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February 07, 2016 7:11 PM ET

Banks

Company Overview of New Peoples Bank, Inc.

Company Overview

New Peoples Bank, Inc. offers personal and business banking products and services. Its products and services include personal and business checking, money market, and savings accounts, as well as check and credit cards, and IRAs and certificate of deposits; and consumer and commercial loans; online and mobile banking, and bill pay. The company also provides safe deposit box, kids club, scam alerts, education, and other financial services for personal banking customers; and safe deposit, interest on lawyers’ trust accounts, corporate gift cards, and treasury management services for business banking customers. Its treasury management services include cash management accounts, merchant services...

53 Commerce Drive

Honaker, VA 24260

United States

Founded in 1998

Phone:

276-873-6288

Fax:

276-873-6282

Key Executives for New Peoples Bank, Inc.

Chief Executive Officer, President, Chief Executive Officer of New Peoples Bankshares, Inc and President of New Peoples Bankshares, Inc
Age: 44
Chief Financial Officer, Senior Vice President, Treasurer, Secretary, Chief Financial Officer of New Peoples Bankshares, Inc, Senior Vice President of New Peoples Bankshares, Inc, Treasurer of New Peoples Bankshares, Inc and Secretary of New Peoples Bankshares, Inc
Age: 42
Chief Operating Officer and Executive Vice President
Age: 65
Senior Vice President and Senior Lending Officer
Age: 60
Senior Vice President and Regional Bank Executive
Compensation as of Fiscal Year 2015.

New Peoples Bank, Inc. Key Developments

New Peoples Bankshares and New Peoples Bank Announce Termination of Formal Written Agreement with Federal Reserve Bank of Richmond

New Peoples Bankshares, Inc. and New Peoples Bank, Inc. announced it has successfully complied with all of the requirements of the formal written agreement with the Federal Reserve Bank of Richmond and the Virginia State Corporation Commission's Bureau of Financial Institutions that was entered into on July 29, 2010. Accordingly, effective January 20, 2016, the agreement has been terminated. Under the terms of the written agreement, the bank developed and submitted for approval within specified time periods written plans related to board oversight; the bank's management and governance, including management of the bank's operations, credit risk management, lending and credit risk administration, management of commercial real estate concentrations; the review and grading of the bank's loan portfolio; the improvement of bank problem assets in excess of $1 million; the maintenance of an adequate allowance for loan and lease losses; the enhance management of the bank's liquidity position and funds management practices; the revision of the bank's contingency funding and strategic plans; and the enhancement of the bank's anti-money laundering activities. The written agreement also imposed limitations on actions taken on criticized credits and credits classified as loss. The written agreement required the submission of capital plans and the maintenance of adequate capital and restricted the payment of dividends and other distributions, the redemption of stock and the incurrence of debt.

New Peoples Bank Announces Executive Appointments

New Peoples Bank, Inc. announced the appointment of two Executive Vice Presidents. John W. Beard, Jr., age 63 has been appointed by the Board of Directors as Executive Vice President and Chief Credit Officer of the Bank effective January 25, 2016. This appointment is subject to regulatory approval. Karen D. Wimmer, 52, has been appointed by the Board of Directors as Executive Vice President and Director of Special Assets of the Bank effective January 25, 2016. Prior to her appointment, Ms. Wimmer served as Executive Vice President and Chief Credit Officer of the Bank.

New Peoples Bank, Inc. Announces Management Changes

Joseph D. Pennington, age 42, has been appointed Senior Vice President and Chief Financial Officer, Treasurer and Secretary of New Peoples Bank, Inc. effective April 27, 2015. He had served as Senior Vice President and Financial Officer of the company since joining in February of 2015. Mr. Pennington, who is a certified public accountant, served as a Senior Manager for Elliott Davis, LLC from October of 2012 to February of 2015. Prior to that, he served as the Chief Financial Officer of Bank of Virginia from March 2011 until October 2012. From March of 2009 to February of 2011, he was the Controller for HomeTown Bank located in Roanoke, Virginia. Mr. Pennington has over 15 years of community banking experience. He is a 1996 graduate of West Virginia University with a Bachelor of Science degree in Accounting. Effective April 27, 2015, Mr. Frank A. Sexton, Jr. will no longer serve as Interim Chief Financial Officer, Secretary and Treasurer of the company. He will continue serving as the company's Executive Vice President and Chief Operating Officer where he has served since 2003.

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