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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>UNITED STATES</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Washington, D.C. 20549</B></P>
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<P style="margin:0pt; line-height:16pt; font-family:Times New Roman; font-size:14pt" align=center><B>FORM 8-K</B></P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>CURRENT REPORT</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B></P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Date of Report (Date of earliest event reported): &nbsp;<B>December 13, 2005</B></P>
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<P style="margin:0pt; line-height:16pt; font-family:Times New Roman; font-size:14pt" align=center><B>GRAYSON BANKSHARES, INC.</B></P>
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<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD valign=top width=212.8><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Virginia</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(State or other jurisdiction</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>of incorporation)</P>
</TD><TD valign=top width=212.8 colspan=2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>0-30535</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(Commission</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>File Number)</P>
</TD><TD valign=top width=212.8><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>54-1647596</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(I.R.S. Employer</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Identification No.)</P><BR>
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<TR><TD valign=top width=319.2 colspan=2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>113 West Main Street</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Independence, Virginia</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(Address of principal executive offices)</P>
</TD><TD valign=top width=319.2 colspan=2><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>24348</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(Zip Code)</P><BR>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Registrant&#146;s telephone number, including area code: &nbsp;<B>(276)&nbsp;773-2811</B></P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Not Applicable</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(Former name or former address, if changed since last report)</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>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:</P>
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<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><FONT FACE="Wingdings">o</FONT></P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>
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<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>
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<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>
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<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>
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<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Item&nbsp;5.02</B> </P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.</B></P>
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<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fred B. Jones resigned from the Board of Directors of Grayson Bankshares, Inc. (the &#147;Company&#148;) and its wholly owned subsidiary, The Grayson National Bank (the &#147;Bank&#148;), effective December 13, 2005. &nbsp;His resignation from both boards was due to his reaching the age limitation for directors under the Bank&#146;s bylaws. &nbsp;Mr. Jones had been a director of the Company and the Bank since 1992.</P>
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<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December 13, 2005, the Board of Directors of the Company elected Brian Lee Edwards as a new director. &nbsp;Mr. Edwards has not yet been assigned to serve on a committee of the Board of Directors.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>SIGNATURES</B></P>
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<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>
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<P style="margin:0pt; text-indent:234pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>GRAYSON BANKSHARES, INC.</B></P>
<P style="margin:0pt; text-indent:288pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(Registrant)</P>
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<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Date: &nbsp;December 19, 2005</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:234pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>By: &nbsp;<U>/s/ Blake M. Edwards</U></P>
<U><P style="margin:0pt; text-indent:432pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></U></P>
<P style="margin:0pt; text-indent:256.5pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Blake M. Edwards </P>
<P style="margin:0pt; text-indent:256.5pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Chief Financial Officer</P>
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GRAYSON BANKSHARES, INC>
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):
December 13, 2005
___________
GRAYSON BANKSHARES, INC.
(Exact name of registrant as specified in its charter)
Virginia
(State or other jurisdiction
of incorporation)
0-30535
(Commission
File Number)
54-1647596
(I.R.S. Employer
Identification No.)
113 West Main Street
Independence, Virginia
(Address of principal executive offices)
24348
(Zip Code)
Registrant's telephone number, including area code:
(276) 773-2811
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:
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))
Item 5.02
Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
(b)     Fred B. Jones resigned from the Board of Directors of Grayson Bankshares, Inc. (the "Company") and its wholly owned subsidiary, The Grayson National Bank (the "Bank"), effective December 13, 2005.  His resignation from both boards was due to his reaching the age limitation for directors under the Bank's bylaws.  Mr. Jones had been a director of the Company and the Bank since 1992.
(d)     On December 13, 2005, the Board of Directors of the Company elected Brian Lee Edwards as a new director.  Mr. Edwards has not yet been assigned to serve on a committee of the Board of Directors.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
GRAYSON BANKSHARES, INC.
(Registrant)
Date:  December 19, 2005
By:
/s/ Blake M. Edwards
Blake M. Edwards
Chief Financial Officer