CEO C. Todd Asbury to step down by May 2024; will serve as senior advisor through May 2025

NEW PEOPLES BANKSHARES INC

CEO C. Todd Asbury to transition out: Bank roles end Dec 1, 2023; Company roles end May 31, 2024.
Asbury to become senior advisor June 1, 2024 through May 30, 2025 for $305,000 consulting fee.
Asbury remains on boards until 2025 annual meeting; COBRA continuation payments begin Jan 1, 2024.
Amendment includes equity program participation and restrictive covenants through May 31, 2025.

item 5.02 item 9.01

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Departed

C. Todd Asbury

President and Chief Executive Officer

NWPP · NEW PEOPLES BANKSHARES INC

Effective: 2024-05-31
Filed: August 9, 2023, 7:59 PM ET

On August 7, 2023, New Peoples Bankshares, Inc. (the “Company”), the holding company of New Peoples Bank, Inc. (the “Bank”), issued a press release announcing that C. Todd Asbury, the President and Chief Executive Officer of the Company and the Bank, will step down from his current Bank positions effective December 1, 2023 and his current Company positions effective May 31, 2024.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

C. Todd Asbury departed as President and Chief Executive Officer at NEW PEOPLES BANKSHARES INC.

Action: will step down
Role: President and Chief Executive Officer

Exact text from the filing

On August 7, 2023, New Peoples Bankshares, Inc. (the “Company”), the holding company of New Peoples Bank, Inc. (the “Bank”), issued a press release announcing that C. Todd Asbury, the President and Chief Executive Officer of the Company and the Bank, will step down from his current Bank positions effective December 1, 2023 and his current Company positions effective May 31, 2024.

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Source: SEC EDGAR

accession 0001903596-23-000590

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