The formation of New Peoples Bank, Inc., was first discussed by a group of citizens who responded to their community's yearning for the friendly hometown banking provided for years by Peoples Bank, which also originated in Russell County. Although the two banks have no formal or legal connection, several of the officers, board members and employees who made Peoples Bank a success formed the nucleus for New Peoples Bank.

This core Russell County group invited residents of Scott County, Buchanan County and Dickenson County to promote the idea of Southwest Virginia's first community bank in almost two decades. The community response was overwhelming and over 2,400 stockholders emerged to raise in excess of $11 million dollars in start-up capital within a 90 day sale period. Today, our total capital is over $51 million dollars.

The state of Virginia authorized New Peoples Bank to open three banks at once, beginning with the central headquarters in Honaker which was quickly followed by branches in Weber City and Castlewood.

The state had never before authorized more than one initial location for a start up bank but was impressed with the community support and capital-raising ability of New Peoples Bank's seasoned bankers, board members and initial subscribers. Since its opening date in October of 1998, New Peoples Bank has grown phenomenally, outpacing all comparable new banks in the state.

After the initial three offices, the following branches have been opened:

The bank's directors credit its experienced staff and officers for this rapid growth as well as the array of stockholders who bring their business to the bank and refer friends and neighbors. New Peoples Bank is truly a grass roots community bank and no one person or small group controls the bank and its future. The bank's future is in the hands of its employees, stockholders, customers, the board of directors and the goodwill of each of them spread throughout the Southwest Virginia community.

New Peoples Bank has increased its assets to over $700,000,000 since its grand opening in 1998. But most of all, New Peoples Bank has opened its doors to working families, retirees, small businesses and other people in good standing. Customers with a dream to own their own home or business are made to feel welcome without unnecessary home office "rules" which simply don't apply to our rural area. Some chain banks, for instance, won't loan money for housing along gravel roads or if the house is more than one half mile from a fire hydrant or if the dwelling has a metal roof. These banks exclude a huge portion of our region's population without ever checking to see if the customer is creditworthy. This is not community banking. We help finance dreams; not foolish dreams but American dreams of property ownership, business start-ups, expansion and local investments.

This is our history and a little peek into the future of New Peoples Bank where the customer is appreciated for giving us the opportunity to serve his or her financial needs.