UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 144
NOTICE OF PROPOSED SALE OF SECURITIES
PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
ATTENTION: Transmit for filing 3 copies of this form concurrently with either
placing an order with a broker to execute sale or executing a sale directly with
a market maker
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1(a) NAME OF ISSUER (Please type or print)
National Bankshares, Inc.
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1(b) IRS IDENT. NO. (c) SEC FILE NO.
54-1375874 0-15204
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1(d) ADDRESS OF ISSUER STREET
101 Hubbard Street
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1(d) CITY STATE ZIP CODE
Blacksburg VA 24060
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1(e) TELEPHONE
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AREA CODE NUMBER
540 951-6300
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2(a) NAME OF PERSON FOR WHOSE ACCOUNT THE SECURITIES ARE TO BE SOLD
James G. Rakes
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2(b) IRS IDENT. NO. (c) RELATIONSHIP TO ISSUER
226-58-8243 Director & Officer
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2(d) ADDRESS STREET
3335 McEver Road
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2(d) CITY STATE ZIP CODE
Blacksburg VA 24060
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INSTRUCTION: The person filing this notice should contact the issuer to obtain
the I.R.S. Identification Number and the SEC File Number.
SEC USE
3(a) (b) ONLY (c) (d) (e) (f) (g)
Title of the Name and Address of Broker- Number of Aggregate Number of Shares Approximate Name of Each
Class of Each Broker Through Dealer Shares or Market or Other Units Date of Sale Securities
Securities Whome the Securities File Other Units Value Outstanding (See instr. 3(f)) Exchange
to be Sold are to be Offered Number to be Sold (See instr. (See instr. 3(e)) (MO. DAY YR.) (See instr. 3(g))
or Each Market (See instr. 3(d))
Maker who is 3(c))
Aquiring the
Securities
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Common Bankers Investments, LLC 5,250 $123,585 6,996,284 10/26/2006 NASDAQ
Stock 4490 Cox Road
Glen Allen, VA 23060
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INSTRUCTIONS:
1.(a) Name of issuer
(b) Issuer's I.R.S. Identification Number
(c) Issuer'S S.E.C. file number, if any
(d) Issuer's address, including zip code
(e) Issuer's telephone number, including area code
2.(a) Name of person for whose account the securities are to be sold
(b) Such person's I.R.S. identification number, if such person is an entity
(c) Such person's relationship to the issuer (e.g., officer, director, 10%
stockholder, or member of immediate family of any of the foregoing)
(d) Such person's address, including zip code
3.(a) Title of the class of securities to be sold
(b) Name and address of each broker through whom the securities are intended
to be sold
(c) Number of shares or other units to be sold (if debt securities, give the
aggregate face amount)
(d) Aggregate market value of the securities to be sold as of a specified date
within 10 days prior to the filing of this notice
(e) Number of shares or other units of the class outstanding, or if debit
securities the face amount thereof outstanding, as shown by the most
recent report or statement published by the issuer
(f) Approximate date on which the securities are to be sold
(g) Name of each securities exchange, if any, on which the securities are
intended to be sold
TABLE I - SECURITIES TO BE SOLD
Furnish the following information with respect to the acquisition of the
securities to be sold and with respect to the payment of all or any part of the
purchase price or other consideration therefor:
Name of Person
from Whom Acquired
Title of Date You Nature of (If gift, also give date Amount of Date of
the Class Acquired Acquisition Transaction donor acquired) Securities Acquired Payment Nature of Payment
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Common 07/01/2005 Exercise of National Bankshares, Inc. 2,625 07/01/2005 Cash
Stock Incentive Stock Option
2-for-1 Stock Split
Common National Bankshares, Inc. 2,625 N/A N/A
Stock
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INSTRUCTIONS:
1. If the securities were purchased and full payment therefore was not made in
cash at the time of purchase, explain in the table or in a note thereto the
nature of the consideration given. If the consideration consisted of any note
or other obligation, or if payment was made in installments describe the
arrangement and state when the note or other obligation was discharged in
full or the last installment paid.
2. If within two years after the acquisition of the securities the person for
whose account they are to be sold had any short positions, put or other
option to dispose of securities referred to in paragraph (d)(3) of Rule 144,
furnish full information with respect thereto.
TABLE II - SECURITIES SOLD DURING THE PAST 3 MONTHS
Furnish the following information as to all securities of the issuer sold during
the past 3 months by the person for whose account the securities are to be sold.
Amount of Gross
Name and Address of Seller Title of Securities Sold Date of Sale Securities Proceeds
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None
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REMARKS:
INSTRUCTIONS:
See the definition of "person" in paragraph (a) of Rule 144. Information is to
be given not only as to the person for whose account the securities are to be
sold but also as to sales by all persons whose sales are required by paragraph
(e) of Rule 144 to be aggregated with sales for the account of the person filing
this notice.
ATTENTION:
The person for whose account the securities to which this notice relates are to
sold hereby represents by signing this notice that he does not know any material
adverse information in regard to the current and prospective operations of the
Issuer of the securities to be sold which have not been publicly disclosed.
October 26, 2006 /s/James G. Rakes
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(DATE OF NOTICE) (SIGNATURE)
The notice shall be signed by the person for whose account the securities are to
be sold. At least one copy of the notice shall be manually signed.
Any copies not manually signed shall bear typed or printed signatures.
ATTENTION: Intentional misstatements or omission of facts constitute Federal
Criminal Violations (See 18 U.S.C. 1001).