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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000796534-99-000005.txt : 19990318
<SEC-HEADER>0000796534-99-000005.hdr.sgml : 19990318
ACCESSION NUMBER:		0000796534-99-000005
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	19990317
ITEM INFORMATION:		
FILED AS OF DATE:		19990317

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NATIONAL BANKSHARES INC
		CENTRAL INDEX KEY:			0000796534
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				541375874
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		
		SEC FILE NUMBER:	000-15204
		FILM NUMBER:		99566684

	BUSINESS ADDRESS:	
		STREET 1:		100 SOUTH MAIN ST
		CITY:			BLACKSBURG
		STATE:			VA
		ZIP:			24062-9002
		BUSINESS PHONE:		7035522011

	MAIL ADDRESS:	
		STREET 1:		100 SOUTH MAIN STREET
		STREET 2:		PO BOX 90002
		CITY:			BLACKSBURG
		STATE:			VA
		ZIP:			24062-9002
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<DESCRIPTION>PRESS RELEASE
<TEXT>




                     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 15, 1999


                         NATIONAL BANKSHARES, INC.
- ---------------------------------------------------------------------------
           (Exact name of Registrant as specified in its charter)



   Virginia                0-15204                         54-1375874      
- ---------------------------------------------------------------------------
(State or other          (Commission                      (IRS Employer    
jurisdiction of          File Number)                   Identification No.)
incorporation)


               P.O. Box 90002
            Blacksburg, Virginia                            24062-9002     
- ---------------------------------------------------------------------------
     (Address of principal executive offices)               (Zip Code)     



Registrant's telephone number, including area code: (540) 552-2011















                             Page 1 of 3 Pages<PAGE>


Item 5    Other Events
          ------------

     The  registrant has announced a stock tender offer, effective on March
15, 1999.  The  Company seeks to repurchase up to 200,000  of its shares of
common stock (5.3%) at $28.00  per share.  The  tender offer will close  on
April  30,  1999 at  5:00  p.m. Eastern  Daylight  Time.   A  press release
concerning this activity  is attached  to this report  and is  incorporated
herein by this reference.

















































                                    -2-<PAGE>






For Immediate Release

March 15, 1999



            NATIONAL BANKSHARES, INC. ANNOUNCES STOCK REPURCHASE



National Bankshares, Inc., the parent company of The National Bank and Bank
of Tazewell  County, announced today that  it is seeking to  purchase up to
200,000  shares, or approximately 5.3% of  its outstanding common stock.  A
price of $28  per share will be paid,  which is a premium over  the current
market value.   James  G. Rakes,  Chairman, President and  CEO of  National
Bankshares  stated, "We  believe that  this repurchase  of common  stock is
consistent   with   National  Bankshares   long-term  goal   of  increasing
shareholder value." Mr.  Rakes added,  "Over the past  few years,  National
Bankshares"  profitable operations  have increased  capital, and  after the
offer to repurchase stock is completed, we expect that the company and both
banks  will  continue to  maintain  the  highest  regulatory  standard  for
capital.  Besides, we consider our stock to be a good value."

The National  Bank is headquartered in  Blacksburg and has a  total of nine
offices in Montgomery and Giles counties and in the City of Galax.  Bank of
Tazewell County serves Tazewell and  Bluefield from seven office locations.
National Bankshares, Inc. stock  is traded over the counter with the symbol
"NKSH".



For more information, contact:
     James G. Rakes
     (540) 951-6236




















                                    -3-<PAGE>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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