NEW PEOPLES BANKSHARES INC
For the period ended Dec 31, 2023. Filed Apr 1, 2024.
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FY2023 · Filed Apr 1, 2024
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Item 2. Properties
| Item 2. | Properties |
As of December 31, 2023, the Company's net investment in premises and equipment was $18.3 million. Our main office and operations center are in Honaker, Virginia, which includes a full-service branch, and a separate administration and operations center.
The Bank owns 13 of its 17 full-service branch offices, including its headquarters office. In addition to the headquarters in Honaker, Virginia we own or lease branch offices located in Virginia, West Virginia, Tennessee, and a loan production office in North Carolina. Additionally, the Bank owns an operations building housing its network and other support operations. The Bank owns one former branch office that was closed in 2022. The former ITM network and call center facility, that was closed in 2021, was sold in March 2023, as was a former branch office in Big Stone Gap, Virginia. A warehouse facility in Honaker, Virginia, was sold in 2023. Our loan production office operates from a building in Boone, North Carolina under a lease executed in June 2023. In December 2023, we executed a lease for a full-service branch office in Boone, North Carolina. This office commenced operations in March 2024. With the opening of this facility, we will not continue the lease for the loan origination office when it expires in June 2024. In February 2024, we closed one Bristol, Virginia branch and transferred the accounts to our branch located in the business district of the city. We continue to maintain the closed branch as an administrative office.
A former branch office located in Jonesborough, Tennessee was used as a hub for meeting with prospective loan customers but is currently offered for sale.
Two closed branch locations, Big Stone Gap, Virginia and Chilhowie, Virginia, continue to offer ATM services.
We continue to assess our branch network as we look to improve the efficiency of our branch operations while seeking to increase market share.
We believe that all of our properties are maintained in good operating condition and are suitable and adequate for our operational needs.
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