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Stilwell group adds PFBX stake via indirect 594-share purchase

Filing Impact
(Neutral)
Filing Sentiment
(Positive)
Form Type
4

Rhea-AI Filing Summary

Peoples Financial Corp. insider group reports additional share purchases. Investment entities associated with Joseph Stilwell acquired 594 shares of Peoples Financial common stock in an open-market purchase at $21.25 per share on February 18, 2026, held indirectly.

After this transaction, one indirectly owned position reported 462,213 shares, with other indirect holdings reported at 67,505 shares and 205,760 shares as of the same date. Joseph Stilwell disclaims beneficial ownership of the indirectly owned shares except to the extent of his pecuniary interest through the investment partnerships.

Positive

  • None.

Negative

  • None.
Insider Stilwell Joseph, Stilwell Value LLC, Stilwell Value Partners VII, L.P., Stilwell Activist Fund, L.P., Stilwell Activist Investments, L.P.
Role 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner
Bought 594 shs ($13K)
Type Security Shares Price Value
Purchase Common Stock 594 $21.25 $13K
holding Common Stock -- -- --
holding Common Stock -- -- --
Holdings After Transaction: Common Stock — 462,213 shares (Indirect, See footnote)
Footnotes (1)
  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. 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. 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.
Form 4 Insider Transactions: What Each Field Means →
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
Estimated average burden
hours per response: 0.5
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)
02/18/2026
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 02/18/2026 P 594 A $21.25 462,213 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 as authorized agent for Stilwell Value Partners VII, L.P. 02/19/2026
/s/ Joseph Stilwell as authorized agent for Stilwell Activist Fund, L.P. 02/19/2026
/s/ Joseph Stilwell as authorized agent for Stilwell Activist Investments, L.P. 02/19/2026
/s/ Joseph Stilwell 02/19/2026
/s/ Joseph Stilwell as authorized agent for Stilwell Value LLC 02/19/2026
** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did PFBX report involving Joseph Stilwell entities?

Investment entities associated with Joseph Stilwell reported buying 594 shares of Peoples Financial Corp. common stock. The purchase was an open-market transaction at $21.25 per share on February 18, 2026, and the shares are held indirectly through affiliated investment partnerships.

At what price were the newly acquired PFBX shares purchased?

The newly acquired Peoples Financial Corp. shares were purchased at $21.25 per share. This price reflects an open-market purchase reported on February 18, 2026, by investment entities linked to Joseph Stilwell, with the position held indirectly rather than in his personal name.

How many PFBX shares are indirectly held after the reported transaction?

Following the reported transaction, one indirectly owned position shows 462,213 Peoples Financial Corp. shares. Additional indirect positions are reported at 67,505 shares and 205,760 shares, all tied to investment partnerships associated with Joseph Stilwell, who disclaims beneficial ownership beyond his pecuniary interest.

Who actually owns the PFBX shares in the Stilwell filing?

The shares are owned directly by Stilwell Activist Fund, L.P., Stilwell Value Partners VII, L.P., and Stilwell Activist Investments, L.P. They are owned indirectly by Joseph Stilwell through Stilwell Value LLC as general partner, and he disclaims beneficial ownership except for his pecuniary interest.

Is the PFBX insider transaction a direct purchase by Joseph Stilwell personally?

No, the filing shows the shares are held indirectly through investment partnerships and Stilwell Value LLC. Joseph Stilwell reports the positions because of his roles with those entities but disclaims beneficial ownership of the indirectly held shares except to the extent of his pecuniary interest.

What type of transaction code is used in the PFBX Form 4 filing?

The Form 4 uses transaction code “P” for the 594-share trade, indicating a purchase in an open-market or private transaction. Two additional lines are labeled as holdings, reflecting post-transaction share balances rather than new buy or sell activity on that date.