8-K

UNITED STATES

SECURITIES AND

EXCHANGE COMMISSION

Washington, D.C.

20549

FORM 8-K

CURRENT REPORT

Pursuant to Section

13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 28,2022

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company [ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Item 8.01.    Other Events

On February 28, 2022, New Peoples Bankshares, Inc. (the “Company”) issued a press release announcing the board of directors declared a dividend payment of $.05 per share of common stock. The dividend will be payable March 31, 2022 to shareholders of record as of March 15, 2022. A copy of the press release is attached as Exhibit 99.1.

Item 9.01.    Financial Statements and Exhibits.

(d)       Exhibits

Exhibit No. Description

99.1 Press release announcing cash dividend dated February 28, 2022

f2snwpp8k080521ex99_1.htm

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.

Exhibit99.1

NEWSRELEASE

| FOR IMMEDIATE RELEASE: | FOR MORE INFORMATION, CONTACT: || --- | --- || February 28, 2022 | C. Todd Asbury || | (276)<br>873-7000 |

NEWPEOPLES BANKSHARES DECLARATION OF DIVIDEND

Honaker,Virginia – The board of directors of New Peoples Bankshares, Inc. (the “Company”) (OTCBB: NWPP) the financial holding company of its wholly-owned subsidiary, New Peoples Bank, Inc. (the “Bank”), today announced the declaration of a dividend of $.05 per share payable on March 31, 2022, to shareholders of record as of March 15, 2022.

Chairman of the Board H. Lynn Keene commented, “When we started the bank back in 1998, we envisioned having a community bank for the people of our region that is built on trust and strong relationships with our customers and our communities. We are appreciative of all our shareholders who have invested in the bank and have been loyal and patient for this day. The Board and I are grateful for our employees and management team that have worked diligently to get us to this point. We have all been working and waiting for the day and I am pleased that we have finally made it. The Board will strive to keep paying dividends again in the future.”

C. Todd Asbury stated, “We are so happy to be able to pay our first cash dividend to our shareholders. We believe that we have recovered from the various challenges of the past, thanks to a decade of hard work and dedication from the Board of Directors, management and a great team of employees. The past years of reorganization and cost reduction measures, along with solid revenue growth from customer relationships in loans, deposits, and non-interest income resources, have all come together to give our shareholders a well-deserved dividend. Our goal is to continue this trend going forward and to provide our shareholders an excellent return in the future as we strive to become the premier bank in Central Appalachia.”

AboutNew Peoples Bankshares, Inc.

New Peoples Bankshares, Inc. is a one-bank financial holding company headquartered in Honaker, Virginia. Its wholly-owned subsidiary provides banking products and services through its 19 branch locations throughout southwest Virginia, eastern Tennessee, southern West Virginia, and a loan production office in western North Carolina. The Company’s common stock is traded over the counter under the trading symbol “NWPP”. Additional investor information can be found on the Company’s website at www.npbankshares.com.

Thisnews release contains statements concerning the Company’s expectations, plans, objectives, future financial performance andother statements that are not historical facts. These statements may constitute “forward-looking statements” as definedby federal securities laws. These statements may address issues that involve estimates and assumptions made by management, risks anduncertainties, and actual results could differ materially from historical results or those anticipated by such statements. Importantfactors that may cause actual results to differ from projections include: (i) the success or failure of efforts to implement theCompany’s business plan; (ii) any required increase in the Company’ regulatory capital ratios; (iii) satisfying otherregulatory requirements that may arise from examinations, changes in the law and other similar factors; (iv) deterioration of assetquality; (v) changes in the level of the Company’s nonperforming assets and charge-offs; (vi) fluctuations of real estatevalues in the Company’s markets; (vii) the Company’s ability to attract and retain talent; (viii) demographical changesin the Company’s markets which negatively impact the local economy; (ix) the uncertain outcome of enacted legislation tostabilize the United States financial system; (x) the successful management of interest rate risk; (xi) the successful management ofliquidity; (xii) changes in general economic and business conditions in the Company’s market area and the United States ingeneral; (xiii) credit risks inherent in making loans such as changes in a borrower’s ability to repay and the Company’smanagement of such risks; (xiv) competition with other banks and financial institutions, and companies outside of the bankingindustry, including online lenders and those companies that have substantially greater access to capital and other resources; (xv)demand, development and acceptance of new products and services the Company hasoffered or may offer; (xvi) the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policiesof the Board of Governors of the Federal Reserve System, inflation, interest rate, market and monetary fluctuations; (xvii) the occurrenceof significant natural disasters, including severe weather conditions, floods, health related issues (including the recent novel coronavirus(COVID-19) outbreak and the associated efforts to limit the spread of the disease), and other catastrophic events; (xviii) technologyutilized by the Company; (xix) the Company’s ability to successfully manage cyber security; (xx) the Company’s reliance onthird-party vendors and correspondent banks; (xxi) changes in generally accepted accounting principles; (xxii) changes in governmentalregulations, tax rates and similar matters; (xxiii) regulatory, economic and other factors affecting the Company’s ability to paydividends; and (xxiii) other risks which may be described in future filings the Company makes with the Securities and Exchange Commission.The Company expressly disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information,future events or otherwise, except as required by law.