Exhibit 31.2



CERTIFICATION



I, Ray A. Fleming, certify that:



|1. | I have reviewed this annual report on Form 10-KSB of Cardinal Bankshares Corporation;
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|2. | Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;
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|3. | Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;
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|4. | I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15e and 15d-15e) for the registrant and have:
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| | a) | designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by
others within those entities, particularly during the period in which this report is being prepared;
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| | b) | evaluated the effectiveness of the registrants disclosures controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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| | c) | disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the
registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting.
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|5. | I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of registrants
board of directors (or persons performing the equivalent functions):
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| | a) | all significant deficiencies and material weaknesses in the design or operation of internal controls which could adversely affect the registrants ability to record, process,
summarize and report financial data and have identified for the registrants auditors any material weaknesses in internal controls; and
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| | b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
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Date:         March 26,
2004



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|/s/ Ray A. Fleming                                                 
|Ray A. Fleming                                                     
|Executive Vice President, Comptroller & Principal Financial Officer