[Form 4] PEOPLES FINANCIAL CORP /MS/ Insider Trading Activity

Rhea-AI Filing Summary

Joseph Stilwell and affiliated investment entities disclosed purchases of Peoples Financial Corp (/MS/) common stock, reporting a 09/12/2025 acquisition. The Form 4 shows a purchase of 2,378 shares at $20.25 per share, and following the transaction the reporting group beneficially owns 411,514 shares indirectly. Prior reported indirect holdings include 67,505 and 205,760 shares held by Stilwell Activist Fund, L.P. and Stilwell Value Partners VII, L.P., respectively. The filing identifies the reporting persons as a Section 13(d) group that beneficially owns more than 10% of the issuer and lists Joseph Stilwell as a director and the filing signatory.

Positive

• Reporting transparency: The Form 4 discloses the transaction date, price ($20.25), and resulting beneficial ownership (411,514 shares).
• Clear ownership structure: Affiliates and the reporting person explicitly explain direct and indirect holdings and file jointly as a Section 13(d) group.

Negative

• No stated intentions: The filing does not disclose any plans, proposals, or changes in control associated with the >10% position.
• Small purchase size: The acquired 2,378 shares represent a relatively small increase versus the total reported position, limiting immediate market impact.

Insights

Securities Analyst

TL;DR: Insider group increased its stake via a small open-market purchase, confirming active ownership above 10%.

The 2,378-share purchase at $20.25 is modest relative to the group's total 411,514-share position but signals continued accumulation or maintenance of exposure. The filing documents direct ownership by multiple affiliated entities and indirect ownership attributed to Joseph Stilwell through his control of the general partner vehicle. Treatment as a Section 13(d) group is material because it notifies the market that these related parties coordinate their holdings and exceed the 10% threshold, which can presage activist engagement but the Form 4 itself contains no disclosure of plans or proposals.

Corporate Governance Expert

TL;DR: Director-affiliated entities jointly report a >10% stake; governance implications require monitoring but are not yet explicit.

The filing clarifies beneficial ownership structure: multiple partnerships and a value-management LLC act as the general partner, with Joseph Stilwell disclaiming direct pecuniary interests except to the extent described. The joint filing and signatures dated 09/15/2025 formally establish the reporting group. From a governance perspective, exceeding 10% and having a director in the group are notable facts for shareholders, but the document contains no statements about any director actions, nominations, or strategic intentions.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Stilwell Joseph

(Last) (First) (Middle)

200 CALLE DEL SANTO CRISTO

(Street)

SAN JUAN PR 00901

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PEOPLES FINANCIAL CORP /MS/ [ PFBX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/12/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock								67,505	I	See footnote(1)
Common Stock								205,760	I	See footnote(2)
Common Stock	09/12/2025		P		2,378	A	$20.25	411,514	I	See footnote(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Stilwell Joseph

(Last) (First) (Middle)

200 CALLE DEL SANTO CRISTO

(Street)

SAN JUAN PR 00901

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Stilwell Value LLC

(Last) (First) (Middle)

111 BROADWAY, 12TH FLOOR

(Street)

NEW YORK NY 10006

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Stilwell Value Partners VII, L.P.

(Last) (First) (Middle)

111 BROADWAY, 12TH FLOOR

(Street)

NEW YORK NY 10006

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Stilwell Activist Fund, L.P.

(Last) (First) (Middle)

111 BROADWAY, 12TH FLOOR

(Street)

NEW YORK NY 10006

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Stilwell Activist Investments, L.P.

(Last) (First) (Middle)

111 BROADWAY, 12TH FLOOR

(Street)

NEW YORK NY 10006

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. These shares are owned directly by Stilwell Activist Fund, L.P. ("SAF") and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Stilwell Value LLC ("Value"), which is the general partner of SAF. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.

2. These shares are owned directly by Stilwell Value Partners VII, L.P. ("SVP VII") and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Value, which is the general partner of SVP VII. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.

3. These shares are owned directly by Stilwell Activist Investments, L.P. ("SAI") and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Value, which is the general partner of SAI. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.

Remarks:

The reporting persons are jointly filing this statement as members of a Section 13(d) group that beneficially owns more than 10% of the issuer's common stock.

	/s/ Joseph Stilwell	09/15/2025
	/s/ Joseph Stilwell as authorized agent for Stilwell Value LLC	09/15/2025
	/s/ Joseph Stilwell as authorized agent for Stilwell Value Partners VII, L.P.	09/15/2025
	/s/ Joseph Stilwell as authorized agent for Stilwell Activist Fund, L.P.	09/15/2025
	/s/ Joseph Stilwell as authorized agent for Stilwell Activist Investments, L.P.	09/15/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Joseph Stilwell and affiliates report for PFBX on 09/12/2025?

They reported a purchase of 2,378 shares at $20.25, increasing their reported beneficial ownership to 411,514 shares.

Does the Form 4 indicate a controlling or activist intent for PFBX?

The filing states the parties form a Section 13(d) group owning more than 10%, but it does not state any plans, proposals, or activist intentions.

Which entities are included in the reporting group for PFBX?

The filing lists Stilwell Activist Fund, L.P.; Stilwell Value Partners VII, L.P.; Stilwell Activist Investments, L.P.; Stilwell Value LLC and Joseph Stilwell as reporting persons.

What is Joseph Stilwell's relationship to Peoples Financial Corp (PFBX)?

He is disclosed on the Form 4 as a director and is the signing reporting person for the filing dated 09/15/2025.

How much of the holdings are held indirectly according to the filing?

The filing shows the reported position of 411,514 shares as held indirectly, with specific prior indirect holdings of 67,505 and 205,760 shares by named entities.