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  <P STYLE="margin: 0; text-align: center"><B>UNITED STATES </B></P>
  
  <P STYLE="margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
  
  <P STYLE="margin: 0; text-align: center"><B>Washington, D.C. 20549 </B></P>
  
  <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>
  
  <P STYLE="margin: 0; text-align: center"><B>Form 8-K </B></P>
  
  <P STYLE="margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="margin: 0; text-align: center"><B>Current Report </B></P>
  
  <P STYLE="margin: 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the
  Securities Exchange Act of 1934 </B></P>
  
  <P STYLE="margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="margin: 0; text-align: center"><B>Date of Report (Date of earliest event reported):&nbsp;&nbsp;December
  1, 2016 </B></P>
  
  <P STYLE="margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="margin: 0; text-align: center"><B>New Peoples Bankshares, Inc. </B></P>
  
  <P STYLE="margin: 0; text-align: center"><B>(Exact name of registrant as specified in
  its charter)</B></P>
  
  <P STYLE="margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="margin: 0; text-align: center"><B>Commission File Number:&nbsp;&nbsp;000-33411</B></P>
  
  <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: bottom">
      <TD STYLE="width: 50%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VA</B></FONT></TD>
      <TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="width: 48%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>31-1804543</B></FONT></TD></TR>
  <TR>
      <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(State
      or other jurisdiction of</B></FONT></TD>
      <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(IRS
      Employer</B></FONT></TD></TR>
  <TR>
      <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>incorporation)</B></FONT></TD>
      <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Identification
      No.)</B></FONT></TD></TR>
  </TABLE>
  <P STYLE="margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="margin: 0; text-align: center"><B>67 Commerce Drive</B></P>
  
  <P STYLE="margin: 0; text-align: center"><B>Honaker, VA 24260</B></P>
  
  <P STYLE="margin: 0; text-align: center"><B>(Address of principal executive offices,
  including zip code)</B></P>
  
  <P STYLE="margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="margin: 0; text-align: center"><B>(276) 873-7000</B></P>
  
  <P STYLE="margin: 0; text-align: center"><B>(Registrant&rsquo;s telephone number, including
  area code)</B></P>
  
  <P STYLE="margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="margin: 0; text-align: center"><B>N/A</B></P>
  
  <P STYLE="margin: 0; text-align: center"><B>(Former name or former address, if changed
  since last report)</B></P>
  
  <P STYLE="margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="margin: 0; text-align: justify"><B>Check the appropriate box below if the Form 8-K filing
  is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</B></P>
  
  <P STYLE="margin: 0; text-align: justify"><B>&nbsp;</B></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 15pt; text-align: right"><B>[ ]</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</B></TD>
  </TR></TABLE>
  
  <P STYLE="margin: 0; text-align: justify"><B>&nbsp;</B></P>
  
  <P STYLE="margin: 0; text-align: justify"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="text-align: right; width: 15pt"><B>[ ]</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</B></TD>
  </TR>
  </TABLE></P>
  
  <P STYLE="margin: 0; text-align: justify"><B>&nbsp;</B></P>
  
  <P STYLE="margin: 0; text-align: justify"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="text-align: right; width: 15pt"><B>[ ]</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</B></TD>
  </TR>
  </TABLE></P>
  
  <P STYLE="margin: 0; text-align: justify"><B>&nbsp;</B></P>
  
  <P STYLE="margin: 0; text-align: justify"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="text-align: right; width: 15pt"><B>[ ]</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  </B></TD>
  </TR>
  </TABLE></P>
  
  <P STYLE="margin: 0; text-align: justify"><BR></P>
  
  
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  <P STYLE="margin: 0; text-align: justify"><B>Item 5.02.&nbsp;&nbsp;&nbsp;&nbsp;Departure
  of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
  Officers</B></P>
  
  <P STYLE="margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="margin: 0; text-align: justify"><U>Employment Agreement</U></P>
  
  <P STYLE="margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="margin: 0; text-align: justify">On December 1, 2016, New
  Peoples Bankshares, Inc. (the &ldquo;Company&rdquo;), and New Peoples Bank, Inc., (the &ldquo;Bank&rdquo; and, together with the
  Company, &ldquo;New Peoples&rdquo;) entered into an Employment Agreement (the &ldquo;Agreement&rdquo;) with C. Todd Asbury, New
  Peoples President and CEO. The Agreement is effective as of December 1, 2016. The term of the Agreement ends on December 1, 2019,
  unless earlier terminated, and the Agreement automatically renews for successive two year terms (unless terminated prior to the
  commencement of the renewal term).</P>
  
