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National Bankshares former CEO resigns from audit, compensation committees

Nasdaq has closed the matter of James Rakes' appointment to Blacksburg, Va.-based National Bankshares Inc.'s audit and compensation committees.

Rakes, former CEO of National Bankshares, resigned from the company's audit and compensation committees on May 3. He was not considered "independent" under Nasdaq's listing standards due to his recent retirement Aug. 31, 2017. National Bankshares was informally notified by Nasdaq that it had failed to comply with Nasdaq's audit and compensation committee requirements.