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

On August 16, 2022, E. Stephen Lilly, a member of the Boards of Directors of New Peoples Bankshares, Inc. (the "Company") and its wholly-owned subsidiary, New Peoples Bank, Inc. (the "Bank"), notified the Company and the Bank of his decision to resign as a director of both entities effective August 16, 2022. Mr. Lilly's resignation is due to personal matters and does not relate to any disagreement on matters relating to the Company's operations, policies or practices.

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