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 and Exchange Act of
1934
Date
of Report (Date of earliest event reported): July 23,
2010
First
National Bancshares, Inc.
(Exact
name of registrant as specified in its charter)
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South
Carolina
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000-30523
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58-2466370
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(State
or other jurisdiction
of
incorporation)
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(Commission
File Number)
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(IRS
Employer
Identification
No.)
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215
North Pine Street
Spartanburg,
South Carolina
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29302
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code (864) 948-9001
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 (see General Instruction A.2. below):
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
1.02 Termination of a Material Definitive Agreement
Item
5.02 Departure of Directors or Certain Officers.
On July
23, 2010, Kitty B. Payne notified the Company of her resignation as the Chief
Financial Officer of First National Bancshares, Inc. (the
“Company”). As previously disclosed, the Company’s wholly owned
national bank subsidiary, First National Bank of the South (the “Bank”), was
closed by the Office of the Comptroller of the Currency on July 16, 2010, and
the Federal Deposit Insurance Corporation was named as receiver of the
Bank. The Company is currently exploring methods of winding down its
operations.
Ms.
Payne’s employment agreement, which was dated December 31, 2008 and filed on May
1, 2009 with the SEC as Exhibit 10.4 to the Company’s Annual Report on Form
10-K, was terminated in conjunction with her resignation. Pursuant to
the terms of Ms. Payne’s notice, her resignation was effective at 6:00 pm on
July 16, 2010. Ms. Payne’s decision to resign did not arise or result
from any disagreement with the Company on any matters relating to the Company’s
operations, policies, or practices, and the Company expressed appreciation for
Ms. Payne’s contributions to the Company and the Bank.
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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FIRST
NATIONAL BANCSHARES, INC.
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By:
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/s/ C. Dan Adams | |
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C.
Dan Adams
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Chairman
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Dated:
July 29, 2010
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