NWPP 8-K
New Peoples Bankshares Inc (NWPP)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
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| 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.
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, the 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.
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, 2024 |
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 | ||||
Exhibit 99.1