  <P STYLE="margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="margin: 0; text-align: justify">Under Mr. Asbury&rsquo;s
  Agreement, he is entitled to an annual base salary of $255,000 and an annual performance bonus, if any, in an amount approved
  by New Peoples&rsquo; Board of Directors. Mr. Asbury is also eligible to participate in any equity and/or other long-term compensation
  programs established by the Company as well as employee benefits, executive benefits, perquisites, reimbursement of expenses and
  vacation as set forth in his Agreement.</P>
  
  <P STYLE="margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="margin: 0; text-align: justify">The Agreement provides
  Mr. Asbury with severance benefits in the event of termination of his employment under certain circumstances and contain certain
  confidentiality and noncompetition provisions.</P>
  
  <P STYLE="margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="margin: 0; text-align: justify">The Agreement provides
  that the executive&rsquo;s employment may be terminated by the Company &ldquo;With Cause&rdquo; (as defined in the Agreement)
  or without Cause, or by the executive for &ldquo;Good Reason&rdquo; (as defined in the Agreement) or without Good Reason. The
  executive&rsquo;s employment may be terminated upon a determination that the executive is disabled or automatically upon the executive&rsquo;s
  death. If an executive&rsquo;s employment is terminated by the Company for Cause or by the executive for Other than Good Reason,
  then under his Agreement, the executive will be entitled to receive any accrued but unpaid salary, bonus or other benefits or
  awards, and expense reimbursement. The foregoing amounts are referred to collectively as the &ldquo;Accrued Obligations.&rdquo;
  If an executive&rsquo;s employment is terminated by the Company without Cause or by the executive for Good Reason, then, in addition
  to the Accrued Obligations, the executive will be entitled under his Agreement to receive the following: (i) if not connected
  to a Change in Control (as defined in the Agreement), a severance payment equal to two times the executive&rsquo;s base salary
  and bonus; or (ii) if within 24 months after a Change in Control, a severance payment equal to 3 times the executive&rsquo;s base
  salary and bonus unless the Change in Control is a Sale of the Company (as defined in the Agreement) in which case the severance
  payment is based on certain percentages of the Company&rsquo;s book value received by the Company&rsquo;s shareholders in the
  transaction.</P>
  
  <P STYLE="margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="margin: 0; text-align: justify">The foregoing descriptions
  of the Agreement do not purport to be complete and are qualified in their entirety to the full text of the Agreement, a copy of
  which is filed herewith as Exhibit 10.1 and is incorporated herein by reference.</P>
  
  <P STYLE="margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="margin: 0; text-align: justify"><B>Item 9.01&#9;Financial Statements and Exhibits</B></P>
  
  <P STYLE="margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="margin: 0; text-align: justify">(d) The following exhibit is filed with this
  Current Report pursuant to Item 5.02:</P>
  
  <P STYLE="margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="margin: 0; text-align: justify"></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">                                                                                                                                      <TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD><TD><U>Exhibit No.</U></TD><TD STYLE="margin: 0; text-align: left; vertical-align: bottom">&#9;<U>Exhibit Description</TD></TR>
  <TR STYLE="vertical-align: top">
  <TD STYLE="width: 1%"></TD><TD STYLE="width: 9%">10.1</TD><TD STYLE="margin: 0; text-align: justify; width: 90%"><A HREF="npbs8k120216ex10_1.htm">Employment Agreement between New Peoples Bankshares, Inc., New Peoples Bank, Inc., and C. Todd Asbury.</A></TD></TR></TABLE>
  
  <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>
  
  
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  <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>SIGNATURES</B></P>
  
  <P STYLE="margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="margin: 0; text-align: justify">Pursuant to the requirements of the Securities
  Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>
  
  <P STYLE="margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="margin: 0; text-align: justify"><B>NEW PEOPLES BANKSHARES, INC.</B></P>
  
  <P STYLE="margin: 0; text-align: justify">(Registrant)</P>
  
  <P STYLE="margin: 0; text-align: justify"><B>&nbsp;</B></P>
  
  <P STYLE="margin: 0; text-align: justify"><B></B></P>
  
  <P STYLE="margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="margin: 0; text-align: justify">Date: December 1, 2016&#9; &#9;</P>
  
  <P STYLE="margin: 0; text-align: justify">By: &#9;<U>/s/ JOSEPH D. PENNINGTON&#9;
  </U></P>
  
  <P STYLE="margin: 0; text-align: justify">Joseph D. Pennington</P>
  
  <P STYLE="margin: 0; text-align: justify">Senior Vice President and</P>
  
  <P STYLE="margin: 0; text-align: justify">Chief Financial Officer</P>
  
  <P STYLE="margin: 0; text-align: justify"></P>
  
  <!-- Field: Page; Sequence: 3; Options: Last -->
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in"></P>
  
  
  
