<SEC-DOCUMENT>0001140361-12-034395.txt : 20120731
<SEC-HEADER>0001140361-12-034395.hdr.sgml : 20120731
<ACCEPTANCE-DATETIME>20120731125046
ACCESSION NUMBER:		0001140361-12-034395
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120731
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120731
DATE AS OF CHANGE:		20120731

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PEOPLES BANCORP OF NORTH CAROLINA INC
		CENTRAL INDEX KEY:			0001093672
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				562132396
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-27205
		FILM NUMBER:		12996145

	BUSINESS ADDRESS:	
		STREET 1:		518 WEST C STREET
		CITY:			NEWTON
		STATE:			NC
		ZIP:			28658-4007
		BUSINESS PHONE:		8284645620

	MAIL ADDRESS:	
		STREET 1:		PO BOX 467
		CITY:			NEWTON
		STATE:			NC
		ZIP:			28658-0467
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k.htm
<DESCRIPTION>PEOPLES BANCORP OF NORTH CAROLINA INC 8-K 7-31-2012
<TEXT>
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<font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 14pt; FONT-WEIGHT: bold">UNITED STATES</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D)</font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date of Report (Date of earliest event reported):&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">July 31, 2012</font></font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-DECORATION: underline"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">518 West C Street, Newton, North Carolina</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Peoples Bancorp of North Carolina, Inc.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#item502">Item 5.02 &#8211; Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers</a></font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On July 31, 2012, Robert C. Abernethy, Chairman of the Board of Peoples Bancorp of North Carolina, Inc. (the &#8220;Company&#8221;) announced that Lance A. Sellers has been appointed by the Board of Directors to assume the role of President and CEO when Tony W. Wolfe, current President and CEO retires in the fourth quarter of 2012.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Mr. Sellers, age 50,&#160;&#160;currently serves as Executive Vice President and Assistant Corporate Secretary of the Company and Executive Vice President and Chief Credit Officer of Peoples Bank (the &#8220;Bank).&#160;&#160;He has been employed by the Company and the Bank since 1998.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Disclosure about forward-looking statements</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This Form 8-K contains forward-looking statements.&#160;&#160;These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements.&#160;&#160;Factors that might cause such a difference include, but are not limited to, changes in interest rate environment, management&#8217;s business strategy, national, regional, and local market conditions and legislative and regulatory conditions.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">July 31, 2012</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Peoples Bancorp selects Lance Sellers as new CEO/President</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Sellers the company&#8217;s Chief Banking Officer since 1999</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Newton, NC)&#160;&#160;Robert C. Abernethy, Chairman of the Board of Peoples Bancorp of North Carolina (PEBK) announced today that Lance A. Sellers has been appointed by the Board of Directors to assume the role of President and CEO when Tony W. Wolfe, current President and CEO retires in the fourth quarter of 2012.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Mr. Abernethy commented on the appointment by saying, &#8220;Peoples Bank has been very fortunate to have a talented and dedicated team of senior executives.&#160;&#160;They have served the bank, community, and our shareholders very well.&#160;&#160;Lance Sellers is a big part of that team&#8217;s success.&#160;&#160;The Board is pleased to have a leader with his qualities and abilities to serve as our new chief executive.&#8221;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Wolfe said, &#8220;I am delighted with the Board&#8217;s choice of Lance.&#160;&#160;I&#8217;ve worked side-by-side with him for many years.&#160;&#160;He has a real feel for both commercial and retail banking.&#160;&#160;He is well respected by our customers and employees.&#160;&#160;I&#8217;m very confident that the company will continue to prosper under his leadership.&#8221;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Mr. Sellers came to Peoples Bank in 1998 as the Senior Vice President of Credit Administration.&#160;&#160;He has since served in other executive credit positions with the company.&#160;&#160;In 1999 he became the company&#8217;s Chief Banking Officer, responsible for the entire lending portfolio. He began his banking career in 1984 with BB&amp;T holding various business lending positions including senior credit officer.&#160;&#160;He is a graduate of UNC Chapel Hill with a Bachelor of Science degree in Business Administration.&#160;&#160;He recently completed the Leadership Effectiveness Workshop at the UNC Kenan-Flager Business School and the NC Bankers Directors College.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Mr. Sellers and his family reside in Catawba County.&#160;&#160;They are members of Holy Trinity Lutheran Church in Hickory where he has served as the President of the Church Council. He has served in many community organizations including the Family Guidance Center Board.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Mr. Sellers said, &#8220;I am honored to serve in this position as the company&#8217;s tenth president. Peoples Bank has a 100 year heritage as a strong community bank.&#160;&#160;It is a real pleasure to have the opportunity to build upon our strengths to cultivate our future successes.&#160;&#160;&#160;I look forward to working with the Board to increase value for shareholders, customers and employees.&#8221;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">About Peoples Bancorp</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Peoples Bancorp of North Carolina, Inc. operates as the holding company for Peoples Bank. Peoples Bank is the wholly-owned banking subsidiary of Peoples Bancorp of North Carolina, Inc. Our Corporate Office is located in Newton, North Carolina. We have been in business since 1912, growing from a single office to twenty-two convenient offices in Catawba, Lincoln, Iredell, Alexander, Mecklenburg, Wake and Union counties. We are proud to be a full service, hometown, community bank with an extensive array of products and services for your personal and commercial banking needs. Our employees take pride in providing exceptional service to our customers. The Corporation's common stock is traded on the Nasdaq National Market System under the symbol of PEBK.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Forward Looking Statements</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Statements made in this press release, other than those concerning historical information, should be considered forward-looking statements pursuant to the safe harbor provisions of the Securities Exchange Act of 1934 and the Private Securities Litigation Act of 1995. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of management and on the information available to management at the time that this release was prepared. These statements can be identified by the use of words like "expect," "anticipate," "estimate," and "believe," variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, (1) competition in the markets served by Peoples Bank, (2) changes in the interest rate environment, (3) general national, regional or local economic conditions may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and the possible impairment of collectability of loans, (4) legislative or regulatory changes, including changes in accounting standards, (5) significant changes in the federal and state legal and regulatory environment and tax laws, (6) the impact of changes in monetary and fiscal policies, laws, rules and regulations and (7) other risks and factors identified in the Company's other filings with the Securities and Exchange Commission, including but not limited to those described in Peoples Bancorp of North Carolina, Inc.'s annual report on Form 10-K for the year ended December 31, 2011.</font></div>

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