On August 7, 2023, New Peoples Bankshares, Inc., the holding company of New Peoples Bank, Inc., issued a 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. Beginning June 1, 2024, Mr. Asbury will become a senior advisor to the Company and the Bank for one year. Mr. Asbury will continue to be a member of the Boards of Directors of the Company and the Bank until the annual meeting of shareholders of the Company in 2025.