# EDGAR Filing Document

**Accession Number:** 0000741516
**File Stem:** 0001437749-23-007550
**Filing Date:** 2023-3
**Character Count:** 10513
**Document Hash:** 87060e35203b2279de6896c678cd07aa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-23-007550.hdr.sgml**: 20230322

**ACCESSION NUMBER**: 0001437749-23-007550

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230322

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230322

**DATE AS OF CHANGE**: 20230322

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN NATIONAL BANKSHARES INC.
- **CENTRAL INDEX KEY:** 0000741516
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **IRS NUMBER:** 541284688
- **STATE OF INCORPORATION:** VA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-12820
- **FILM NUMBER:** 23753681

**BUSINESS ADDRESS:**
- **STREET 1:** 628 MAIN ST
- **CITY:** DANVILLE
- **STATE:** VA
- **ZIP:** 24541
- **BUSINESS PHONE:** 4347925111

**MAIL ADDRESS:**
- **STREET 1:** 628 MAIN STREET
- **STREET 2:** P O BOX 191
- **CITY:** DANVILLE
- **STATE:** VA
- **ZIP:** 24543

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN NATIONAL BANKSHARES INC
- **DATE OF NAME CHANGE:** 19920703

americannb20230322_8k.htm

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM **8-K**

**CURRENT REPORT**

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

Date of Report (Date of earliest event reported): **March 22, 2023**

**AMERICAN NATIONAL BANKSHARES INC.**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Virginia**<br> (State or other jurisdiction<br> of incorporation) | **0-12820**<br> (Commission<br> File Number) | **54**-**1284688**<br> (I.R.S. Employer<br> Identification No.)<br>|
| **628 Main Street**, **Danville**, **Virginia 24541**<br> (Address of principal executive offices) (Zip Code) | **628 Main Street**, **Danville**, **Virginia 24541**<br> (Address of principal executive offices) (Zip Code) | **628 Main Street**, **Danville**, **Virginia 24541**<br> (Address of principal executive offices) (Zip Code) |

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Registrant's telephone number, including area code: **(**434**) **792-5111**

**Not Applicable**

(Former name or former address, if changed since last report)

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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| | |
|:---|:---|
| <u>Title of each class</u> | <u>Name of each exchange on which registered</u> |
| Common Stock, $1.00 par value<br> AMNB | Nasdaq Global Select Market |

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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 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

On March 22, 2023, the Board of Directors of American National Bankshares Inc. (the "Company") announced the upcoming retirement of its Board Chair. Charles H. Majors will retire as a director and Chair of the Board of the Company and American National Bank and Trust Company (the "Bank") effective at the conclusion of the Company's Annual Meeting of Shareholders on May 16, 2023. Mr. Majors' decision to retire is not the result of any disagreement with the Company or the Bank regarding their respective operations, policies or practices.

A copy of the press release announcing the retirement of the Company's Board Chair, new Board leadership and nominees, and executive promotions is attached to this report as Exhibit 99.1 and is incorporated by reference into this Item 5.02.

**Item 9.01 Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Exhibits.*

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| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| 99.1 | [Press release, dated March 22, 2023.](ex_491712.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

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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 hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **American National Bankshares Inc.** | **American National Bankshares Inc.** |
|  | (Registrant) | (Registrant) |
| Date: March 22, 2023 | By:  | /s/ Jeffrey W. Farrar |
|  |  | Jeffrey W. Farrar |
|  |  | Executive Vice President, Chief Operating |
|  |  | Officer and Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![ex_491712img001.jpg](ex_491712img001.jpg)

**American National Bankshares Inc Announces Board Leadership Succession, Board Nominees and Promotions** 

*For more information, contact:*

Jeffrey V. Haley <br> President & Chief Executive Officer <br> American National Bankshares Inc. <br> haleyj@amnb.com <br> 434.773.2259

**FOR IMMEDIATE RELEASE:** 

**DANVILLE, VA, March 22, 2023** – American National Bankshares Inc. (the Company or American National) announced today the retirement of its Board Chair, new Board leadership and nominees, and executive promotions. After over 41 years on American National's Board of Directors, Charles H. Majors will retire as a director and Chair of the Board of the Company and American National Bank and Trust Company (the Bank or American National Bank), effective at the conclusion of the Company's Annual Meeting of Shareholders on May 16, 2023.

Jeffrey V. Haley will then assume the role of Chair of the Board of the Company and the Bank, while remaining as President and Chief Executive Officer. At the same time, Nancy Howell Agee will become Lead Independent Director, succeeding Michael P. Haley.

The Company's Board of Directors has nominated Rickey J. Barker and Adrian T. Smith for election as new directors at the Annual Meeting. J. Nathan Duggins III and William J. Farrell II, who were appointed as directors by the Board in October 2022, have been nominated for new terms, as have the following directors whose current terms are expiring: Tammy Moss Finley, Dan M. Pleasant, and Joel R. Shepherd. Current directors whose terms do not expire and who will remain in office are: Nancy Howell Agee, Jeffrey V. Haley, Michael P. Haley, F.D. Hornaday, III, John H. Love, and Ronda M. Penn.

Jeffrey W. Farrar and Edward C. Martin have each been promoted to Senior Executive Vice President of the Company and the Bank, reporting directly to Jeffrey Haley. Management areas reporting to Farrar will include finance, operations, information technology, credit, and risk. Management areas reporting to Martin will include commercial and consumer banking, wealth management, human resources, and marketing. Both Farrar and Martin have more than 50 years of combined banking experience, with 10 of those years at American National.

In September 1981, Majors joined the Board as an independent director. At that time, he was President of Clement & Wheatley, a Danville law firm. In January 1993, he became an executive officer of the Company, initially as President, becoming Chief Executive Officer in 1994, Executive Chairman in 2013, and non-executive Chair of the Board of the Company and the Bank in 2015.

Jeffrey Haley became President of the Bank in 2010, President of the Company and Chief Executive Officer of the Bank in 2012 and, since January 1, 2013, President and Chief Executive Officer of the Company and the Bank.

Agee is the President and Chief Executive Officer of Carilion Clinic, a large healthcare organization based in Roanoke, Virginia. Formerly a director of HomeTown Bank and HomeTown Bankshares Corporation, she became a director of the Company and the Bank in 2019, upon the acquisition of the HomeTown entities. She is also a director of RGC Resources, Inc. and Healthcare Realty Trust Incorporated.

Barker, a resident of Danville, VA, is owner and President of Supply Resources, a tailor-made packaging supplier. He is currently a member of the Bank's Virginia State Banking Board. Smith, a resident of Greensboro, NC, is the owner and Chief Executive Officer of Ice Management, Inc., owner/operator of McDonald's franchises in North Carolina and Virginia. He is currently a member of the Bank's North Carolina State Banking Board.

"I can't thank Charley enough for his 41 years of service to American National," stated Jeffrey Haley. "He was instrumental in ensuring a solid foundation for our Company and as his tenure draws to a close, we remain in a very strong position. I'm incredibly proud of him and the entire Board for the tremendous work that has been done with regards to our Company's succession planning. I look forward to working with our new directors as we continue to grow and evolve this Company."

\# \# \#

<u>About American National Bankshares Inc.</u>

American National is a multi-state bank holding company with total assets of approximately $3.0 billion. Headquartered in Danville, Virginia, American National is the parent company of American National Bank and Trust Company. American National Bank is a community bank serving Virginia and North Carolina with 26 banking offices. American National Bank also manages an additional $1.2 billion of trust, investment, and brokerage assets in its Wealth Division. Additional information about American National and American National Bank is available on American National's website at www.amnb.com.