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Exhibit 14 National Bancshares Corporation
Code of Business Conduct and Ethics National Bancshares Corporation/First National Bank has adopted the following Code of Ethics
for its Directors, Officers and Employees. This code is designed to protect and assist these
parties in handling information and certain transactions, which might undermine the high ethics and
integrity of the organization. It is also written to follow the Bank Bribery Statute, passed by
Congress, which restricts us, under penalty of law, from accepting certain gifts and fees. The
banks ability to maintain the customers confidence in the service we provide is dependent on the
careful observation of this policy. Violations of the Code of Ethics Policy will be brought to the
attention of Senior Management and may result in the possibility of disciplinary action including
the possibility of termination. CONFIDENTIAL INFORMATION In the course of performing bank duties, bank employees acquire confidential information
considered to be extremely sensitive by customers. This information shall not be revealed to
unauthorized persons nor shall customers finances be discussed with others within the bank unless
their duties require the information. Information about customers can be released only when
authorized by the customer or subpoenaed by a court, by the IRS, or bank regulatory agencies and
then the information released must be accurate and within the confines of the
release-authorizing document. Confidential information should always be properly safeguarded or
destroyed as applicable. When a customer gives the Bank as a credit reference, this is authority to release credit
information. Banks also share credit information with each other. This sharing is only done to
support credit decisions, and the sharing is based on assurances that source confidentiality will
be protected and that the information is accurate and not misleading. The inherent conflict between
the customers right to confidence and privacy and the need for creditors to share credit
experience should be recognized. This conflict can not be entirely resolved, but its consequences
can be mitigated by exercising extreme care when exchanging credit information. CONFLICTS OF INTEREST Confidential information about bank customers that reflects favorably or adversely on the
investment value of any business enterprise is insider information. It must not be used for
personal investment advantage or provided to others for their investment advantage. A bank employee should not represent the Bank in any transactions where he or she has a
material connection or a financial interest. Examples of material connections would include
relatives or close personal friends whether the transaction involves them as individuals or as
principals in a firm doing business with the Bank. An example of a financial interest would be an
employees involvement as a proprietor, partner, or joint venture in a firm doing business with the
bank. If an employee is involved in such a transaction, it must be handled at arms length on the
same terms and at the same pricing as any other customer. If the transaction is of a substantial
nature, then another officer must be involved. Documentation requirements for insider transactions
are the same as for other customer transactions. Bank employees should avoid taking part in transactions involving any of the above
circumstances. By transactions, we are referring to not only the making of loans, but also about
approval of overdrafts, accepting checks on uncollected funds, waiving of NSF, overdraft or late
charges, and waiving the requirement for financial statements or collateral documents. When there
is a potential conflict of interest, ask someone else in the bank to handle the transaction. Any
questions regarding transactions involving employees or directors should be directed to the bank
President.




