UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) March 26, 2010
Date of report (Date of earliest event reported) June 16, 2010
First National Bancshares, Inc.
(Exact name of registrant as specified in its charter)
South Carolina
(State or other jurisdiction of incorporation)
000-30523	58-2466370
(Commission File Number)	(IRS Employer Identification No.)
215 North Pine Street, Spartanburg, S.C.	29302
(Address of principal executive offices)	(Zip Code)
(864) 948-9001
(Registrant's telephone number, including area code)
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):
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 (17CFR 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 12.~~01 Entry~~04 ~~Into~~Triggering ~~and~~Events ~~Modification of~~that Accelerate a ~~Material~~Direct ~~Definitive~~Financial ~~Agreement~~Obligation

~~On March~~As ~~26,~~previously ~~2010~~disclosed, First National Bancshares, Inc. (the “Company”) ~~and~~had agreed, subject to regulatory approval, to pay the discounted sum of $3,500,000, plus accrued interest, by June 15, 2010 in full settlement of its outstanding loan from Nexity Bank (the “Lender”). Because ~~entered~~the ~~into~~Company adid not make this payment, it is in noncompliance with the First Amendment to the Loan Modification and Settlement Agreement dated March 26, 2010 (the “Amendment”), between ~~amending~~the ~~that~~Company and the Lender. The Amendment amended that certain Loan Modification and Settlement Agreement dated December 30, 2009 (the “Settlement Agreement”), regarding the Loan Agreement, Stock Pledge Agreement, and Promissory Note, each dated as of December 28, 2007 between the parties (collectively, as subsequently amended and modified from time to time, the “Loan Documents”). AsThe ofAmendment is described in and attached as Exhibit ~~March~~10.1 26to the Company’s Form 10-Q filed May 10, 2010,. The ~~the~~Settlement Agreement ~~Company~~is ~~was~~described in ~~noncompliance~~and ~~with~~attached ~~certain~~as ~~terms~~Exhibit of10.23 to the Company’s Form ~~Settlement~~10-K ~~Agreement~~filed March 10, 2010. The ~~Company's~~Loan ~~entry~~Documents ~~into~~are ~~the~~described ~~Amendment~~in ~~removes~~and ~~this~~attached ~~noncompliance~~as ~~and~~Exhibits ~~the~~10.2, ~~Company~~10.3, isand ~~now~~10.4, inrespectively, ~~total~~to ~~compliance~~the ~~with~~Company’s ~~all~~Form ~~provisions~~8-K offiled ~~the~~April ~~Settlement~~1, ~~Agreement~~2009.

~~Pursuant~~ Due to this noncompliance, the ~~terms~~Lender ofhas the ~~Amendment,~~ability onto ~~March~~call 26the Promissory Note due and payable in full, ~~2010~~but ~~the~~at ~~Company~~this ~~remitted~~time has not elected to ~~the~~do so. The ~~Lender~~Loan ~~via~~has ~~wire~~an ~~transfer~~outstanding principal balance of approximately $~~147,827~~9.386 million. The Company continues to ~~satisfy~~have ~~interest~~active ~~owed~~discussions towith the Lender ~~for~~ regarding another extension of the ~~quarter~~date ~~ended~~by ~~December~~which ~~31,~~the ~~2009. The~~Company ~~Lender~~would ~~agreed~~be permitted to ~~extend~~pay the ~~Payment~~ ~~Date~~Lender ~~(as~~a ~~defined~~discounted sum in ~~the~~full ~~Settlement~~settlement ~~Agreement)~~of the Loan, subject to ~~June~~regulatory ~~15,~~approval ~~2010,~~and bysubject ~~which date~~to the Company's ~~may~~ability ~~pay~~to raise sufficient capital to enable it to make this payment, though there are no assurances that the Lender ~~the~~would ~~sum~~agree ofto $3another extension,~~500,000,~~ ~~plus~~that ~~accrued~~the Company ~~interest,~~would inbe ~~full~~able ~~settlement~~to ofobtain regulatory approval to pay the ~~Loan~~loan, ~~subject~~or that the Company will be able to ~~regulatory~~raise the additional capital that would be necessary to make the ~~approval~~payment.

The Settlement Agreement is described in and attached as Exhibit 10.23 to our Form 10-K filed March 10, 2010. The Loan Documents are described in and attached as Exhibits 10.2, 10.3, and 10.4, respectively, to our Form 8-K filed April 1, 2009.

A copy of the news release announcing this matter is attached hereto as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

The following exhibit is filed as part of this report:

Exhibit Number	Description
99.1	Press Release of First National Bancshares, Inc. dated April 1, 2010.

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/ Kitty B. Payne Name Kitty B. Payne Title: EVP/Chief Financial Officer~~

~~Dated~~By: ~~April 1,~~ ~~2010~~/s/ Kitty B. Payne Name Kitty B. Payne Title: EVP/Chief Financial Officer

3Dated: June 22, 2010

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release of First National Bancshares, Inc. dated April 1, 2010.

Filing Compare · FIRST NATIONAL BANCSHARES INC /SC/