NEW PEOPLES BANKSHARES, INC. (OTCMKTS:NWPP) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02
|
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(b) (c) On June 6, 2017, C. Todd Asbury, President and Chief
Executive Officer of New Peoples Bankshares, Inc. (the Company)
announced that Joseph D. Pennington has tendered his resignation
from his positions as Senior Vice President, Chief Financial
Officer, Secretary and Treasurer of the Company and its
subsidiaries to become effective June 30, 2017. Mr. Pennington is
assisting the Company with this transition. These changes with
Mr. Penningtons positions with the Company did not result from
any disagreement with the Company on any matter relating to the
Companys operations, policies, or practices. Mr. Asbury will
begin an immediate search for Mr. Penningtons replacement.
| Item7.01 | Regulation FD Disclosure. |
On June 7, 2017, the Company issued a press release announcing
Mr. Penningtons resignation to become effective June 30, 2017
from his positions as Senior Vice President, Chief Financial
Officer, Secretary and Treasurer of the Company and subsidiaries.
A copy of the press release is attached as Exhibit 99.1 to this
Current Report on Form 8-K and is incorporated herein by
reference.
In accordance with General Instruction B. 2 of Form 8-K, the
information in this Item 7.01, and Exhibit 99.1 hereto, are being
furnished and shall not be deemed filed for purposes of Section
18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to the liabilities of that Section, nor shall
such information be deemed incorporated by reference in any
filing under the Securities Act of 1933, as amended.
| Item9.01 | Financial Statements and Exhibits |
(d) The following exhibit is included with this report:
| Exhibit No. | Exhibit Description | |
| 99.1 | Press release dated June 7, 2017 |
Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking
statements. These forward-looking statements are based on current
expectations that involve risks, uncertainties, and assumptions.
Should one or more of these risks or uncertainties materialize or
should underlying assumptions prove incorrect, actual results may
differ materially. These risks include:changes in business or
other market conditions; the timely development, production and
acceptance of new products and services; the challenge of
managing asset/liability levels; the management of credit risk
and interest rate risk; the difficulty of keeping expense growth
at modest levels while increasing revenues; and other risks
detailed from time to time in the Companys Securities and
Exchange Commission reports, including but not limited to the
Annual Report on Form 10-K for the most recent year ended. to the
Private Securities Litigation Reform Act of 1995, the Company
does not undertake to update forward-looking statements to
reflect circumstances or events that occur after the date the
forward-looking statements are made.
About NEW PEOPLES BANKSHARES, INC. (OTCMKTS:NWPP)
New Peoples Bankshares, Inc. is a Virginia bank holding company. The Company’s business is conducted primarily through New Peoples Bank, Inc. (the Bank), a Virginia banking corporation. The Bank has a division doing business as New Peoples Financial Services, which offers investment services through its broker dealer relationship with LPL Financial Services, Inc. NPB Insurance Services, Inc. is a subsidiary of the Bank and offers insurance services only. The Bank offers a range of short-to-medium term commercial, one- to four-family residential mortgages and personal loans. Its investment services include fixed income products, variable annuities, mutual funds, indexed certificates of deposit, individual retirement accounts, employee group benefit plans, college savings plans, financial planning, managed money accounts and estate planning. Its deposit products include demand deposit, interest-bearing demand deposit, savings deposit, and money market deposit accounts.