New Peoples Bankshares, Inc. (OTCMKTS:NWPP) Files An 8-K Submission of Matters to a Vote of Security Holders

New Peoples Bankshares, Inc. (OTCMKTS:NWPP) Files An 8-K Submission of Matters to a Vote of Security Holders
Item 5.07 Submission of Matters to a Vote of Security Holders

New Peoples Bankshares, Inc. (the “Company”) held its 2018 Annual Shareholders’ Meeting (the “Annual Meeting”) on May 15, 2018. A total of 23,922,086 shares of the Company’s Common Stock were entitled to vote as of March 22, 2018, the record date for the Annual Meeting. There were 16,433,957shares present at the Annual Meeting in person or by proxy, and the shareholders voted on three proposals.

Proposal 1: Election of Directors

The shareholders elected four directors to serve three-year terms expiring in 2021. The four directors elected to serve the three-year terms were Joe M. Carter, Harold Lynn Keene, Fred W. Meade, and J. Robert Buchanan. The results of the vote were as follows:

Nominees Votes FOR Votes Withheld Broker Non-Votes Uncast Votes
Joe M. Carter 14,881,629 115,738 1,436,590
Harold Lynn Keene 14,910,651 86,716 1,436,590
Fred W. Meade 14,693,105 304,262 1,436,590
J. Robert Buchanan 14,901,577 95,790 1,436,590

The shareholders elected one director to serve a one-year terms expiring in 2019. The director elected to serve the one-year term was C. Todd Asbury. The results of the vote were as follows:

Nominees Votes FOR Votes Withheld Broker Non-Votes Uncast Votes
C. Todd Asbury 14,911,180 86,044 1,436,590

Proposal 2: Advisory Vote to Approve Named Executive Officer Compensation

The shareholders approved a non-binding advisory resolution to approve the compensation of the Company’s named executive officers. The results of the vote follow:

Votes FOR Votes AGAINST Votes ABSTAIN Broker Non-Votes Uncast Votes
14,248,554 166,394 539,160 1,436,590 43,259

Proposal 3: Ratification of the Appointment of Independent Registered Public Accounting Firm

The shareholders voted to ratify the Company’s Audit Committee of the Board of Directors’ appointment of Elliott Davis, LLC to serve as its independent registered public accounting firm for the year ending December 31, 2018. The results of the vote follow:

Votes FOR Votes AGAINST Votes ABSTAIN Uncast Votes
16,193,383 45,342 151,973 43,259

On May 15, 2018, members of management of the Company made a presentation at the Annual Meeting. A copy of the presentation is attached to this report as Exhibit 99.1 and is being furnished to the Securities and Exchange Commission and shall not be deemed “filed” for any purpose.

Item 9.01 Financial Statements and Exhibits
(d) The following exhibit is included with this report:


NEW PEOPLES BANKSHARES INC Exhibit
EX-99.1 2 f2snwpp8k051718ex99_1.htm 2018 Annual Shareholders’ Meeting      Harold Lynn Keene,…
To view the full exhibit click here

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.

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