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National Bankshares, Inc. reports developments for a Virginia bank holding company whose principal subsidiary, The National Bank of Blacksburg, does business as National Bank. Company news centers on community banking in southwest, western and central Virginia, including commercial, agricultural, real estate, construction, home equity and consumer lending, deposit relationships, branch activity and investment and insurance services.
Recurring updates also cover completed bank acquisitions, executive and board changes, proxy matters, compensation plans, shareholder voting issues, operating and financial results, and capital and liquidity commentary tied to the company's banking model.
National Bankshares, Inc. (NKSH) has announced the promotion of Lara E. Ramsey to President of the Company and its subsidiary bank, The National Bank of Blacksburg, effective January 1, 2025. Ms. Ramsey, who has been with the Company since 1996, most recently served as Executive Vice President and Chief Operating Officer. She has led various functions including Investment, Human Resources, Marketing, Training, Corporate Administration, and Strategic Initiatives.
F. Brad Denardo, the current President and CEO, will continue as Chairman and CEO of both the bank and holding company. Ms. Ramsey, a native of Lebanon, Virginia, holds degrees from Radford University and has completed several banking and leadership programs. She is actively involved in community organizations and resides in Radford with her family.
National Bankshares, Inc., headquartered in Blacksburg, Virginia, operates 27 full-service offices and two loan production offices in Virginia through its subsidiaries.
National Bankshares has completed its acquisition of Frontier Community Bank on June 1, 2024, in a deal valued at $16.07 million. This acquisition expands National Bankshares' presence to 27 full-service offices and two loan production offices, with total assets reaching approximately $1.8 billion. Each Frontier share was converted into $14.48 in cash or 0.4250 shares of National Bankshares stock. The three Frontier branches in Waynesboro, Staunton, and Lynchburg, VA, were rebranded under the National Bank name as of June 3, 2024. National Bankshares CEO F. Brad Denardo and former Frontier CEO Alan Sweet, who now joins the boards of both banks, highlighted the alignment in culture and values and emphasized the expanded service offerings and shareholder benefits post-merger.
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National Bankshares, Inc. (Nasdaq: NKSH) announced that Driver Management Company LLC has withdrawn its nominees for the Company's Board of Directors. This decision was made independently and not as a result of concessions from National Bankshares. Shareholders will receive updated proxy information shortly. The Company encourages support for its four Board nominees and the stock incentive plan, which will be voted on at the Annual Meeting of Shareholders on May 9, 2023. Chairman F. Brad Denardo stated that avoiding a protracted board contest benefits shareholders and the Company, emphasizing their commitment to long-term value creation.
National Bankshares, Inc. (NASDAQ: NKSH) has filed its definitive proxy statement for the Annual Meeting of Shareholders on May 9, 2023. The company's Board urges shareholders to vote for its nominees, highlighting decades of profitability, over 870% total shareholder return since January 2000, and robust capital metrics. The Board plans to implement a new compensation structure, aligning executive pay with performance through stock-based incentives. Despite pressure from activist investor Driver Management, the Board maintains that its current strategy is effective and avoids unnecessary changes during economic uncertainty.