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<SEC-DOCUMENT>0000796534-04-000015.txt : 20040513
<SEC-HEADER>0000796534-04-000015.hdr.sgml : 20040513
<ACCEPTANCE-DATETIME>20040513140341
ACCESSION NUMBER:		0000796534-04-000015
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040513
ITEM INFORMATION:		Other events
FILED AS OF DATE:		20040513

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:		1934 Act
		SEC FILE NUMBER:	000-15204
		FILM NUMBER:		04802306

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 90002
		CITY:			BLACKSBURG
		STATE:			VA
		ZIP:			24062-9002
		BUSINESS PHONE:		5405522011

	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
<FILENAME>form8k.txt
<TEXT>
                                  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: May 13, 2004                Commission File Number: 0-15204

                            National Bankshares, Inc.
- --------------------------------------------------------------------------------
             (Exact name of Registrant as specified in its charter)


        Virginia                                   54-1375874
- ---------------------                       -----------------------
(State or other jurisdiction of         (I.R.S. Employer Identification No.)
incorporation or organization)


101 Hubbard Street
Blacksburg, VA 24060
- -----------------------------
(Address of principal executive offices)

Registrant's telephone number, including area code (540) 951-6300
                                                   --------------




                                Page 1 of 2 Pages
<PAGE>



ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE

        On May 13, 2004, National Bankshares, Inc. issued a press release
announcing that its Board of Directors had authorized the repurchase of up to $1
million of the Company's stock over the next twelve months, until May 31, 2005.
A copy of the press release is attached as Exhibit 99.1.


Exhibit
99.1    National Bankshares, Inc. press
        Release dated May 13, 2004.



                                    SIGNATURE

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

                                    NATIONAL BANKSHARES, INC.


Date:  May 13, 2004                 By: /s/ James G. Rakes
      -------------                 -----------------------------
                                        James G. Rakes
                                        Chairman
                                        President and Chief Executive Officer




                                Page 2 of 2 Pages












</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>stock_repurchase.txt
<TEXT>
FOR IMMEDIATE RELEASE

CONTACTS:             James G. Rakes, President & CEO  (540) 951-6236
                      J. Robert Buchanan, Treasurer    (276) 979-0341




BLACKSBURG, VA,, MAY 13, 2004: National Bankshares, Inc. (Nasdaq SmallCap
Market: NKSH) today announced that its Board of Directors has authorized the
repurchase of up to $1 million of the company's common stock over the next
twelve months, until May 31, 2005. The stock will be purchased in the open
market in amounts and at times as management determines is prudent. The exact
number of shares of common stock purchased under the announced stock repurchase
plan, if any, and the timing of those purchases will be based on various
factors, such as management's assessments of National Bankshares' capital
structure and liquidity, the market price of the company's shares as compared to
management's assessment of the stock's underlying value, as well as applicable
accounting, legal and regulatory factors.

        James G. Rakes, Chairman, President and CEO of National Bankshares, Inc.
said, "The company's strong earnings have put us in a good capital position. We
are fortunate to have capital that is in excess of our ongoing operational needs
and regulatory requirements. Operationally, our Bank of Tazewell County
subsidiary recently completed the purchase of loans and assumption of deposits
of the Richlands, Virginia branch office of a North Carolina bank. Our
subsidiary National Bank of Blacksburg is awaiting regulatory approval of a
planned purchase of assets and assumption of liabilities of Community National
Bank in Pulaski, Virginia. The share repurchase authorization is another tool
that enables us to manage capital in the best interests of our stockholders.

        National Bankshares, Inc. is a financial holding company with
headquarters in Blacksburg, Virginia. Its two community bank subsidiaries, The
National Bank, headquartered in Blacksburg, and Bank of Tazewell County, with
its main office in Tazewell, serve Southwest Virginia with a total of 24
offices. The company also operates a non-bank subsidiary, National Bankshares
Financial Services, Inc., which does business as National Bankshares Investment
Services and National Bankshares Insurance Services. National Bankshares, Inc.
stock trades on the Nasdaq Stock Market under the symbol "NKSH". Additional
information is available on the company's web site at
www.nationalbankshares.com.



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