New Peoples Bankshares, Inc. (OTCMKTS:NWPP) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
| Entry into a Material Definitive Agreement. | |
On April 13, 2017 New Peoples Bank, Inc. (the Bank), the
wholly-owned subsidiary of New Peoples Bankshares, Inc., in
anticipation of executing a sale-leaseback transaction, entered
into a Real Estate Purchase Agreement with NPB Good Steward
Properties, LLC (Good Steward) to which the Bank will sell four
(4) of its properties, one each located in Abingdon, Bristol,
Gate City and Castlewood, Virginia to Good Steward for a total
purchase price of $6,169,259.08. Contemporaneously with the
closing of the sale of the properties by the Bank, the Bank will
enter into leases with Good Steward for the properties (the
Leases) which will allow the Bank to continue to service
customers from those locations. The sale of the properties is
conditioned, among other things, on the negotiation of the Leases
for the properties and Good Steward obtaining financing, which
the Bank may provide. If the conditions are satisfied the parties
expect to close the sale of the properties on or before June 30,
2017. The Bank and its parent, New Peoples Bankshares, Inc. and
affiliates have no relationship with Good Steward other than
those contemplated by these transactions.
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. New Peoples Bankshares, Inc. (OTCMKTS:NWPP) Recent Trading Information
New Peoples Bankshares, Inc. (OTCMKTS:NWPP) closed its last trading session 00.00 at 1.70 with 2,200 shares trading hands.