Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
DAVIS DR JAMES A
   2. Issuer Name and Ticker or Trading Symbol
FIRST NATIONAL CORP /VA/ [FXNC] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
112 WEST KING STREET		 3. Date of Earliest Transaction (Month/Day/Year)
06/29/2012
(Street)

STRASBURG, VA 22657		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 06/29/2012   X   5,167 A $ 4 10,335.076 D  
Common Stock 06/29/2012   X   300 A $ 4 616.9298 I Custodial Acct FBO BJD
Common Stock 06/29/2012   X   300 A $ 4 455.8672 I Custodial Acct FBO FED
Common Stock 06/29/2012   X   300 A $ 4 481.8444 I Custodial Acct FBO JHD
Common Stock 06/29/2012   X   300 A $ 4 616.9298 I Custodial Acct FBO LBD
Common Stock 06/29/2012   X   300 A $ 4 616.9298 I Custodial Acct FBO SBD
Common Stock 06/29/2012   X   300 A $ 4 575.3655 I Custodial Acct FBO AGD
Common Stock 06/29/2012   X   300 A $ 4 455.8672 I Custodial Acct FBO THD
Common Stock 06/29/2012   X   300 A $ 4 455.8672 I Custodial Acct FBO CLL

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Subscription Rights (1) $ 4 06/29/2012   X     5,167 05/04/2012 06/29/2012 Common Stock 5,167 $ 0 0 D  
Subscription Rights (1) $ 4 06/29/2012   X     300 05/04/2012 06/25/2012 Common Stock 300 $ 0 0 I Custodial Acct FBO BJD
Subscription Rights (1) $ 4 06/29/2012   X     300 05/04/2012 06/25/2012 Common Stock 300 $ 0 0 I Custodial Acct FBO FED
Subscription Rights (1) $ 4 06/29/2012   X     300 05/04/2012 06/25/2012 Common Stock 300 $ 0 0 I Custodial Acct FBO JHD
Subscription Rights (1) $ 4 06/29/2012   X     300 05/04/2012 06/25/2012 Common Stock 300 $ 0 0 I Custodial Acct FBO LBD
Subscription Rights (1) $ 4 06/29/2012   X     300 05/04/2012 06/25/2012 Common Stock 300 $ 0 0 I Custodial Acct FBO SBD
Subscription Rights (1) $ 4 06/29/2012   X     300 05/04/2012 06/25/2012 Common Stock 300 $ 0 0 I Custodial Acct FBO AGD
Subscription Rights (1) $ 4 06/29/2012   X     300 05/04/2012 06/25/2012 Common Stock 300 $ 0 0 I Custodial Acct FBO THD
Subscription Rights (1) $ 4 06/29/2012   X     300 05/04/2012 06/25/2012 Common Stock 300 $ 0 0 I Custodial Acct FBO CLL

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
DAVIS DR JAMES A
112 WEST KING STREET
STRASBURG, VA 22657		   X      

Signatures

 M. Shane Bell, by Power of Attny   07/03/2012
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Subscription rights distributed to holders of common stock, par value $1.25 per share, of First National Corporation (the "Company") as of the close of business on May 4, 2012, to purchase shares of the Company's common stock at a subscription price of $4.00 per share (the "Rights Offering") by exercising the basic subscription rights and over-subscription privilege in the Rights Offering. The Rights Offering expired at 5:00 p.m., Eastern Daylight Time, on June 25, 2012 and closed on June 29, 2012.

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