FOR IMMEDIATE RELEASE
National Bankshares, Inc. Receives Withdrawal of Driver Management Company Board Nominees
BLACKSBURG, VA., March 31, 2023 National Bankshares, Inc. (the Company) (Nasdaq: NKSH) announced that Driver Management
Company LLC (Driver) has withdrawn its nominees for the Companys Board of Directors (the Board). The withdrawal of Drivers nominees is not the result of any concessions by the Company or negotiated settlement with
Driver. Shareholders will receive further information and an updated proxy card in the coming days. The Company urges investors to support the four nominees up for reelection to the Board and to vote in favor of the stock incentive plan on the
ballot at the Annual Meeting of Shareholders to be held on May 9, 2023.
We are grateful for the outpouring of support from shareholders in
recent days, who have expressed their strong belief in our Board and strategy, said F. Brad Denardo, Chairman of the Board, President and Chief Executive Officer of the Company and its wholly-owned subsidiary bank, The National Bank of
Blacksburg. Avoiding a protracted contest for these Board seats is good for shareholders and the Company. We will continue to drive a strategy that benefits our shareholders, customers, communities and employees for the long run, and remain
open to ideas from any investor on how we can best drive value going forward.
About National Bankshares
National Bankshares, Inc., headquartered in Blacksburg, Virginia, is the parent company of The National Bank of Blacksburg, which does business as National
Bank, and of National Bankshares Financial Services, Inc. National Bank is a community bank operating from 24 full-service offices, primarily in southwest Virginia, and three loan production offices. National Bankshares Financial Services,
Inc. is an investment and insurance subsidiary in the same trade area. The Companys stock is traded on the Nasdaq Capital Market under the symbol NKSH.
Forward-looking Statements
This press release contains
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by use of words such as may, will, anticipates,
believes, expects, plans, estimates, potential, continue, should, and similar words or phrases. These statements are based upon current and anticipated economic
conditions, nationally and in the Companys market, interest rates and interest rate policy, competitive factors, and other conditions which by their nature, are not susceptible to accurate forecast and are subject to significant uncertainty.
Because of these uncertainties and the assumptions on which this discussion and the forward-