false 0000719402 0000719402 2023-05-10 2023-05-10
 
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): May 10, 2023
___________
 
FIRST NATIONAL CORPORATION
(Exact name of registrant as specified in its charter)
 
Virginia
(State or other jurisdiction of incorporation)
1-38874
(Commission File Number)
54-1232965
(IRS Employer Identification No.)
 
112 West King Street
Strasburg, Virginia
(Address of principal executive offices)
 
22657
(Zip Code)
 
Registrant’s telephone number, including area code: (540) 465-9121
 
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:
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $1.25 per share
FXNC
The Nasdaq Stock Market LLC
 
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.  ☐
 
 
 
 
Item 5.07
Submission of Matters to a Vote of Security Holders.

An Annual Meeting of Shareholders of First National Corporation (the "Company") was held on May 10, 2023 for the purpose of considering and acting upon the following matters:
 
(1)
The election of ten directors to serve for a term of one year;
   
(2)
The ratification of the appointment of Yount, Hyde & Barbour, P.C. as the Company's independent registered public accounting firm for the year ending December 31, 2023;
   
(3) The approval of the Company’s 2023 Stock Incentive Plan.
 
The final voting results for each proposal, including the votes for and against, and any withheld, abstained, or broker non-votes, are described below.
 
Proposal 1 - Election of Directors
 
The Company's shareholders elected all ten nominees for director. For each nominee, the votes cast for and against, as well as withheld and broker non-votes, were as follows:
 
Director Nominee
  
For
  
Withheld
  
Broker Non-Votes
Jason C. Aikens
   3,672,082   55,719   1,303,663
Emily Marlow Beck
  
3,677,402
  
50,399
  
1,303,663
Boyce E. Brannock
  
3,712,015
   15,786  
1,303,663
Elizabeth H. Cottrell
  
3,711,335
  
16,466
  
1,303,663
W. Michael Funk
  
3,678,015
  
49,786
  
1,303,663
Scott C. Harvard
   3,654,620  
73,181
  
1,303,663
George Edwin Holt, III   3,705,436   22,365   1,303,663
Kirtesh Patel   3,672,099   55,702   1,303,663
Gerald F. Smith, Jr.
   3,667,087  
60,714
  
1,303,663
James R. Wilkins, III
  
3,705,814
  
21,987
  
1,303,663
 
Proposal 2 - Ratification of Appointment of Independent Registered Public Accounting Firm
 
The Company's shareholders approved the ratification of the Audit Committee's selection of Yount, Hyde & Barbour, P.C. as the Company's independent registered public accounting firm for the year ending December 31, 2023. The votes cast for and against this proposal, as well as the votes abstained, were as follows:
 
For
  
Against
  
Abstain
4,959,202
  
9,914
   62,348
 
Proposal 3 -Approval of the Company’s 2023 Stock Incentive Plan
 
The Company’s shareholders approved the Company’s 2023 Stock Incentive Plan. The votes cast for and against this proposal, as well as the votes withheld and broker non-votes, were as follows:
 
For
  
Against
  
Abstain
  
Broker Non-Votes
3,538,790
   160,285   28,726   1,303,663
 
Item 8.01
Other Events.
 
On May 10, 2023, the Board of Directors of the Company declared a quarterly cash dividend of $0.15 per common share, which is payable on June 9, 2023, to shareholders of record as of May 26, 2023.
 
Item 9.01
Financial Statements and Exhibits.
 
(d)
Exhibits.
 
 
Exhibit No.
Description
   
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 
2
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
FIRST NATIONAL CORPORATION
 
(Registrant)
 
 
 
 
 
 
 
 
 
Date:  May 11, 2023
By:
/s/ M. Shane Bell
 
 
 
M. Shane Bell
 
 
 
Executive Vice President and Chief Financial Officer
 
 
 
 
 
 
3