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August 28, 2015 9:30 AM ET

Banks

Company Overview of New Peoples Bankshares Inc.

Company Overview

New Peoples Bankshares, Inc. operates as the bank holding company for New Peoples Bank, Inc. that provides financial services to individuals, small to medium size businesses, and the professional community. The company offers checking and savings accounts, time deposits, demand deposits, interest-bearing demand deposits, money market deposit accounts, certificates of deposit, and individual retirement accounts. It also provides commercial and industrial loans; residential mortgage loans, such as residential first and second mortgage loans, residential construction loans, home equity lines of credit, and term loans; construction loans; and consumer loans, including secured and unsecured loans...

67 Commerce Drive

Honaker, VA 24260

United States

Founded in 1998

244 Employees

Phone:

276-873-7000

Fax:

276-873-7001

Key Executives for New Peoples Bankshares Inc.

Chief Executive Officer, President, Chief Executive Officer of New Peoples Bank, Inc. and President of New Peoples Bank, Inc.
Age: 44
Total Annual Compensation: $175.9K
Chief Operating Officer, Executive Vice President, Chief Operating Officer of New Peoples Bank, Inc. and Executive Vice President of New Peoples Bank, Inc.
Age: 65
Total Annual Compensation: $173.4K
Chief Credit Officer, Executive Vice President , Chief Credit Officer of New Peoples Bank and Executive Vice President of New Peoples Bank
Age: 51
Total Annual Compensation: $160.5K
Compensation as of Fiscal Year 2014.

New Peoples Bankshares Inc. Key Developments

New Peoples Bankshares Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015

New Peoples Bankshares Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported total interest and dividend income of USD 6,266,000 against USD 6,800,000 a year ago. Net interest income was USD 5,410,000 against USD 5,743,000 a year ago. Net interest income after provision for loan losses was USD 5,410,000 against USD 5,743,000 a year ago. Income before income taxes was USD 625,000 against loss before income taxes of USD 73,000 a year ago. Net income was USD 622,000 or USD 0.03 per basic and diluted share against net loss of USD 72,000 or USD 0.00 per basic and diluted share a year ago. The improvement was mainly driven by reductions of USD 417,000 in expenses related to other real estate owned and repossessed assets, USD 292,000 in salaries and employee benefits, and USD 156,000 in deposit insurance expense. Return on average assets was 0.38% against negative return on average assets of 0.04% a year ago. Return on average stockholder’s equity was 5.82% against negative return on average stockholder’s equity 0.73% a year ago.

New Peoples Bankshares 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 Bankshares 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.

New Peoples Bankshares Inc., Annual General Meeting, Jun 02, 2015

New Peoples Bankshares Inc., Annual General Meeting, Jun 02, 2015., at 18:00 US Eastern Standard Time. Location: at the Abingdon office of New Peoples Bank. Agenda: To elect three directors to serve for terms of three years each expiring at the 2018 annual meeting of shareholders; and to approve a non-binding resolution on the compensation of the named executive officers disclosed in this proxy statement; to ratify the audit committee’s appointment of Elliott Davis Decosimo, LLC as the company’s independent registered public accounting firm for the year ending December 31, 2015; and to act upon such other matters as may properly come before the annual meeting.

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