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Bank property and facilities cannot be used for personal use without permission of Senior
Management. The bank employee that accepts directorship or has controlling interest in a for-profit
organization shall notify bank management of this information. An employee must not accept
directorship or employment with a company that is deemed to be a direct competitor of the bank.
Charitable and nonprofit organizations are exceptions to this general requirement unless they are a
direct competitor. RULES ON GIFTS, FEES, LEGACIES, LOANS AND INVESTMENTS A bank employee should not accept a loan from a bank customer or supplier, unless it is a
family loan. This prohibition does not apply to loans from banks or other financial institutions on
customary terms to finance proper credit needs. A bank employee should not accept a fee for performing any act that the bank may customarily
have performed. It is improper for a bank employee to accept a gift from a customer or from any other person
seeking a relationship with the bank. This rule does not apply to (a) food, refreshments or
entertainment at luncheon or business meetings, (b) advertising or promotional material of value,
(c) awards from charitable organizations, or (d) gifts of nominal value given on special occasions
such as Christmas. (Nominal value is a value that would be within the employees ability to
reciprocate on a personal basis or with a legitimate claim to the bank for reimbursement under
similar circumstances.) A bank employee should not sell anything to a customer at a value in excess of its worth nor
should he or she purchase anything from a customer at a price below its worth. (Acceptance of
discounts or rebates on merchandise is permitted if they are also available to other routine
customers of the firm.) This paragraph would not apply to sales between members of the same family. A bank employee should not indirectly perform any act that these rules prohibit directly. For
example, it is just as wrong to arrange for a member of the family to receive a gift as it is for
the employee to accept the gift directly. It is prudent to refrain from investing in a bank customers business, and it is improper for
a bank employee to subscribe to new issues of stock in a bank customers business. This does not
apply to stock of publicly held corporations. Speculative investing such as playing the commodities market, margin buying, short accounts,
puts, calls, or combinations are not prudent for bank employees. LAWS, RULES AND REGULATIONS All directors, officers and employees will abide by all applicable local, state and federal
laws, rules and regulations. All violations, including illegal or unethical behavior, will be
reported to the President immediately. The President will take appropriate action and will keep all
records of each case. OUTSIDE ACTIVITIES All employees involved in outside employment of any nature or participation in the affairs of
an outside organization must notify the Human Resource Manager. If there is a potential appearance
of a conflict of interest then such employment or participation may be prohibited. Specific types
of outside activities that raise conflict of interest questions include: 1. Employment by a firm that competes with the bank. 2. Preparation of any material that will be presented to the bank by an entity seeking a loan. 2




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3. Rendering investment counsel. 4. Rendering accounting services. 5. Use of bank equipment, supplies, or facilities. 6. Performing any services that the bank may customarily have performed. Additional Section for Directors: DIRECTORS CODE OF CONDUCT The directors of this bank were elected to serve the needs of the stockholders, the community,
the banks customers, and the banks employees. Legal, regulatory, and ethical considerations make
it mandatory that directors avoid most of the provisions contained in the Code of Ethics policy
outlined herein. In addition, directors must:  1.
    Avoid involvement of any kind in the credit approval process when the
credit being considered will directly or indirectly benefit the director. (This
policy includes loans, overdrafts, immediate credit of funds, and any other
form of credit.)2.
    Disclose to the President and to the Board any actual or potential conflicts
of interest as soon as the situation arises. (This includes disclosure of any
material interest in the business of a borrower, an applicant, or any other
bank customer. It also includes any gift or monetary offers made for the
purpose of influencing a bank decision.)3.
    Use only arms length transactions when buying, selling, or leasing assets
or services to the bank. (It is bank policy to contract for assets and
services using only arms length transactions that are in the best interest
of the bank. Directors are asked to honor this policy and to refrain from
asking for special considerations as the bank contracts for assets or services.) BRIBERY All attempted bribes will be reported to the President immediately. The President will then
take appropriate action and will keep written records of each case. Written records will also be
kept in the Presidents office of all waivers granted under this policy statement, and the
Presidents office will keep all such documents on file for three years. CODE OF ETHICS FOR FINANCIAL EXECUTIVES The President and Vice President and Treasurer bear a special responsibility for promoting
integrity throughout the Company. They must adhere to and advocate the following principles and
responsibilities governing professional and ethical conduct.  1.
    Act with honesty and integrity, avoiding actual or apparent conflicts of
interest in personal and professional relationships.2.
    Provide information that is accurate, complete, objective, relevant, timely
and understandable to ensure full, fair, accurate, timely and understandable
disclosure in reports and documents that the Company files with, or submits to
government agencies and in other public communications.3.
    Comply with rules and regulations of federal, state and local governments,
and other appropriate private and public regulatory agencies.4.
    Act in good faith, responsibly, with due care, competence and diligence,
without misrepresenting material facts or allowing ones independent judgment to be
subordinated. 3




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5.
    Respect the confidentiality of information acquired in the course of ones
work except when authorized or otherwise legally obligated to disclose. Confidential
information acquired in the course of ones work will not be used for personal
advantage. Share knowledge and maintain skills important and relevant to constituents
needs.6.
    Proactively promote ethical behavior as a responsible partner among peers, in
the work environment and in the community.7.
    Achieve responsible use of and control over all assets and resources employed
or entrusted. 4