SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 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)       January 3, 2001
                                                 -------------------------------



                          Smith River Bankshares, Inc.
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             (Exact name of registrant as specified in its charter)







           Virginia              333-86993                  54-1956616
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       (State or other          (Commission               (I.R.S. Employer
        Jurisdiction            File Number)             Identification No.)
       of incorporation)






 
Suite 12, Patrick Henry Mall, 730 East Church Street, Martinsville, Virginia     24112
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                 (Address of principal executive offices)                      (Zip Code)






Registrant's telephone number, including area code       (540) 632-8092
                                                   -----------------------------



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         (Former name or former address, if changed since last report.)




         Smith River Bankshares,  Inc. announced on Thursday,  December 21, 2000
that the Corporation has received all regulatory approvals to locate a branch in
Stuart,  VA. The current plans are for the branch to open in either a modular or
prefabricated  facility at 105 Dobyns Road at the intersection  with Main Street
in Stuart,  VA. The branch  will be part of Smith  River  Community  Bank,  N.A.
headquartered in  Martinsville,  VA. It is anticipated that the branch will open
in late Spring of 2001.

         Smith River  Bankshares,  Inc. was  incorporated on January 14, 1999 in
the Commonwealth of Virginia as First Communtiy  National BanCorp,  Inc. On July
8, 1999,  Restated Articles of Incorporation  became effective changing the name
to Smith River Bankshares, Inc. The Corporation was primarily formed to become a
bank holding  company for the proposed Smith River Community Bank, N.A. The Bank
opened for  business  on July 24,  2000 with one branch in  Martinsville,  VA. A
second branch opened December 4, 2000 in Bassett,  VA. The branch in Stuart,  VA
will be the third branch of Smith River Community Bank, N.A.

         Smith  River  Bankshares,  Inc.  has  approximately  $13.9  million  in
consolidated assets.



                                    Exhibits

4.1       Amendment  to Warrant  Plan and  Certificate  filed with  Registration
          Statement #333-86993 on Form SB-2.






                                   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.


                          SMITH RIVER BANKSHARES, INC.


Date   January 3, 2001              By   /s/ Cecil R. McCullar
     --------------------              -----------------------------------------
                                         Cecil R. McCullar
                                         President and Chief Executive Officer

Date   January 3, 2001              By   /s/ Brenda H. Smith
     --------------------              -----------------------------------------
                                         Brenda H. Smith
                                         Senior Vice President and
                                         Chief Financial Officer