Attached files
| file | filename |
|---|---|
| EX-99.1 - NEW PEOPLES BANKSHARES INC | f2snwpp8k051520ex99_1.htm |
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): May 15, 2020
New Peoples Bankshares, Inc.
(Exact name of registrant as specified in its charter)
| Virginia | 000-33411 | 31-1804543 |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
| 67 Commerce Drive, Honaker, VA | 24260 |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (276) 873-7000
N/A
Former name or former address, if changed since last report
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:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| None |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Item 2.05. Costs Associated with Exit or Disposal Activities.
On May 15, 2020, New Peoples Bankshares, Inc. (the “Company”) issued a press release announcing that based on a recently completed detailed review of the organization structure it has initiated a plan to transition to a new organization structure. This transition included employee reduction and impacted approximately 12% of the workforce and is expected to result in estimated annual pre-tax savings of $1.59 million. The terminations were effective May 15, 2020. The Company expects to incur approximately $358,000 in pre-tax severance costs relating to these workforce reductions. These costs will be recognized in the second quarter of 2020 and will be paid in a lump sum. A copy of the Company’s press release is attached as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
99.1 Press release dated May 15, 2020
SIGNATURE
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.
| NEW PEOPLES BANKSHARES, INC. | |||
| Date: May 15, 2020 | By: | /s/ John J. Boczar | |
| John J. Boczar | |||
Executive Vice President and Chief Financial Officer |
|||