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
Item 5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
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On June 26, 2017, the Board of Directors of New Peoples
Bankshares, Inc. (the Company) and subsidiaries appointed Frank
Sexton, Jr., Executive Vice President and Chief Operating Officer
as Interim Chief Financial Officer and Secretary and Treasurer
effective June 30, 2017 in addition to his current duties. Mr.
Sexton, age 67, joined the Bank in 1998 as Executive Vice
President and Cashier of New Peoples Bank, Inc. and upon the
formation of the Company in 2001, he served as Executive Vice
President, Chief Financial Officer and Secretary until December
2003. He had previously served as Interim Chief Financial Officer
and Secretary and Treasurer of the Company and its subsidiaries
from December 17, 2014 to April 26, 2015. There are no
arrangements or understandings between Mr. Sexton and any other
person or persons to which Mr. Sexton was appointed as Interim
Chief Financial Officer, Secretary and Treasurer of the Company
and its subsidiaries. There is no family relationship between Mr.
Sexton and any other director or executive officer of the
Company.
The Company did not enter into or materially amend any material
plan, contract or arrangement with Mr. Sexton in connection with
his appointment as Interim Chief Financial Officer and Secretary
and Treasurer.
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.