EX-99.1 PRESS RELEASE

Exhibit 99.1

Contact: Jonathan Mullins, President and CEO

(276) 873-7705 jon@newpeoplesbank.com

For Immediate Release

New Peoples Bankshares, Inc. Announces

3rd Quarter 2009 Results

Honaker, Va., November 10, 2009....New Peoples Bankshares, Inc. (quarterly consolidated results unaudited) reported today a total net loss after tax of $6,290,000 or $0.63 per basic share and $0.62 per diluted share for the quarter ended September 30, 2009 as compared to net income of $1,395,000, or $0.14 per basic and diluted share for the same period in 2008. Total net loss year-to-date as of September 30, 2009 was $4,835,000, or $0.48 per basic and diluted share, as compared to a net income of $3,325,000 or $0.33 per basic share and $0.32 per diluted share for the respective period in 2008.

Total assets continued growing to $846,717,000 at September 30, 2009 from $807,898,000 at December 31, 2008, an increase of $38,819,000, or 4.80%. Deposit growth has also continued throughout 2009 as reflected by an increase of $43,814,000, or 6.21%, from $705,868,000 at December 31, 2008 to $749,502,000 at September 30, 2009. Total loans have increased $42,956,000, or 5.96%, to $764,130,000 at September 30, 2009 from $721,174,000 at December 31, 2008. Net interest income was nearly the same for the third quarter of 2009 at $7,976,000 as compared to $7,951,000 in 2008. Year-to-date net interest income 2009 has increased $1,483,000, or 6.80%, to $23,297,000 from $21,814,000 in 2008.

Jonathan Mullins, President and CEO commented, “We are in the middle of the worst recession since the Great Depression and in challenging times, difficult decisions are made. It was a difficult decision to increase the allowance for loan loss and report a net loss. However, the economic recession warranted a more conservative assessment of the potential risks that are present in our loan portfolio. Based on the identified risks and downgrades of risk ratings of some of our loan relationships, we prudently made this provision and strengthened the balance sheet. We continue to see asset, loan and deposit growth, and a net interest margin in line with our historic experience.”

The net loss for the Company’s 2009 third quarter and year-to-date resulted solely from a noncash charge of $12,768,000, which was taken during the third quarter to increase the allowance for loan loss from $6,904,000 (or 0.96 % of total loans) as of December 31, 2008 to $18,853,000 (or 2.47% of total loans) as of September 30, 2009. The allowance for loan loss has been increased to a level that management deems appropriate to absorb any potential future losses and known impairment within the loan portfolio whether or not the losses are actually ever realized.

Mullins cautioned, “The allowance for loan loss is a non-cash charge that is reserved like a ‘rainy-day’ fund against potential future losses. When you need it, it is there. This is the result of cautious risk management in a recession period in which loan losses are more likely for a bank. Year-to-date, our annualized net charge-offs to average loans is 0.15% at September 30, 2009 which is well below banks similar to our size both nationwide and in Virginia. Obviously, we cannot perfectly predict future losses. However, unless a further recession occurs, we believe the Bank is positioned to return to more normalized financial results in the near future with a large reserve to absorb potential losses.”

Several factors contributed to the decision to increase the allowance for loan losses. Economic conditions remain weak on the national level with an uncertain time frame that a sustained recovery will occur. The local economy has been affected by the recession with higher unemployment figures throughout 2009. In addition, the loan portfolio has a high concentration in commercial real estate and inherent risks exist in this sector of the economy. Non-performing assets, which includes nonaccrual loans, loans past due over 90 days still accruing interest and other real estate owned have increased from $8,943,000 at December 31, 2009 to $26,324,000 at September 30, 2009, as well. With these growing risk factors for the Company, management has taken an aggressive approach in evaluating the allowance for loan losses and has adjusted the reserve accordingly. The increase in the loan loss reserve cushions any potential loss resulting from these non-performing loans.

At September 30, 2009, total impaired loans were $28,717,000 with an estimated loss exposure and valuation allowance of $1,583,000 made for potential loss. This is in comparison to total impaired loans of $6,844,000 with a valuation allowance for potential loss of $218,000 at December 31, 2008. There has been an increase in nonaccrual loans from $6,414,000 at December 31, 2008 to $20,047,000 at September 30, 2009. The nonaccrual loan totals are included in the total impaired loans for each period. A large portion of the loans in nonaccrual status are loans in the coastal Carolina region which has been affected more negatively in the recession than our local market.

Mullins commented, “We are working aggressively to reduce impaired loans and other nonperforming assets; however, it will take a while. We may continue to see an increase in these until the economy begins to pick up. We have also tightened underwriting requirements to reduce the amount of risky loans that are added to the loan portfolio.”

Mullins further stated, “We appreciate the loyalty of our customers, employees, the community and our shareholders. I assure each of you, we have a strong management team successfully leading in these challenging times.”

New Peoples Bank, Inc., a wholly owned subsidiary of New Peoples Bankshares, Inc., currently operates thirty-one full service locations as well as a financial services division, New Peoples Financial Services which offers insurance and investment services and products.

Selected financial highlights are shown below.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “estimate,” “expect,” “intend,” “anticipate,” “plan” and similar expressions and variations thereof identify certain of such forward-looking statements which speak only as of the dates on which they were made. New Peoples Bankshares, Inc. (the “Company”) undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Such factors include, but are not limited to competition, general economic conditions, potential changes in interest rates, and changes in the value of real estate securing loans made by New Peoples Bank, Inc. (the “Bank”), a subsidiary of New Peoples Bankshares, Inc. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Company’s filings with the Securities and Exchange Commission.

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New Peoples Bankshares, Inc.

Consolidated Statements of Income

(In Thousands, Except Share and Per Share Data)(Unaudited)

New Peoples Bankshares, Inc.

Quarterly Performance

New Peoples Bankshares, Inc.

Quarterly Balance Sheets

(Unaudited)