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( Mark One ) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington , D.C. 20549 FORM 10 - K > ㅁ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31 , 2020 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ΤΟ Commission File Number 000-55117 VIRGINIA NATIONAL BANKSHARES CORPORATION Virginia ( Exact name of Registrant as specified in its Charter ) ( State or other jurisdiction of incorporation or organization ) 404 People Place Charlottesville , VA ( Address of principal executive offices ) 46-2331578 ( I.R.S. Employer Identification No. ) 22911 ( Zip Code ) Registrant's telephone number , including area code : ( 434 ) 817-8621 Securities registered pursuant to Section 12 ( b ) of the Act : Title of each class None Securities registered pursuant to Section 12 ( g ) of the Act : None Trading Symbol ( s ) Name of each exchange on which registered Indicate by check mark if the Registrant is a well - known seasoned issuer , as defined in Rule 405 of the Securities Act . YES NO Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15 ( d ) of the Act . YES □ NO > Indicate by check mark whether the Registrant : ( 1 ) has filed all reports required to be filed by Section 13 or 15 ( d ) of the Securities Exchange Act of 1934 during the preceding 12 months ( or for such shorter period that the Registrant was required to file such reports ) , and ( 2 ) has been subject to such filing requirements for the past 90 days . YES > NO □ Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S - T ( §232.405 of this chapter ) during the preceding 12 months ( or for such shorter period that the Registrant was required to submit such files ) . YES □ NO □ Indicate by check mark whether the Registrant is a large accelerated filer , an accelerated filer , a non - accelerated filer , smaller reporting company , or an emerging growth company . See the definitions of " large accelerated filer , " " accelerated filer , " " smaller reporting company , " and " emerging growth company " in Rule 12b - 2 of the Exchange Act . Large accelerated filer Non - accelerated filer Emerging growth company ☐ 冈 Π Accelerated filer Smaller reporting company If an emerging growth company , indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 ( a ) of the Exchange Act . ☐ ☐ 凶 Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404 ( b ) of the Sarbanes - Oxley Act ( 15 U.S.C. 7262 ( b ) ) by the registered public accounting firm that prepared or issued its audit report . ☐ Indicate by check mark whether the Registrant is a shell company ( as defined in Rule 12b - 2 of the Exchange Act ) . YES □ NO The aggregate market value of the common stock held by non - affiliates of the Registrant , computed by reference to the last reported sale price of the common stock quoted on the OTCQX , operated by the OTC Markets Group , Inc. , on June 30 , 2020 ( the last business day of the Registrant's most recently completed second fiscal quarter ) was approximately $ 54.4 million . The number of shares of Registrant's Common Stock outstanding as of March 16 , 2021 was 2,714,824 . DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant's definitive Proxy Statement to be used in conjunction with the registrant's 2021 Annual Meeting of Shareholders are incorporated into Part III of this Form 10 - K .