# EDGAR Filing Document

**Accession Number:** 0001572334
**File Stem:** 0000950170-23-004258
**Filing Date:** 2023-2
**Character Count:** 6942
**Document Hash:** 7c0e74dd487b5c4b8f8669bc1ebab696
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-23-004258.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0000950170-23-004258

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230222

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Virginia National Bankshares Corp
- **CENTRAL INDEX KEY:** 0001572334
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** VA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40305
- **FILM NUMBER:** 23662730

**BUSINESS ADDRESS:**
- **STREET 1:** 404 PEOPLE PLACE
- **CITY:** CHARLOTTESVILLE
- **STATE:** VA
- **ZIP:** 22911
- **BUSINESS PHONE:** 434-817-7676

**MAIL ADDRESS:**
- **STREET 1:** 404 PEOPLE PLACE
- **CITY:** CHARLOTTESVILLE
- **STATE:** VA
- **ZIP:** 22911

?xml version="1.0" encoding="ASCII"? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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**FORM** 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** February 22, 2023<br>

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VIRGINIA NATIONAL BANKSHARES CORPORATION

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| Virginia | 001-40305 | 46-2331578 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 404 People Place |  |  |
| Charlottesville**,** Virginia |  | 22911 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

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**Registrant's Telephone Number, Including Area Code:** (434) 817-8621<br>

Not Applicable

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common Stock | VABK | The Nasdaq Stock Market LLC |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 8.01 Other Events.**

On February 22, 2023, the Company's Board of Directors declared a quarterly cash dividend of $0.33 per share to be paid on March 24, 2023 to shareholders of record as of March 10, 2023.

A copy of the Company's press statement announcing the quarterly cash dividend is attached hereto as Exhibit 99.1 and incorporated herein by reference.

**Item 9.01 Financial Statements and Exhibits.**

(d) <u>Exhibits</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following exhibit(s) are furnished herewith:

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| | |
|:---|:---|
| Exhibit No.  | Description |
| [<u>99.1</u>](vabk-ex99_1.htm)<br>104 | [<u>Press statement issued by Virginia National Bankshares Corporation on February 24, 2023.</u>](vabk-ex99_1.htm)<br>Cover Page Interactive Data File (embedded within the Inline XBRL document)<br>|

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
| Date: | February 24, 2023 | By:  | /s/ Tara Y. Harrison |
|  |  |  | Tara Y. Harrison<br>Executive Vice President and Chief Financial Officer |

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## Ex-99

**Exhibit 99.1**

![img2203825_0.jpg](img2203825_0.jpg)

**PRESS STATEMENT**

**FOR IMMEDIATE DISTRIBUTION**

**VIRGINIA NATIONAL BANKSHARES CORPORATION ANNOUNCES** 

**INCREASE IN QUARTERLY CASH DIVIDEND** 

**Charlottesville, VA** – February 24, 2023 - Virginia National Bankshares Corporation (the "Company") (NASDAQ: VABK) announced today that on February 22, 2023 its Board of Directors declared a quarterly cash dividend of $0.33 per share to be paid on March 24, 2023 to shareholders of record as of March 10, 2023. The quarterly cash dividend represents a 10% increase in the quarterly dividend and an annual yield to shareholders of approximately 3.33% based on the closing price of the Company's common stock on February 23, 2023.

"After delivering record results in 2022, we are pleased to return a larger portion of capital to our shareholders," commented President and Chief Executive Officer, Glenn W. Rust. "The action taken by our Board of Directors to increase the quarterly dividend reinforces their determination to properly allocate capital subsequent to the merger with Fauquier Bankshares, which will mark its two-year anniversary on April 1, 2023."

**About Virginia National Bankshares Corporation**

Virginia National Bankshares Corporation, headquartered in Charlottesville, Virginia, is the bank holding company for Virginia National Bank. The Bank has nine banking offices throughout Fauquier and Prince William counties, three banking offices in Charlottesville and Albemarle County, and banking offices in Winchester and Richmond, Virginia. The Bank offers a full range of banking and related financial services to meet the needs of individuals, businesses and charitable organizations, including the fiduciary services of VNB Trust and Estate Services. Investment management services are offered through Masonry Capital Management, LLC, a registered investment adviser and wholly-owned subsidiary of the Company.

The Company's common stock trades on the Nasdaq Capital Market under the symbol "VABK." Additional information on the Company is also available at www.vnbcorp.com.

Virginia National Bankshares Corporation Contact: Tara Y. Harrison, 434-817-8587

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