UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 11-K

þ      ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2004

OR

o       TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________________ to ___________________

Commission file number 333-118771

A.

Full title of the plan and the address of the plan, if different from that of the issuer named below:

Access National Corporation 401 (k) Profit Sharing Plan
(As Restated February 4, 2004)

B.

Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

Access National Corporation
1800 Robert Fulton Drive, Suite 300
Reston, Virginia 20191

 

 

ACCESS NATIONAL CORPORATION
401(k) PROFIT SHARING PLAN
RESTON VA, 20191

REQUIRED INFORMATION

The Access National Corporation Profit Sharing Plan (as restated February 4, 2004) (“the Plan”) is subject to the Employee Retirement Income Security Act of 1974(“ERISA”). Therefore, in lieu of the requirements of Items1-3 of Form 11-K, the following financial statements and schedule of the Plan for the year ended December 31, 2004, which have been prepared in accordance with the financial reporting requirements of ERISA, are provided:

FINANCIAL STATEMENTS
		STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS			3
		NOTES TO FINANCIAL STATEMENTS			4
		SCHEDULE OF ASSETS (HELD AT END OF YEAR)			8
		SIGNATURE			9

ACCESS NATIONAL CORPORATION 401(K) PLAN
Statement of Changes in Net Assets
Available for Benefits
For the Year Ended December 31, 2004

		2004
Additions to net assets attributed to:
Investment Income:
Mutual Funds		$	321,631
Self-directed brokerage accounts			868
Interest and Dividends			1,738
			324,237
Contributions
Employer			246,663
Participant			509,267
Rollover and other contributions			155,764
			911,694
Total additions			1,235,931
Deductions from net assets attributed to:
Benefits paid to participants			51,411
Administrative expenses			16,765
Total deductions			68,176
Net Increase			1,167,755
Net assets available for benefits:
Beginning of period			1,771,590
End of period		$	2,939,345

See accompanying notes to financial statements.

ACCESS NATIONAL CORPORATION
401(k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2004

NOTE 1 — DESCRIPTION OF PLAN

The following description of the Access National Corporation’s 401(k) Profit Sharing Plan (the Plan) provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan’s provisions.

General: The Plan covers eligible employees of Access National Bank and its subsidiaries. The Plan was originally established in 2000 and amended as of 2004. The Plan provides for retirement, death, and disability benefits. The Plan is subject to the applicable provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA).

Contributions: Eligible employees may elect to make contributions up to a maximum dollar amount prescribed by law. Any participant who has attained age 50 by the end of the Plan year may make catch-up contributions in accordance with Code Section 414(v). Participants direct the investment of their contributions into various investment options offered by the Plan. Access National Corporation (the Company) may contribute, at its discretion, a percentage of the employee’s salary deferral contribution, to be determined each year (the employer match). An employer matching contribution of 25% of the compensation deferred was made in 2004 for all participants.

Participant Accounts: Each participant’s account is credited with the participant’s contribution, the employer’s contributions and an allocation of Plan earnings. Allocations are based on participant account balances, as defined. The benefit to which a participant is entitled is the vested benefit that can be provided from the participant’s account.

Vesting: Participants are immediately vested in their voluntary and rollover contributions plus actual earnings thereon. Vesting in the remainder of the accounts is based on years of service. Participants become 100% vested after completion of three years of credited service.

Number of Years of
Vesting Service		Vested Interest
Less than 3 years			0	%
3 years			100	%

Payment of Benefits: Upon termination of service, death, disability or retirement, a participant may elect to receive an amount equal to the value of the participant’s vested interest in his or her account. Benefit payments are distributed in one of the following forms: a joint and survivor annuity, a lump sum payment or installment payments.

ACCESS NATIONAL CORPORATION
401(k) Profit Sharing Plan
NOTES TO FINANCIAL STATEMENTS
December 31, 2004

NOTE 1 — DESCRIPTION OF PLAN (Continued)

Loans: Loans secured by participant’s Plan accounts shall be permitted under the Plan. Loans are limited to the lesser of $50,000 or 50% of the participant’s vested interest in the plan and not to exceed a term of more than five years, unless the loan is for the purchase of a principal residence. Loan principal and interest payments are made in accordance with the note’s amortization schedule, and made via payroll deductions.

Forfeitures: Forfeitures represent the non-vested portion of the participant’s account plus earnings thereon that are not fully distributable to participants who terminate employment before they are 100% vested. Forfeitures are used to reduce the future contributions to the Plan. As of December 31, 2004, forfeitures of $9,702, was available. Forfeitures used to reduce the employer matching contribution for the plan year ended 2004 was $8,999.

NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Accounting Method: The Plan’s financial statements are prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles.

