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The Stilwell Group Sends Letter to Shareholders of Peoples Financial Corporation and Supplements its Definitive Proxy Statement
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NEW YORK, May 5, 2021 /PRNewswire/ -- The Stilwell Group, one of the largest shareholders of Peoples Financial Corporation (the "Corporation") (OTCMKTS: PFBX), beneficially owning approximately 9.93% of PFBX's outstanding shares, today announced that it has delivered a letter to shareholders of the Corporation and filed a second supplement to its Definitive Proxy Statement.
The full text of the letter follows:
May 5, 2021
Dear Fellow PFBX Owner,
Just how did "certain key executives and directors" acquire the grotesque sum of $18 million that sits on PFBX's balance sheet as a liability? Since the Company disclosures are so spotty, it would be great for the insiders to spell out just what they've been doing. Nevertheless, working with the little information made public, here's our educated guess as to how the insiders got that $18 million from our Company.
Page 22 of the Company's proxy states that the Directors' Deferred Income Plan pays the insiders 10% ANNUALLY on fees they defer. If that's how they all got so much of the Company's money, they should hang their heads in shame and not show their faces in Biloxi ever again. To extract 10% annually, when you are supposedly a fiduciary, is repugnant.
So, directors and insiders, why don't you spell out the precise amounts of who's getting what, how those payments have been justified, and let us know how you all square that with the sacred trust that directors have over shareholder interests? And are you really paying yourselves 10%, year after year?
I suspect that everyone in Biloxi would be interested to hear what you have to say.
You can vote by telephone, online or by signing and dating the enclosed GREEN proxy card and returning it in the postage-paid envelope.
If you have any questions, require assistance in voting your GREEN proxy card, or need additional copies of our proxy materials, please contact us or Okapi Partners at the phone numbers or email listed below.
Okapi Partners LLC 1212 Avenue of the Americas, 24th Floor New York, New York 10036 + 1 (212) 297-0720 (Main) + 1 (855) 305-0856 (Toll-Free) Email: info@okapipartners.com
peoples financial corporation operates as the bank holding company for the peoples bank that provides banking, financial, and trust services to government entities, individuals, and small and commercial businesses in mississippi. it accepts various deposits, such as interest and non-interest bearing checking accounts, savings accounts, certificates of deposit, and individual retirement accounts (iras). the company also offers business, commercial, real estate, construction, personal, and installment loans; and personal trust, agencies, and estate services, including living and testamentary trusts, executorships, guardianships, and conservatorships. in addition, it provides self-directed iras; and escrow management, stock transfer, and bond paying agency accounts to corporate customers. further, the company offers various other services consisting of safe deposit box rental, wire transfer, night drop facilities, collection, cash management, and internet banking services. the company ope
View original content:http://www.prnewswire.com/news-releases/the-stilwell-group-sends-letter-to-shareholders-of-peoples-financial-corporation-and-supplements-its-definitive-proxy-statement-301284301.html