An activist investor has backed off a plan to nominate two directors to run for board seats at National Bankshares in Blacksburg, Va.
The $1.7 billion-asset company said in a press release that Driver Management had withdrawn its nominees. The company said it did not make any concessions, nor did it negotiate any settlement with Driver.
“We are grateful for the outpouring of support from shareholders in recent days, who have expressed their strong belief in our board and strategy,” Brad Denardo, the company’s chairman, president and CEO, said in the release.
“Avoiding a protracted contest for these board seats is good for shareholders and the company,” Denardo added. “We will continue to drive a strategy that benefits our shareholders, customers, communities and employees for the long run, and remain open to ideas from any investor on how we can best drive value going forward.”
Driver has ongoing proxy battles with First Foundation in Dallas and AmeriServ Financial in Johnstown, Pa.