Current Report Filing (8-k)
June 07 2017 - 5:05PM
Edgar (US Regulatory)
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):
June 7, 2017
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NEW
PEOPLES BANKSHARES, INC.
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(Exact
name of registrant as specified in its charter)
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Virginia
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00-33411
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31-1804543
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(State
or other jurisdiction
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(Commission
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(IRS
Employer
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of
incorporation)
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File
Number)
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Identification
No.)
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P.O.
Box 1810
Honaker,
Virginia
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24260
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code:
(276) 873-7000
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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:
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[ ]
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 5.02
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Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
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(b) (c) On
June 6, 2017, C. Todd Asbury, President and Chief Executive Officer of New Peoples Bankshares, Inc. (the “Company”)
announced that Joseph D. Pennington has tendered his resignation from his positions as Senior Vice President, Chief Financial
Officer, Secretary and Treasurer of the Company and its subsidiaries to become effective June 30, 2017. Mr. Pennington is assisting
the Company with this transition. These changes with Mr. Pennington’s positions with the Company did not result from any
disagreement with the Company on any matter relating to the Company’s operations, policies, or practices. Mr. Asbury will
begin an immediate search for Mr. Pennington’s replacement.
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Item 7.01
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Regulation
FD Disclosure.
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On June 7,
2017, the Company issued a press release announcing Mr. Pennington’s resignation to become effective June 30, 2017 from
his positions as Senior Vice President, Chief Financial Officer, Secretary and Treasurer of the Company and subsidiaries. A copy
of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
In accordance
with General Instruction B. 2 of Form 8-K, the information in this Item 7.01, and Exhibit 99.1 hereto, are being furnished and
shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise
subject to the liabilities of that Section, nor shall such information be deemed incorporated by reference in any filing under
the Securities Act of 1933, as amended.
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Item 9.01
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Financial
Statements and Exhibits
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(d) The following exhibit is included with this report:
Forward-Looking Statements
This Current Report on Form 8-K contains
forward-looking statements. These forward-looking statements are based on current expectations that involve risks, uncertainties,
and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect,
actual results may differ materially. These risks include: changes in business or other market conditions; the
timely development, production and acceptance of new products and services; the challenge of managing asset/liability levels;
the management of credit risk and interest rate risk; the difficulty of keeping expense growth at modest levels while increasing
revenues; and other risks detailed from time to time in the Company’s Securities and Exchange Commission reports, including
but not limited to the Annual Report on Form 10-K for the most recent year ended. Pursuant to the Private Securities Litigation
Reform Act of 1995, the Company does not undertake to update forward-looking statements to reflect circumstances or events that
occur after the date the forward-looking statements are made.
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.
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NEW
PEOPLES BANKSHARES, INC.
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Date:
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June
7, 2017
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By:
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/s/
C. TODD ASBURY
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C. Todd Asbury
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President and Chief
Executive Officer
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