Item 5.02    Departure of Directors or Certain Officers; Election of Directors;
               Appointment of Certain Officers; Compensatory Arrangements of
               Certain Officers.

On July 12, 2021, New Peoples Bankshares, Inc. (the "Company") appointed Christopher G. Speaks as Executive Vice President, Chief Financial Officer and Treasurer of the Company and its wholly-owned subsidiary, New Peoples Bank (the "Bank"). Mr. Speaks's appointment will be effective August 16, 2021, following the Company's filing of its Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, at which time John J. Boczar will be transitioning to Chief Accounting Officer and Secretary of the Company.

Mr. Speaks, age 55, served as the Chief Financial Officer of FNS Bancshares, Inc in Scottsboro, Alabama from January 2021 until it was acquired by BancorpSouth Bank in April 2021. Prior to that, he served as Chief Financial Officer and senior level positions, including Executive Vice President, for Tyndall Federal Credit Union from May 2016 until January 2020. Mr. Speaks is a graduate of Furman University, Greenville, South Carolina with a Bachelor of Arts degree in Accounting and is a Certified Public Accountant, licensed in South Carolina. He has been in the financial services industry for 23 years serving in various roles and was in public accounting for 10 years working primarily with community banks. There is no family relationship between Mr. Speaks and any director or executive officer of the Company or Bank.

Mr. Speaks will receive an initial base salary of $200,000 and will be entitled to participate in compensation programs for senior executives of the Company and other employee benefit plans for which he is eligible, including automobile allowance, health and dental insurance, group life and long term disability options, and the Company's 401(k) plan.

Additional information regarding Mr. Boczar is available in the Company's proxy statement for its 2021 annual meeting of shareholders, filed with the Securities and Exchange Commission on April 8, 2021.

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