AMERICAN NATIONAL BANKSHARES INC. (NASDAQ:AMNB) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Retirement of Chief Financial Officer
On October 16, 2019, American National Bankshares Inc. (the “Company”) announced that William W. Traynham, Executive Vice President and Chief Financial Officer of the Company and American National Bank and Trust Company, the Company’s subsidiary bank (the “Bank”), will retire effective October 31, 2019. Mr. Traynham is retiring due to medical reasons and not as a result of any disagreement between Mr. Traynham and the Company pertaining to the Company’s operations, policies or practices.
Appointment of Chief Financial Officer
On October 16, 2019, the Company also announced that Jeffrey W. Farrar, Executive Vice President and Chief Operating Officer of the Company, will assume the additional role of Chief Financial Officer of the Company and the Bank effective October 31, 2019. A description of Mr. Farrar’s background and qualifications is included in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on June 5, 2019. Mr. Farrar will continue to be employed to his existing employment agreement with the Company, which is described in the Company’s Current Report on Form 8-K filed with the SEC on August 5, 2019. There are no arrangements or understandings between Mr. Farrar and any other person to which he was appointed, nor are there are any family relationships between Mr. Farrar and any of the Company’s directors or executive officers. Mr. Farrar does not have any other material interest in any transactions, relationships or arrangements with the Company that would require disclosure under Item 404(a) of Regulation S-K promulgated under the Securities Exchange Act of 1934, as amended.
A copy of the press release announcing Mr. Traynham’s retirement and Mr. Farrar’s appointment is attached as Exhibit 99.1 to this report and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
The following exhibit is filed herewith:
AMERICAN NATIONAL BANKSHARES INC. Exhibit
EX-99.1 2 pressrelease-traynhamxocto.htm EXHIBIT 99.1 Exhibit American National Bankshares Inc. Announces Medical Retirement of William W. Traynham as Chief Financial Officer; Appoints Jeffrey W. Farrar as Chief Financial Officer For more information,…
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About AMERICAN NATIONAL BANKSHARES INC. (NASDAQ:AMNB)
American National Bankshares Inc. is a one-bank holding company. American National Bank and Trust Company (the Bank) is the only banking subsidiary of the Company. The Company operates through two segments: community banking, and trust and investment services. Community banking involves making loans to and generating deposits from individuals and businesses. All assets and liabilities of the Company are allocated to community banking. Investment income from securities is also allocated to the community banking segment. Loan fee income, service charges from deposit accounts and non-deposit fees, such as automated teller machine fees and insurance commissions generate additional income for community banking. Trust and investment services include estate planning, trust account administration, investment management and retail brokerage. Investment management services include purchasing equity, fixed income and mutual fund investments for customer accounts.