NWPP New Peoples Bankshares Inc (PK)

Item 4.01.    Changes in Registrant’s Certifying Accountant

On March 25, 2022 (the “Notice Date”), New Peoples Bankshares, Inc. (the “Company”) notified Elliott Davis, LLC (“ED”) that it was being dismissed as the Company's independent registered public accounting firm effective with the completion of the audit for the year ending December 31, 2021. The dismissal of ED was made upon the recommendation of the Audit Committee of the Company’s Board of Directors.

The audit reports of ED on the Company’s consolidated financial statements for each of the two most recent fiscal years ended December 31, 2021 and 2020 did not contain any adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope, or accounting principles. During the Company's two most recent fiscal years ended December 31, 2021 and 2020, and the subsequent interim period from January 1, 2022 through the Notice Date, there were (i) no disagreements (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) between the Company and ED on any matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to the satisfaction of ED, would have caused ED to make reference to the subject matter of the disagreement in connection with ED’s reports on the Company’s consolidated financial statements for 2021 and 2020, and (ii) no “reportable events” (as defined in Item 304(a)(1)(v) of Regulation S-K and the related instructions).

The Company provided ED with a copy of the disclosures in this Current Report on Form 8-K (this "Report") prior to filing this Report with the Securities and Exchange Commission (the "SEC"). The Company requested that ED furnish it with a letter addressed to the SEC stating whether ED agrees with the statements made by the Company regarding ED in this Report and, if not, stating the respects in which it does not agree. A copy of ED’s letter dated March 28, 2022 to the SEC is filed as Exhibit 16.1 to this Report. 

On the Notice Date, the Company notified Yount Hyde & Barbour PC (“YHB”) that it had been selected to serve as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2022, subject to completion of YHB’s standard client acceptance procedures. The selection of YHB was approved by the Audit Committee of the Company’s Audit and Risk Committee.

During the Company’s two most recent fiscal years ended December 31, 2021 and 2020, and the subsequent interim period from January 1, 2021 through the Notice Date, neither the Company nor anyone acting on its behalf consulted with YHB regarding either (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's consolidated financial statements, and neither a written report nor oral advice was provided to the Company that YHB concluded was an important factor considered by the Company in reaching a decision as to any accounting, auditing or financial reporting issue, or (ii) any matter that was either the subject of a “disagreement” or a “reportable event” (as defined in Item 304(a)(1)(iv) and Item 304(a)(1)(v) of Regulation S-K and the related instructions, respectively).