New Peoples Bankshares Inc (OTC: NWPP)

New Peoples Bankshares, Inc. is a Virginia financial holding company headquartered in Honaker, Virginia. The company conducts its primary business through New Peoples Bank, Inc., a Virginia banking corporation that offers a full range of banking and related financial services. The bank also operates a division called New Peoples Financial Services that provides investment products via a broker dealer relationship with Osaic Institutions, Inc. NPB Insurance Services, Inc., a subsidiary of the bank, generates revenue by referring insurance products to customers.

The company generates revenue primarily from interest earned on loans and leases extended to individuals, small to medium size businesses and professionals. Deposit service charges, fees on transaction accounts and other account related fees also contribute to income. Fees from investment services, including brokerage commissions and asset management, and referral fees from insurance activities provide additional sources of revenue.

New Peoples Bankshares operates in a competitive banking environment that includes regional and national banks, credit unions, mortgage companies and online financial providers. According to FDIC data, the bank holds notable market share in several local counties, such as 40.8 percent of deposits in Dickenson County, Virginia and 37.35 percent in Scott County, Virginia. The company differentiates itself by emphasizing personalized community relationships, responsive decision making and a suite of digital banking services. These strengths allow it to attract and retain customers despite larger competitors with greater resources.

The bank serves individuals, small to medium size businesses and professionals in its market area. The bank’s customer base consists of retail consumers, small to medium size enterprises and professional clients such as doctors, lawyers and accountants.