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<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 18pt;"><b>UNITED STATES</b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 18pt;"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>&nbsp;</b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Washington, D.C. 20549</b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 18pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 18pt;"><b>Form 8-K</b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 18pt;"><b>&nbsp;</b></p>

<p style="margin: 0pt; text-align: center; text-transform: uppercase; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Current Report</b></p>

<p style="margin: 0pt; text-align: center; text-transform: uppercase; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>&nbsp;</b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934</b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Date of Report (Da<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">te of earliest event reported) May 11, 2017 (May 9, 2017)</font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 18pt;"><b>&nbsp;</b></p>

<p style="margin: 0pt; text-align: center; text-transform: uppercase; font-family: Times New Roman, Times, serif; font-size: 18pt;"><b>National Bankshares, Inc.</b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">(Exact name of Registrant as specified in its charter)</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>&nbsp;</b></p>

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			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Virginia</b></p>
			</td>
			<td style="width: 34%; vertical-align: top;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>0-15204</b></p>
			</td>
			<td style="width: 33%; vertical-align: top;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>54-1375874</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 33%; vertical-align: top;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">(State or other jurisdiction of</p>

			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">incorporation or organization)</p>
			</td>
			<td style="width: 34%; vertical-align: top;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">(Commission File No.)</p>
			</td>
			<td style="width: 33%; vertical-align: top;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">(I.R.S. Employer Identification</p>

			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">No.)</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>&nbsp;</b></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>&nbsp;</b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>101 Hubbard Street</b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Blacksburg, VA 24060</b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">(Address of principal executive offices)</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>&nbsp;</b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(540) 951-6300</b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">(Registrant<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&rsquo;s telephone number, including area code)</font></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">(Former name or former address, if changed since last report) <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Not applicable</b></font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">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):</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#9744;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#9744;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#9744;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#9744;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt 0pt 0pt 27pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934</font></p>

<p style="margin: 0pt 0pt 0pt 18pt; text-align: left; text-indent: -18pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt 0pt 0pt 27pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Emerging growth company &#9744;</font></p>

<p style="margin: 0pt 0pt 0pt 18pt; text-align: left; text-indent: -18pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt 0pt 0pt 27pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<div id="PGBK" style="width: 100%; margin-right: 0pt; margin-left: 0pt;">
<div id="PGNUM" style="width: 100%; text-align: center;">&nbsp;</div>

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<div id="PGHDR" style="width: 100%; text-align: left;">&nbsp;</div>
</div>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">On May 9, 2017 James G. Rakes announced that he was retiring as President and Chief Executive Officer of National Bankshares, Inc. (t<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">he &ldquo;Company&rdquo;) effective August 31, 2017. Mr. Rakes will also retire as Chairman of the Board of Directors and as a director of the National Bank of Blacksburg (&ldquo;National Bank&rdquo;), the Company&rsquo;s wholly owned banking subsidiary, and as Chairman of the Board of Directors, President and Chief Executive Officer of National Bankshares Financial Services, Inc., the Company&rsquo;s wholly owned financial services subsidiary. Mr. Rakes will continue to serve as a director of the Company through his current term, which ends at the annual shareholder meeting in 2019. Mr. Rakes and the Company have entered into an agreement pursuant to which Mr. Rakes will remain as Chairman of the Company&rsquo;s Board of Directors until the end of his current term as a director. The agreement with Mr. Rakes provides that, in return for his agreement to continue to serve in this capacity and provide his expertise and experience to the Company beginning on the date of his retirement Mr. Rakes will be entitled to receive an annual retainer of $75,000; the retainer and attendance fees paid to other board members; a vehicle and an appropriate office at the Company.</font></p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">T<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">he current President and Chief Executive Officer of the National Bank, will assume the position of President and Chief Executive Officer in succession to Mr. Rakes on September 1, 2017. Mr. Denardo is 64 years old and joined the National Bank as Vice President in 1983. He was promoted to Executive Vice President of Loans in 1989. In 2002 he became the Bank&rsquo;s Executive Vice President and Chief Operating Officer. He joined the National Bank Board of Directors in the same year. In 2014 Mr. Denardo became the President and Chief Executive Officer of the National Bank. He has been the Executive Vice President of the Company since 2008.</font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Item 9.01<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits</font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(d)<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following exhibit is included with this report:</font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font></p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr>
			<td style="width: 8%;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Exhibit</p>

