio. Mr. Shepherd will also be entitled by the employment agreement
to fringe  benefits such as payment of club dues,  use of an  automobile,  fully
paid long-term care insurance coverage,  and reimbursement of the cost to obtain
disability insurance coverage, with an income tax gross-up benefit to compensate
for taxes imposed on disability reimbursement payments.

         The agreement  establishes an annual cash  incentive  award program for
Mr.  Shepherd as well. For each fiscal year return on average assets is 1.00% or
more,  Mr.  Shepherd  will be  entitled  within 45 days after year end to a cash
payment  equal to 15% of his base salary,  plus a percentage  of his base salary
equal to the difference  between  return on average  assets and 1.00%.  For each
fiscal year return on average  equity is 10.00% or more,  Mr.  Shepherd  will be
entitled  within 45 days  after year end to a cash  payment  equal to 15% of his
base  salary,  plus a  percentage  of his base  salary  equal to the  difference
between return on average equity and 10.00%.

         Reference  is made to the  complete  copy of the  employment  agreement
included as Exhibit 99.1 for the other terms and  conditions  of the  agreement,
including  benefits  payable after  termination of employment,  benefits payable
after a change in control, and non-competition provisions.

         Salary  Continuation  Agreement.  On July 31, 2007 Community First Bank
also  entered  into a  Salary  Continuation  Agreement  with Mr.  Shepherd.  The
agreement  provides  for an  annual  benefit  of  $210,000  for 20 years for Mr.
Shepherd once he attains age 71 in December 2011. Both the Employment  Agreement
and the Salary Continuation Agreement provide for an excise tax gross-up benefit
if his aggregate  benefits after a change in control constitute excess parachute
payments under Internal  Revenue Code sections 280G and 4999.  Reference is made
to the complete copy of the Salary  Continuation  Agreement  included as Exhibit
99.2 for the other terms and  conditions of the  agreement,  including  benefits
payable  for  employment  termination  before age 71 and  benefits  payable if a
change in control occurs.

Item 9.01(d) Exhibits

     99.1 Employment Agreement among Community First  Bancorporation,  Community
          First Bank and Frederick D. Shepherd, Jr.
     99.2 Salary  Continuation   Agreement  between  Community  First  Bank  and
          Frederick D. Shepherd, Jr.


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                                   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 Bancorporation


Date:  July 31, 2007                         s/Frederick D. Shepherd, Jr.
                                             -----------------------------------
                                             Frederick D. Shepherd, Jr.
                                             President, Chief Executive Officer,
                                             and Treasurer


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