Investments: The investments held by the Plan are shown at fair value. Securities which are traded on a national securities exchange, including Access National Corporation common stock, are valued at the last reported sales price on the last business day of the year. The Plan’s investments in mutual funds are valued based on quoted market prices as of the end of the plan year. The self directed brokerage accounts consist of common stock and mutual funds, stated at fair value based on quoted market prices. Loans to participants are valued at their outstanding balances, which approximates fair value.

Purchases and sales are recorded on a trade date basis.

Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires the plan administrator to make estimates and assumptions that affect certain reported amounts and disclosures, and actual results may differ from these estimates.

Risk and Uncertainties: The Plan provides for various investment options including any combination of certain mutual funds, common stock of the Company, or common/collective trust funds. The underlying investment securities are exposed to various risks, such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the statement of net assets available for benefits and participants’ individual account balances.

ACCESS NATIONAL CORPORATION
401(k) Profit Sharing Plan
NOTES TO FINANCIAL STATEMENTS
December 31, 2004

NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Payment of Benefits: Benefits are recorded when paid.

NOTE 3 — RIGHTS UPON PLAN TERMINATION

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of plan termination, participants would become 100% vested in their accounts.

NOTE 4 — INVESTMENTS

The following presents investments that represent 5 percent or more of the Plan’s net assets (at fair value).

		December
		2004
American Funds Cap World Growth & Income R5		$	496,660
Dodge & Cox Income Fund			159,342
Vanguard 500 Index Fund			658,638
Vanguard Small Cap Growth Index			247,922
Vanguard Mid-Cap Index Fund Investor Shares			217,461
American Funds Wash Mutual Invest R5			188,438
Metropolitan Life Ins Co — Ins Prods			183,530
		$	2,151,991

ACCESS NATIONAL CORPORATION
401(k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2004

NOTE 4 — INVESTMENTS (Continued)

During 2004, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated/(depreciated) in value by $322,499 as follows:

		December 31,
		2004
Mutual Funds		$	321,631
Self-directed brokerage accounts			868
Total		$	322,499

NOTE 5 — PARTIES-IN-INTEREST

Parties-in-interest are defined under Department of Labor Regulations as any fiduciary of the Plan, and party rendering services to the Plan, the employer, and certain others. Certain professional fees for the administration of the Plan were paid by the Company. Fees paid by the Plan to Columbia Benefit Consultants Inc. and Mid Atlantic Trust Company, the plan custodian, totaled $16,765 for 2004.

NOTE 6 — TAX STATUS

The Internal Revenue Service has determined and informed the Company, by a letter dated February 12, 2003 that the Plan and related trust are designed in accordance with applicable sections of the Internal Revenue Code (IRC).

The Plan has been amended since receiving the determination letter. However, the Plan administrator believes that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC.

NOTE 7 — DIFFERENCE BETWEEN FINANCIAL STATEMENTS AND FORM 5500

Net assets available for benefits per Form 5500		$	2,857,615
Employer contribution receivable for 2004 match			81,730
Net assets available for benefits per the financial statements		$	2,939,345

SUPPLEMENTAL SCHEDULE

ACCESS NATIONAL CORPORATION 401(K) PROFIT SHARING PLAN
EIN 82-0545425, Plan 002
Schedule of Assets Held for Investment Purposes
As of December 31, 2004

						Current
Description of Asset/Identity of Issue						Value
		American Funds Cap World Growth & Income R5				$	496,660
		Dodge & Cox Balanced Fund					41,858
		Dodge & Cox Income Fund					159,342
		Fidelity Comwlth Tr Sml Cp Stk					102,796
		Fidelity Devonshire Tr Mid-Cap Stk Fd					47,192
		American Funds Growth Fund of America R5					50,430
		American Funds Income Fund of America R5					125,574
		T Rowe Price Equity Income					6,314
		T Rowe Price Blue Chip Growth					91,221
		T Rowe Price Mid Cap Value					20,919
		Royce Special Equity Fund					4,995
		Vanguard 500 Index Fund					658,638
		Vanguard Small Cap Growth Index					247,922
		Vanguard Mid-Cap Index Fund Investor Shares					217,461
		American Funds Wash Mutual Invest R5					188,438
		Metropolitan Life Ins Co — Ins Prods					183,530
		Pioneer High Yield Fund A					7,930
		Vanguard Short Term Bond Index Fund Investor Shares					119,496
		Total mutual funds					2,770,716
*		Self-directed brokerage accounts					27,918
**		Participant loans with interest from 5% to 6%					40,966
		Total assets held for investment purposes				$	2,839,600
*		Self-directed brokerage accounts include stock of the
		Plan sponsor Access National Corporation, a party in interest to the Plan.
**		Indicates a party in interest to the Plan.

Pursuant to the requirements of the Securities Exchange Act of 1934, the administrators of the Access National Corporation’s Profit Sharing Plan have duly caused this annual report to be signed by the undersigned thereunto duly authorized.