			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">No.</p>
			</td>
			<td style="width: 92%; vertical-align: bottom;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Exhibit Description</font></td>
		</tr>
		<tr>
			<td style="width: 8%;">&nbsp;</td>
			<td style="width: 92%;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: top;">
			<td style="width: 8%; font-family: Times New Roman; font-size: 10pt;">99.1</td>
			<td style="width: 92%;">
			<p style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Press release dated May 9, 2017</font></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;">Page 2 of 3 Pages</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</p>

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<div id="PGNUM" style="width: 100%; text-align: center;">&nbsp;</div>

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<div id="PGHDR" style="width: 100%; text-align: left;">&nbsp;</div>
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<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">SIGNATURE</font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">NATIONAL BANKSHARES, INC.</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Date: &nbsp; <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">May 11, 2017</font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" id="TBL2" style="width: 48.8%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0%;">

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			<td style="width: 102.5%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">By:&nbsp; &nbsp;&nbsp; <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">/s/ JAMES G. RAKES</font></p>
			</td>
		</tr>
		<tr>
			<td style="width: 102.5%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">
			<p style="margin: 0pt 0pt 0pt -9pt; text-align: left; text-indent: 36pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">James G. Rakes</p>

			<p style="margin: 0pt 0pt 0pt 27pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">Chairman</p>

			<p style="margin: 0pt 0pt 0pt 27pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">President and CEO</p>
			</td>
		</tr>

</table>

<p>&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p>&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Page 3 of 3<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> Pages</font></p>
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nksh20170510b_8k.htm
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 (Da
te of earliest event reported) May 11, 2017 (May 9, 2017)
National Bankshares, Inc.
(Exact name of Registrant as specified in its charter)
Virginia
0-15204
54-1375874
(State or other jurisdiction of
incorporation or organization)
(Commission File No.)
(I.R.S. Employer Identification
No.)
101 Hubbard Street
Blacksburg, VA 24060
(Address of principal executive offices)
(540) 951-6300
(Registrant
's telephone number, including area code)
(Former name or former address, if changed since last report)
Not applicable
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))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 9, 2017 James G. Rakes announced that he was retiring as President and Chief Executive Officer of National Bankshares, Inc. (t
he "Company") effective August 31, 2017. Mr. Rakes will also retire as Chairman of the Board of Directors and as a director of the National Bank of Blacksburg ("National Bank"), the Company's wholly owned banking subsidiary, and as Chairman of the Board of Directors, President and Chief Executive Officer of National Bankshares Financial Services, Inc., the Company's wholly owned financial services subsidiary. Mr. Rakes will continue to serve as a director of the Company through his current term, which ends at the annual shareholder meeting in 2019. Mr. Rakes and the Company have entered into an agreement pursuant to which Mr. Rakes will remain as Chairman of the Company's Board of Directors until the end of his current term as a director. The agreement with Mr. Rakes provides that, in return for his agreement to continue to serve in this capacity and provide his expertise and experience to the Company beginning on the date of his retirement Mr. Rakes will be entitled to receive an annual retainer of $75,000; the retainer and attendance fees paid to other board members; a vehicle and an appropriate office at the Company.
T
he current President and Chief Executive Officer of the National Bank, will assume the position of President and Chief Executive Officer in succession to Mr. Rakes on September 1, 2017. Mr. Denardo is 64 years old and joined the National Bank as Vice President in 1983. He was promoted to Executive Vice President of Loans in 1989. In 2002 he became the Bank's Executive Vice President and Chief Operating Officer. He joined the National Bank Board of Directors in the same year. In 2014 Mr. Denardo became the President and Chief Executive Officer of the National Bank. He has been the Executive Vice President of the Company since 2008.
Item 9.01
Financial Statements and Exhibits
(d)
The following exhibit is included with this report:
Exhibit
No.
Exhibit Description
99.1
Press release dated May 9, 2017
Page 2 of 3 Pages
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
NATIONAL BANKSHARES, INC.
Date:
May 11, 2017
By:
/s/ JAMES G. RAKES
James G. Rakes
Chairman
President and CEO
Page 3 of 3
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