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Exhibit
5.1
Legal
Opinion of Nelson Mullins Riley & Scarborough LLP
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Nelson
Mullins Riley & Scarborough LLP
Attorneys
and Counselors at Law
104
South Main Street / Ninth Floor / Greenville, South Carolina
29601
Tel:
864.250.2300 Fax: 864.232.2925
www.nelsonmullins.com
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August
21, 2008
First
National Bancshares, Inc.
215
N.
Pine Street
Spartanburg,
South Carolina 29302
Re:
Registration Statement on Form S-8
Gentlemen:
We
have
acted as counsel to First National Bancshares, Inc. (the “Company”) in
connection with the preparation and filing of a Registration Statement on Form
S-8 (the “Registration Statement”) to be filed by the Company with the
Securities and Exchange Commission under the Securities Act of 1933 (the “Act”),
covering the offering of up to 320,000 shares (the “Shares”) of the Company’s
common stock which may be issued by the Company under the First
National Bancshares, Inc. 2008 Restricted Stock Plan.
This
opinion is furnished pursuant to the requirement of Item 601(b)(5) of Regulation
S-K under the Act.
We
have
examined corporate records, certificates of public officials, and other
documents and records as we have deemed necessary for purposes of this opinion.
In our examination, we have assumed the completeness and authenticity of any
document submitted to us as an original, the completeness and conformity to
the
originals of any document submitted to us as a copy, the authenticity of the
originals of such copies, the genuineness of all signatures, and the legal
capacity and mental competence of natural persons.
For
purposes of this opinion, we have relied without any independent verification
upon factual information supplied to us by the Company and on factual
information included in the Company’s filings with the Securities and Exchange
Commission. We have assumed without investigation that there has been no
relevant change or development between the dates as of which the information
cited in the preceding sentences was given or filed and the date of this letter
and that the information upon which we have relied is accurate and does not
omit
disclosure necessary to prevent such information from being
misleading.
Based
on
the foregoing, assuming that the issuance of the Shares is authorized in
accordance with the Plan and that the Company has received the authorized
consideration for the issuance of shares, we are of the opinion that the Shares,
when issued and delivered as described in the Registration Statement, will
be
legally issued, fully paid, and nonassessable.
This
opinion is being rendered to be effective as of the effective date of the
Registration Statement, and we hereby consent to the filing of this opinion
with
the Commission as Exhibit 5.1 to the Registration Statement. This consent shall
not be deemed to be an admission that this firm is within the category of
persons whose consent is required under Section 7 of the Act or the regulations
promulgated pursuant to the Act.
This
opinion is limited to the laws of the State of South Carolina and no opinion
is
expressed as to the laws of any other jurisdiction. We do not find it necessary
for the purposes of this opinion, and accordingly we do not purport to cover
herein, the application of the securities or “Blue Sky” laws of the various
states to the issuance and sale of any Shares. This opinion is limited to the
specific issues addressed herein, and no opinion may be inferred or implied
beyond that expressly stated herein.
Very
truly yours,
NELSON
MULLINS RILEY & SCARBOROUGH LLP
/s/
Nelson Mullins Riley & Scarborough LLP