National Bankshares, Inc. (NASDAQ:NKSH) Files An 8-K Amendments to Articles of Incorporation or Bylaws; Change in Fiscal YearITEM 5.03
AMENDMENTS TO ARTICLES OF INCORPORATION OR BYLAWS; CHANGE IN FISCAL YEAR
On March 8, 2017, the Board of Directors of National Bankshares, Inc. (the “Company”) adopted an amendment (the “Amendment”) of the Bylaws of the Company. The Amendment became effective immediately on its adoption. The Amendment:
changed the number of directors of the Company from nine (9) to fourteen (14) (Article II, Section 2.2).
A copy of the Bylaws, as amended and restated, is attached hereto as Exhibit 3.2 and is incorporated herein by reference.
The Company’s Articles of Incorporation provide that the number of directors of the Company shall be set by the Company’s Bylaws and shall be not less than nine (9) nor more than twenty-six (26).
The Board of Directors amended the Bylaws to set the number of directors at fourteen (14) in order to facilitate the restructuring of the boards of directors of the Company and of The National Bank of Blacksburg (“NBB”) so that the boards will have identical or substantially identical members. At the Company’s next Annual Meeting of Stockholders, it is anticipated that the current NBB directors will stand for election with the current directors of the Company whose terms expire at such Annual Meeting. The NBB directors will be apportioned among the classes of directors of the Company.
The Company conducts most of its operations through NBB, the Company’s wholly-owned community bank subsidiary and this restructuring, among other things, is intended to make the conduct of board business more efficient and enhance the effectiveness and comprehensiveness of board oversight.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits:
3.2 Bylaws of National Bankshares Inc., as amended and restated, effective March 8, 2017.
About National Bankshares, Inc. (NASDAQ:NKSH)
National Bankshares, Inc. (NBI) is a financial holding company. The Company conducts its operations through its community bank subsidiary, the National Bank of Blacksburg (NBB or the Bank). NBB offers a range of retail and commercial banking services to individuals, businesses, non-profits and local governments. NBB, which does business as National Bank, focuses lending on small and mid-sized businesses and individuals. NBB’s loan types include commercial and agricultural, commercial real estate, construction for commercial and residential properties, residential real estate, home equity and various consumer loan products. The Company’s investment portfolio includes corporate bonds. NBI’s primary source of funds is deposits. Deposit products offered by the Bank include interest-bearing and non-interest bearing demand deposit accounts, money market deposit accounts, savings accounts, certificates of deposit and individual retirement accounts. National Bankshares, Inc. (NASDAQ:NKSH) Recent Trading Information
National Bankshares, Inc. (NASDAQ:NKSH) closed its last trading session up +0.25 at 37.05 with 4,866 shares trading hands.