  <P STYLE="margin: 0">&#160;</p>
  
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "npbs8k120216.htm", "secsgml_size_bytes": 14224}]
metadata_filer: {"company-data": {"conformed-name": "NEW PEOPLES BANKSHARES INC", "cik": "0001163389", "assigned-sic": "6022", "irs-number": "311804543", "state-of-incorporation": "VA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-33411", "film-number": "162030442"}, "business-address": {"street1": "67 COMMERCE DRIVE", "city": "HONAKER", "state": "VA", "zip": "24260", "phone": "2768737000"}, "mail-address": {"street1": "PO BOX 1810", "city": "HONAKER", "state": "VA", "zip": "24260"}}
text: UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  Washington, D.C. 20549
  Form 8-K
  Current Report
  Pursuant to Section 13 or 15(d) of the
  Securities Exchange Act of 1934
  Date of Report (Date of earliest event reported):  December
  1, 2016
  New Peoples Bankshares, Inc.
  (Exact name of registrant as specified in
  its charter)
  Commission File Number:  000-33411
  VA
  31-1804543
  (State
      or other jurisdiction of
  (IRS
      Employer
  incorporation)
  Identification
      No.)
  67 Commerce Drive
  Honaker, VA 24260
  (Address of principal executive offices,
  including zip code)
  (276) 873-7000
  (Registrant's telephone number, including
  area code)
  N/A
  (Former name or former address, if changed
  since last report)
  Check the appropriate box below if the Form 8-K filing
  is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
  [ ]
  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  [ ]
  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  [ ]
  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  [ ]
  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Item 5.02.    Departure
  of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
  Officers
  Employment Agreement
  On December 1, 2016, New
  Peoples Bankshares, Inc. (the "Company"), and New Peoples Bank, Inc., (the "Bank" and, together with the
  Company, "New Peoples") entered into an Employment Agreement (the "Agreement") with C. Todd Asbury, New
  Peoples President and CEO. The Agreement is effective as of December 1, 2016. The term of the Agreement ends on December 1, 2019,
  unless earlier terminated, and the Agreement automatically renews for successive two year terms (unless terminated prior to the
  commencement of the renewal term).
  Under Mr. Asbury's
  Agreement, he is entitled to an annual base salary of $255,000 and an annual performance bonus, if any, in an amount approved
  by New Peoples' Board of Directors. Mr. Asbury is also eligible to participate in any equity and/or other long-term compensation
  programs established by the Company as well as employee benefits, executive benefits, perquisites, reimbursement of expenses and
  vacation as set forth in his Agreement.
  The Agreement provides
  Mr. Asbury with severance benefits in the event of termination of his employment under certain circumstances and contain certain
  confidentiality and noncompetition provisions.
  The Agreement provides
  that the executive's employment may be terminated by the Company "With Cause" (as defined in the Agreement)
  or without Cause, or by the executive for "Good Reason" (as defined in the Agreement) or without Good Reason. The
  executive's employment may be terminated upon a determination that the executive is disabled or automatically upon the executive's
  death. If an executive's employment is terminated by the Company for Cause or by the executive for Other than Good Reason,
  then under his Agreement, the executive will be entitled to receive any accrued but unpaid salary, bonus or other benefits or
  awards, and expense reimbursement. The foregoing amounts are referred to collectively as the "Accrued Obligations."
  If an executive's employment is terminated by the Company without Cause or by the executive for Good Reason, then, in addition
  to the Accrued Obligations, the executive will be entitled under his Agreement to receive the following: (i) if not connected
  to a Change in Control (as defined in the Agreement), a severance payment equal to two times the executive's base salary
  and bonus; or (ii) if within 24 months after a Change in Control, a severance payment equal to 3 times the executive's base
  salary and bonus unless the Change in Control is a Sale of the Company (as defined in the Agreement) in which case the severance
  payment is based on certain percentages of the Company's book value received by the Company's shareholders in the
  transaction.
  The foregoing descriptions
  of the Agreement do not purport to be complete and are qualified in their entirety to the full text of the Agreement, a copy of
  which is filed herewith as Exhibit 10.1 and is incorporated herein by reference.
  Item 9.01	Financial Statements and Exhibits
  (d) The following exhibit is filed with this
  Current Report pursuant to Item 5.02:
  Exhibit No.
  Exhibit Description
  10.1
  Employment Agreement between New Peoples Bankshares, Inc., New Peoples Bank, Inc., and C. Todd Asbury.
  SIGNATURES
  Pursuant to the requirements of the Securities
  Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
  NEW PEOPLES BANKSHARES, INC.
  (Registrant)
  Date: December 1, 2016
  By:
  /s/ JOSEPH D. PENNINGTON
  Joseph D. Pennington
  Senior Vice President and
  Chief Financial Officer