New Peoples Bankshares 8-K: Officer/Director Changes Reported
Ticker: NWPP · Form: 8-K · Filed: Jan 23, 2024 · CIK: 1163389
Complexity: simple
Sentiment: neutral
Topics: executive-changes, corporate-governance, compensation
TL;DR
**New Peoples Bankshares just reported executive changes, keep an eye out for details on who's in/out and their pay.**
AI Summary
New Peoples Bankshares, Inc. filed an 8-K on January 23, 2024, reporting an event that occurred on January 19, 2024, related to changes in its directors or certain officers and their compensatory arrangements. This filing indicates potential shifts in leadership or executive compensation, which could impact the company's strategic direction and financial performance. Investors should monitor subsequent filings for details on these changes, as they could signal new initiatives or cost adjustments that affect the stock's future value.
Why It Matters
Changes in executive leadership or compensation can significantly influence a company's strategy, operational efficiency, and financial health, directly affecting shareholder value.
Risk Assessment
Risk Level: medium — The filing indicates changes in leadership or compensation, which can introduce uncertainty regarding future company direction and performance, warranting a medium risk assessment.
Analyst Insight
Investors should monitor future filings (e.g., 10-K, proxy statements) from New Peoples Bankshares, Inc. for specific details on the executive and director changes and their compensation, as these will provide clarity on the company's strategic direction and potential financial impact.
Key Players & Entities
- New Peoples Bankshares, Inc. (company) — registrant filing the 8-K
- January 19, 2024 (date) — date of the earliest event reported
- January 23, 2024 (date) — date the 8-K was filed
Forward-Looking Statements
- Further details regarding the specific individuals involved in the leadership changes and their new compensatory arrangements will be disclosed in subsequent filings or press releases. (New Peoples Bankshares, Inc.) — high confidence, target: Q1 2024
FAQ
What specific event did New Peoples Bankshares, Inc. report in this 8-K filing?
New Peoples Bankshares, Inc. reported an event concerning the 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers' as per Item 5.02 of Form 8-K.
When did the earliest event reported in this 8-K filing occur?
The earliest event reported in this 8-K filing occurred on January 19, 2024.
What is the filing date of this 8-K?
The filing date of this 8-K is January 23, 2024.
What is the business address of New Peoples Bankshares, Inc. as stated in the filing?
The business address of New Peoples Bankshares, Inc. is 67 Commerce Drive, Honaker, Virginia, 24260.
What is the telephone number for New Peoples Bankshares, Inc.?
The telephone number for New Peoples Bankshares, Inc. is (276) 873-7000.
Filing Stats: 673 words · 3 min read · ~2 pages · Grade level 10.4 · Accepted 2024-01-23 17:13:25
Filing Documents
- nwpp_8k.htm (8-K) — 32KB
- 0001903596-24-000028.txt ( ) — 194KB
- nwpp-20240119.xsd (EX-101.SCH) — 3KB
- nwpp-20240119_lab.xml (EX-101.LAB) — 33KB
- nwpp-20240119_pre.xml (EX-101.PRE) — 22KB
- nwpp_8k_htm.xml (XML) — 3KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On January 19, 2024, the board of directors of New Peoples Bankshares, Inc. (the "Company") appointed Barton Scot Long and James W. Kiser as directors of the Company. Mr. Kiser was also appointed as a director of the Company's wholly-owned subsidiary, New Peoples Bank, Inc. (the "Bank"). Mr. Kiser's appointment to the Bank board will be effective upon submission of the requisite notifications to the Commonwealth of Virginia annual meeting of shareholders, at which time it is expected each will be nominated to be elected to serve a full three-year term. Mr. Long, age 46, is the owner of Bart Long & Associates Realty and Auction, along with various other business interests in southwest Virginia and northeast Tennessee. Mr. Long was previously appointed to the board of directors of the Bank in May, 2023. Mr. Kiser, age 43, is the president and chief executive officer of the Bank, a position he assumed on December 1, 2023. He previously served as Executive Vice President and Chief Banking Officer from May 2020; and in various other positions with the Bank since 2015. Prior to joining the Bank, Mr. Kiser served as Chief Lending Officer and held various other positions with several local community banks. As a director of the Company, Mr. Long will be compensated in accordance with the Company's director compensation policy as then in effect. Since January 1, 2023, there have been no related party transactions between the Company and Mr. Long that are reportable under Item 404(a) of Regulation S-K. There is no family relationship between Mr. Long and any director or executive officer of the Company or Bank. As an officer of the Bank, Mr. Kiser will not receive any additional co
SIGNATURES
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. NEW PEOPLES BANKSHARES, INC. Date: January 23, 2024 By: /s/ Christopher G. Speaks Christopher G. Speaks Executive Vice President and Chief Financial Officer