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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(a)
Community National Corporation
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(Name of Issuer)
Common Stock, Par Value $1.00 Per Share
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(Title of Class of Securities)
204000 10 0
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(CUSIP Number)
Pat Carnal
P.O. Box 680
31 Natchez Trace Drive
Lexington, Tennessee 38351
(901) 968-6649
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(Name, Address and Telephone Number of Persons
Authorized to Receive Notices and Communications)
March 12, 1998
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(Date of Event Which Requires Filing of This Statement)
If the filing persons has previously filed a statement on
Schedule 13G to report the acquisition that is the subject of
this Schedule 13D, and is filing this schedule because of Rule
13d-1(e), 13d-1(f) or 13d-1(g) check the following box. [ ]
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CUSIP No. 204000 10 0 SCHEDULE 13D
1. Name of Reporting Person:
Pat Carnal
2. Check the appropriate box if a member of a group:
Not Applicable
(a) [ ]
(b) [ ]
3. SEC use only:
4. Sources of funds: PF
5. Check box if disclosure of legal proceedings is required
pursuant to Items 2(d) or 2(e): [ ]
6. Citizenship or place of organization: United States
Number of 7. Sole Voting Power: 65,812
shares
beneficially 8. Shared Voting Power: 0
owned by
each 9. Sole Dispositive Power: 65,812
reporting
person with 10. Shared Dispositive Power: 0
11. Aggregate amount beneficially owned
by the reporting person: 65,812
12. Check box if the aggregate amount in Row 11 excludes
certain shares: [ ]
13. Percent of class represented by amount in Row 11: 9.23% *
14. Type of reporting persons: IN
* Based on 712,877 shares issued and outstanding as of
March 26,1999.
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Item 1. Security and Issuer.
The class of equity security to which this statement relates is
the common stock, par value $1.00 per share (the "Common Stock"),
of Community National Corporation (the "Issuer"), whose executive
offices are located at 19 Natchez Trace Drive, Lexington,
Tennessee 38351.
Item 2. Identity and Background.
(a) The names of the person filing this statement is Pat
Carnal (the "Reporting Person").
(b) The residence address of the Reporting Person is 230
Beasley Drive, Lexington, Tennessee 38351.
(c) The Reporting Person is president and owner of the
Carnal-Roberts Agency, an insurance agency, and his business
address is P.O. Box 680, 31 Natchez Trace Drive, Lexington,
Tennessee 38351.
(d) The Reporting Person has not been convicted in a
criminal proceeding (excluding traffic violations or similar
misdemeanors) during the last five years.
(e) The Reporting Person has not during the last five
years, been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of
such proceeding was or is subject to a judgment, decree or final
order enjoining future violations of, or prohibiting or mandating
activities subject to, Federal or State securities laws or
finding any violation with respect to such laws.
(f) The Reporting Person is a citizen of the United
States.
Item 3. Source and Amount of Funds or Other Consideration.
(a) In December 1992, the Reporting Person, with personal
funds, acquired 10,694 shares of common stock of Lexington First
Federal Savings Bank ("Lexington") in connection with Lexington's
mutual to stock conversion and mutual holding company formation.
In December 1997, Lexington First Federal Mutual Holding Company
completed its second step conversion pursuant to which the
Reporting Person's 10,694 Lexington shares were converted into
25,812 shares of Common Stock of the Issuer.
(b) The Reporting Person acquired an additional 40,000
shares of Common Stock through the following open market
purchases, using personal funds:
<TABLE>
<CAPTION>
Aggregate
Purchase Amount of Per Share Dollar
Date Shares Price Amount
- -------- --------- --------- ---------
<S> <C> <C> <C>
3/12/98 10,000 $10.00 $100,000
3/30/98 5,000 $10.00 $ 50,000
4/22/98 15,000 $10.00 $150,000
4/22/98 5,000 $10.00 $ 50,000
5/6/98 5,000 $10.00 $ 55,000
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Total 40,000 Total $405,000
</TABLE>
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Item 4. Purpose of Transaction.
The shares covered by this statement were acquired and are
held, or are expected to be acquired and held, solely for
investment purposes. Depending upon a continuing assessment and
upon future developments, the Reporting Person may determine,
from time to time or at any time, to acquire other shares of the
Issuer or to sell or otherwise dispose of some of the shares he
beneficially owns.
Other than in the Reporting Person's capacity as a director
of the Issuer, the Reporting Person has no plans which relate to
or would result in: (a)the acquisition by any person of
additional securities of the Issuer, or the disposition of
securities of the Issuer; (b)an extraordinary corporate
transaction, such as a merger, reorganization or liquidation,
involving the Issuer or any of its subsidiaries;(c)a sale or
transfer of a material amount of assets of the Issuer or any of
its subsidiaries;(d)any change in the present Board of Directors
or management of the Issuer, including any plans or proposals to
change the number or term of directors or to fill any existing
vacancies on the Board;(e)any material change in the present
capitalization or dividend policy of the Issuer;(f)any other
material change in the Issuer's business or corporate
structure;(g)changes in the Issuer's corporate charter or bylaws
or instruments corresponding thereto or other actions which may
impede the acquisition of control of the Issuer by any
person;(h)causing a class of securities of the Issuer to be
delisted from a national securities exchange or to cease to be
authorized to be quoted in an inter-dealer quotation system of a
registered national securities association; (i) a class of equity
securities of the Issuer becoming eligible for termination of
registration pursuant to Section 12(g)(4) of the Securities
Exchange Act of 1934; or(j)any action similar to any of those
enumerated above.
Item 5. Interest in Securities of the Issuer.
(a) The Reporting Person may be deemed the owner of 65,812
shares of the Common Stock as of the date of this statement,
representing 9.23%, based on 712,877 shares issued and
outstanding as of March 26, 1999.
(b) The Reporting Person has sole voting and dispositive
power over 65,812 shares of the Common Stock of the Issuer.
(c) The Reporting Person did not effect any transactions
in the Common Stock during the past 60 days from the date of this
statement.
(d) No other person is known to have the right to receive
or the power to direct the receipt of dividends from, or proceeds
from a sale of, shares beneficially owned by the Reporting
Person.
(e) Not applicable.
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Item 6. Contracts, Arrangements, Understandings or
Relationships with Respect to Securities of the Issuer
The Reporting Person has not entered into any material
contracts, arrangements, understandings or relationships (legal
or otherwise) with respect to any securities of the Issuer.
Item 7. Material to be Filed as Exhibits.
Not applicable.
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SIGNATURES
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After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement is true, complete and correct.
Date: March 29, 1999
/s/ Pat Carnal
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Pat Carnal
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