April 19, 2018 10:01 AM ET

Banks

Company Overview of New Peoples Bankshares, Inc.

Company Overview

New Peoples Bankshares, Inc. operates as a financial holding company for New Peoples Bank, Inc. that provides a range of banking and financial services to individuals, small to medium size businesses, and the professional community in the United States. The company offers checking and savings accounts, time deposits, interest-bearing and noninterest bearing demand deposits, health savings, 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; constru...

67 Commerce Drive

Honaker, VA 24260

United States

Founded in 1997

248 Employees

Phone:

276-873-7000

Fax:

276-873-7001

Key Executives for New Peoples Bankshares, Inc.

President & CEO
Age: 46
Total Annual Compensation: $255.5K
Executive VP & COO
Age: 67
Total Annual Compensation: $180.1K
Compensation as of Fiscal Year 2016.

New Peoples Bankshares, Inc. Key Developments

New Peoples Bankshares, Inc. Reports Unaudited Consolidated Earnings Results for the Full Year Ended December 31, 2017

New Peoples Bankshares, Inc. reported unaudited consolidated earnings results for the full year ended December 31, 2017. For the year, the company reported, interest and dividend income of $2,017,000, total interest and dividend income of $25,993,000, net interest income of $22,780,000, net interest income after provision for loan losses of $22,330,000, total noninterest income of $9,836,000, income before income taxes of $3,238,000, compared to interest and dividend income of $2,016,000, total interest and dividend income of $24,346,000, net interest income of $21,726,000, net interest income after provision for loan losses of $22,226,000, total noninterest income of $7,291,000, income before income taxes of $949,000, for the same period a year ago. Net income was $3,094,000 against $958,000 a year ago. Basic and diluted was $0.13 against $0.04 a year ago. Return on average stockholder’s equity was negative 0.64% against 7.95% a year ago. Return on average assets was negative 0.05% against 0.61% a year ago.

New Peoples Bankshares, Inc. and New Peoples Bank, Inc. Announce Executive and Board Changes

John J. Boczar, age 59, has been appointed Executive Vice President and Chief Financial Officer, Treasurer and Secretary of New Peoples Bankshares, Inc. (Company) and its wholly-owned subsidiary New Peoples Bank, Inc. (Bank) effective January 22, 2018. Mr. Boczar, served as a Senior Vice President and Director of Tax Reporting and Compliance in 2017 and Vice President and Corporate Accountant from June 2012 to December 2016 for Bank of North Carolina, Thomasville, North Carolina. Prior to that, he served as the Chief Financial Officer of Carolina Federal Savings Bank from September 2006 until June 2012. Previously he served as an executive officer, including chief financial officer, for two community banking organizations in Pennsylvania. Mr. Boczar has over 35 years of community banking experience. Effective January 22, 2018, Frank Sexton, Jr. no longer serves as Interim Chief Financial Officer, Secretary and Treasurer of the Company and Bank. He will continue serving as the Company and Bank's Executive Vice President and Chief Operating Officer where he has served since 2003. The Board of Directors of the Company and Bank, respectively, at meetings held on January 22, 2018, appointed J. Robert "Bob" Buchanan to their respective Board of Directors. Mr. Buchanan, age 66, has over 40 years banking experience, which includes serving as President, Chief Executive Officer, and Director of First Region Bancshares and First Sentinel Bank, located in Richlands, Virginia from August of 2008 to October of 2015.

New Peoples Bankshares, Inc. Announces Resignation of Eugene Hearl from the Board of Directors

On December 18, 2017, Eugene Hearl informed New Peoples Bankshares, Inc., its wholly owned banking subsidiary, New Peoples Bank, Inc., and the Bank’s insurance subsidiary NPB Insurance Services, Inc. of his request to rescind his resignation from the Board of Directors of the company, the Bank, and Insurance Services which was to take effect on December 31, 2017, as previously announced, and to remain a member of the Boards of Directors of these entities. The Board of Directors approved Mr. Hearl’s request to rescind his resignation and accordingly Mr. Hearl will remain a member of the Boards of Directors of these entities.

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