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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)
 
 
South Carolina
  
000-30523
  
58-2466370
(State or other jurisdiction
of incorporation)
  
(Commission File Number)
  
(IRS Employer
Identification No.)
 
215 North Pine Street
Spartanburg, South Carolina
  
 
29302
(Address of principal executive offices)
  
(Zip Code)
 
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):
 
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 
 
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.
 
     
 
FIRST NATIONAL BANCSHARES, INC.
  
     
       
 
By:
/s/ C. Dan Adams  
   
C. Dan Adams
  
   
Chairman
  
       
Dated: July 29, 2010