New Peoples Bankshares Reports Board & Officer Changes

TL;DR

**New Peoples Bankshares just announced leadership changes and new executive pay deals.**

AI Summary

New Peoples Bankshares, Inc. filed an 8-K on February 28, 2024, reporting on changes to its board of directors and executive compensation arrangements. The filing indicates events related to the departure or election of directors and the appointment of certain officers, alongside details on their compensatory agreements. The company, based in Honaker, Virginia, operates as a state commercial bank.

Why It Matters

This filing signals potential shifts in leadership and executive incentives at New Peoples Bankshares, which could influence the company's strategic direction and financial performance.

Risk Assessment

Risk Level: low — The filing reports standard corporate governance events (director/officer changes, compensation) and does not indicate immediate financial distress or major operational risks.

Key Players & Entities

• New Peoples Bankshares, Inc. (company) — Registrant
• Honaker, Virginia (location) — Business address
• February 28, 2024 (date) — Date of earliest event reported
• 000-33411 (other) — SEC File Number
• 276-873-7000 (other) — Registrant's telephone number

FAQ

Key Financial Figures

• $0.07 — irectors declared a dividend payment of $0.07 per share of common stock. The dividend

Filing Documents

• nwpp_8k.htm (8-K) — 34KB
• ex99_1.htm (EX-99.1) — 1KB
• ex99_1-001.jpg (GRAPHIC) — 346KB
• ex99_1-002.jpg (GRAPHIC) — 192KB
• 0001903596-24-000096.txt ( ) — 938KB
• nwpp-20240228.xsd (EX-101.SCH) — 3KB
• nwpp-20240228_lab.xml (EX-101.LAB) — 33KB
• nwpp-20240228_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 February 28, 2024, New Peoples Bankshares, Inc. (the "Company"), the holding company of New Peoples Bank, Inc. (the "Bank"), issued a press release announcing that C. Todd Asbury, the President and Chief Executive Officer of the Company, will step down from his current positions effective March 31, 2024. James W. Kiser, the President and Chief Executive Officer of the Bank, will assume those same duties with the Company on March 31, 2024. Mr. Asbury will become a senior advisor to the Company and the Bank through May 31, 2025, under terms of the modified employment agreement announced August 7, 2023. Mr. Asbury will continue to be a member of the Boards of Directors of the Company and the Bank until the annual meeting of shareholders of the Company in 2025. A copy of the Company's press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

01. Other Events

Item 8.01. Other Events On February 28, 2024, the Company issued a press release announcing the Board of Directors declared a dividend payment of $0.07 per share of common stock. The dividend will be payable March 29, 2024, to shareholders of record as of March 15, 2024. In the same February 28, 2024 press release, t he Company announced that its Board of Directors authorized the continuation of the repurchase of up to 500,000 shares through March 31, 2025. A copy of the press release is attached as Exhibit 99.1 to this report and is incorporated by reference to this Item 8.01.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit No Description 99.1 Press release announcing cash dividend and continuation of share repurchase plan dated February 28, 202 4

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: February 28, 2024 By: /s/ Christopher G. Speaks Christopher G. Speaks Executive Vice President and Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR