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 ACT OF 1934
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Date of Report (Date of Earliest Event Reported): May 30, 2000
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) 951-6300
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ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
On May 30, 2000, James G. Rakes, Chairman, President and Chief
Executive Officer of the Registrant, entered into an agreement to engage
the accounting firm of Yount, Hyde & Barbour, P.C. as the independent
public accountant to audit the Registrant's financial statements for the
fiscal year ending December 31, 2000. Mr. Rakes entered into the agreement
with Yount, Hyde & Barbour, P.C., pursuant to authority granted to him in a
motion passed by the Registrant's Board of Directors on May 10, 2000.
Yount, Hyde & Barbour, P.C. will replace the firm of KPMG LLP, the
independent accountant engaged to audit the Registrant's financial
statements as of December 31, 1999 and 1998, and for each of the years in
the two year period ended December 31, 1999.
In connection with the audit of the two fiscal years ending December
31, 1999 and in the subsequent interim period preceding the engagement of
Yount, Hyde & Barbour, P.C., there were no disagreements with KPMG LLP on
any matter of accounting principles or practices, financial statement
disclosure or auditing scope or procedures, which disagreements if not
resolved to their satisfaction would have caused them to make reference in
connection with their opinion to the subject matter of the disagreement.
KPMG LLP did not resign or decline to stand for reelection. Upon
selection of Yount, Hyde & Barbour, P.C., the Registrant dismissed KPMG LLP
with respect to the audit of the Registrant's consolidated financial
statements for periods beginning with the fiscal year ending December 31,
2000 and thereafter. KPMG LLP's report on the consolidated financial
statements as of December 31, 1999 and 1998, and for each of the years in
the two year period ended December 31, 1999, contained no adverse opinion
or disclaimer of opinion and was not qualified as to uncertainty, audit
scope or accounting principles.
The Registrant will be requesting that KPMG LLP furnish it with a
letter addressed to the Securities and Exchange Commission stating whether
it agrees with the above statement.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibit 16.1 - Letter from KPMG LLP. *
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*To be filed by amendment.
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SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
NATIONAL BANKSHARES, INC.
By: /s/James G. Rakes
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James G. Rakes
Chairman
President & CEO
June 2, 2000
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