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

On June 30, 2022, the board of directors of New Peoples Bankshares, Inc. (the "Company") appointed E. Stephen Lilly as a director of the Company and its wholly-owned subsidiary, New Peoples Bank (the "Bank"). Mr. Lilly's appointment to the Bank board will be effective upon submission of the requisite notifications to the Commonwealth of Virginia State Corporation Commission Bureau of Financial Institutions. Mr. Lilly is expected to be nominated to the Technology, Audit and Risk, and Compensation committees. Mr. Lilly's initial appointment will extend to the 2023 annual meeting of shareholders, at which time it is expected he will be nominated to be elected to serve a full three-year term.

Mr. Lilly, age 64, is a forty-year community banker having served as Executive Vice President and Chief Operating Officer of First Community Bancshares, Inc. for twenty-three years through 2020. Mr. Lilly maintains a number of professional affiliations including memberships on the boards of West Virginia Bankers Association and the Federal Reserve National Payments Advisory Board. Mr. Lilly is a graduate of Western Carolina University, Cullowhee, North Carolina.

As a director of the Company, Mr. Lilly will be compensated in accordance with the Company's director compensation policy as then in effect. Since January 1, 2021, there have been no related party transactions between the Company and Mr. Lilly that are reportable under Item 404(a) of Regulation S-K. There is no family relationship between Mr. Lilly and any director or executive officer of the Company or Bank.

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