First National Corp., a $739.1 million-asset, Strasburg, Va.-based bank holding company, will pay a quarterly cash dividend of 5 cents per share.

It previously paid 3.50 cents per share.

The dividend will be distributed March 16 to shareholders of record as of March 2.

The board also amended the company's bylaws to decrease the size of the board to seven from nine. Miles Davis will not be standing for re-election at the May 8 annual shareholder meeting.