SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of Earliest Event Reported): March 15, 1999
NATIONAL BANKSHARES, INC.
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(Exact name of Registrant as specified in its charter)
Virginia 0-15204 54-1375874
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
P.O. Box 90002
Blacksburg, Virginia 24062-9002
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (540) 552-2011
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Item 5 Other Events
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The registrant has announced a stock tender offer, effective on March
15, 1999. The Company seeks to repurchase up to 200,000 of its shares of
common stock (5.3%) at $28.00 per share. The tender offer will close on
April 30, 1999 at 5:00 p.m. Eastern Daylight Time. A press release
concerning this activity is attached to this report and is incorporated
herein by this reference.
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For Immediate Release
March 15, 1999
NATIONAL BANKSHARES, INC. ANNOUNCES STOCK REPURCHASE
National Bankshares, Inc., the parent company of The National Bank and Bank
of Tazewell County, announced today that it is seeking to purchase up to
200,000 shares, or approximately 5.3% of its outstanding common stock. A
price of $28 per share will be paid, which is a premium over the current
market value. James G. Rakes, Chairman, President and CEO of National
Bankshares stated, "We believe that this repurchase of common stock is
consistent with National Bankshares long-term goal of increasing
shareholder value." Mr. Rakes added, "Over the past few years, National
Bankshares" profitable operations have increased capital, and after the
offer to repurchase stock is completed, we expect that the company and both
banks will continue to maintain the highest regulatory standard for
capital. Besides, we consider our stock to be a good value."
The National Bank is headquartered in Blacksburg and has a total of nine
offices in Montgomery and Giles counties and in the City of Galax. Bank of
Tazewell County serves Tazewell and Bluefield from seven office locations.
National Bankshares, Inc. stock is traded over the counter with the symbol
"NKSH".
For more information, contact:
James G. Rakes
(540) 951-6236
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