B. Scott White
About B. Scott White
B. Scott White, age 79, is an independent director since 1998 and serves as Vice Chair of the Board of New Peoples Bankshares, Inc.; he chairs the Loan Committee and is a member of ALCO, Audit Risk & Compliance, Compensation, Executive, and Nominating Committees, bringing small business ownership, ranching, and investing experience to the board . The Board has determined that all members, except the CEO and former CEO, are independent under Nasdaq standards, and all incumbent directors attended greater than 75% of Board and committee meetings in 2024 with all directors attending the 2024 annual meeting . He previously led White Stone Company and White’s Pelletizing Company until their sale in 1997 and managed Sky Blue Tower Company; he is currently on the Board of Rockydale Quarries, Roanoke, VA .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| White Stone Company (Castlewood, VA) | President & CEO | Until sale in 1997 | Business, financial and leadership expertise |
| White’s Pelletizing Company (Paradise, PA) | President & CEO | Until sale in 1997 | Business, financial and leadership expertise |
| Sky Blue Tower Company, LLC | General Manager | Not disclosed | Cell tower rental operations experience |
| Cattle Ranching (Castlewood, VA) | Retired cattle rancher | Current | Regional small business and agricultural perspective |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Rockydale Quarries (Roanoke, VA) | Board Member | Not disclosed | Industry board role; details not otherwise disclosed |
Board Governance
- Vice Chair of the Board; Committee Chair: Loan; Committee memberships: ALCO, Audit Risk & Compliance, Compensation, Executive, Nominating .
- Board independence: all directors except Messrs. Asbury and Kiser are independent under Nasdaq standards; executive sessions held periodically without the CEO .
- 2024 Board/committee activity: 12 Board meetings; Audit Risk & Compliance met 4 times; Executive met 2 times; Nominating met 1 time; Technology met 4 times; each incumbent director attended >75% of applicable meetings; all directors attended 2024 annual meeting .
- Governance policies: Code of Ethics, whistleblower procedures; Insider Trading Policy prohibits hedging, short sales, and pledging of company stock .
Fixed Compensation
| Component | 2024 | Notes |
|---|---|---|
| Fees Earned or Paid in Cash ($) | $25,850 | Director-only compensation; no other director compensation paid for 2024 |
Fee structure: $1,000/month for non-employee directors; $1,300/month for Chair; Executive Committee monthly retainer $300; per meeting fees: Chairs $250; Members $200 per committee meeting attended .
Performance Compensation
| Performance-Linked Element | Metric(s) | Vesting/Terms | 2024 Payout |
|---|---|---|---|
| None disclosed for directors | — | — | — |
Directors did not receive equity awards (RSUs/PSUs/options) or performance-based compensation for Board service in 2024 .
Other Directorships & Interlocks
| Company | Role | Public/Private | Committee Roles | Interlock/Conflict Notes |
|---|---|---|---|---|
| Rockydale Quarries | Board Member | Not disclosed | Not disclosed | No related-party transactions with this entity disclosed for 2024 |
Expertise & Qualifications
- Small business ownership; former President & CEO of industrial businesses; ranching and private investor background supports business and financial acumen .
- Deep committee involvement across credit (Loan), risk (Audit Risk & Compliance, ALCO), compensation, nominations, and executive oversight indicates broad governance expertise .
Equity Ownership
| Category | Shares | % of Class | Notes |
|---|---|---|---|
| Total beneficial ownership | 5,619,807 | 23.80% | As of March 26, 2025; 23,615,747 shares outstanding |
| SBTB, L.P. (GP) | 2,061,666 | — | Limited partnership where Mr. White is general partner |
| Sky Investments, LLC (Manager) | 1,447,747 | — | LLC managed by Mr. White |
| Spouse | 165,560 | — | Held by Mr. White’s wife |
| Revocable personal trust (Trustee) | 156,080 | — | Trust allocations |
| Self-directed IRA | 156,637 | — | Retirement account |
| Irrevocable trust for an offspring | 9,056 | — | Trust allocations |
| Four irrevocable trusts for grandchildren | 603,581 | — | Aggregate allocation |
Insider Trading Policy prohibits hedging and pledging of Company stock . Delinquent Section 16(a) reports: Only Mr. Keene reported late filings; no late filings noted for Mr. White .
Governance Assessment
- Strengths: Very high ownership (23.80%) aligns incentives with shareholders; broad committee presence (Loan Chair; member of Audit Risk & Compliance, Compensation, ALCO, Executive, Nominating) supports comprehensive oversight; independence affirmed under Nasdaq; attendance exceeded 75% with full annual meeting participation, indicating active engagement .
- Risks and Red Flags:
- Concentration of influence: As a 23.80% owner serving on both Audit Risk & Compliance and Compensation Committees, governance may be perceived as tightly controlled; investors should monitor committee decisions for independence and fairness .
- Related-party exposure: Company acknowledges lending transactions with directors and ≥5% shareholders, reviewed for market terms; however, there is no formal related person transaction policy—Board reviews proposed transactions and Audit Committee oversees significant conflicts, which can be a governance gap versus best practice codified policies .
- Compensation process: Compensation Committee did not utilize an external compensation consultant for 2024, which may reduce independent benchmarking rigor; Mr. White is a member of the Compensation Committee .
- Policy protections: Insider Trading Policy prohibits hedging and pledging; this reduces alignment risk from hedging/pledging but requires ongoing compliance monitoring .
- Shareholder sentiment context: Say-on-pay approval was ~99% in 2024, suggesting broad investor support for compensation practices, though this relates to executives rather than director pay .
Executive sessions are held periodically without the CEO, and the independent Chair structure supports risk oversight; 12 Board meetings occurred in 2024, with defined committee activity (Audit 4x, Executive 2x, Nominating 1x, Technology 4x) .