Stilwell funds add 2,058 Peoples Financial (PFBX) shares via open-market buy

Rhea-AI Filing Summary

PEOPLES FINANCIAL CORP (PFBX) received a small insider buy by entities associated with investor Joseph Stilwell. On an indirect basis, Stilwell-related investment partnerships purchased 2,058 shares of common stock at $21.25 per share in an open‑market transaction.

The filing shows indirect holdings of 205,760 shares for Stilwell Activist Fund, 67,505 shares for Stilwell Value Partners VII, and 468,048 shares for Stilwell Activist Investments after the reported transactions. Footnotes state Joseph Stilwell disclaims beneficial ownership of these indirectly held shares except to the extent of his pecuniary interest.

Insights

Insider trading analyst

Stilwell-related funds made a modest net purchase of PFBX shares via indirect holdings.

The Form 4 shows a net open‑market purchase of 2,058 Peoples Financial common shares at $21.25 per share. All positions are reported as indirect, held through Stilwell-managed limited partnerships that already own sizeable stakes in the company as ten percent owners.

Footnotes clarify that these shares are owned directly by Stilwell Activist Fund, L.P., Stilwell Value Partners VII, L.P., and Stilwell Activist Investments, L.P., with Joseph Stilwell reporting them through his role in Stilwell Value LLC while disclaiming beneficial ownership beyond his pecuniary interest. The transaction appears routine in scale relative to the reported indirect holdings, with no derivative positions shown in this filing.

Insider Trade Summary

Net Buyer: 2,058 shares ($43,733)

Net Buy 3 txns

Insider Stilwell Joseph, Stilwell Value LLC, Stilwell Value Partners VII, L.P., Stilwell Activist Fund, L.P., Stilwell Activist Investments, L.P.

Role null | null | null | null | null

Bought 2,058 shs ($44K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	2,058	$21.25	$44K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 468,048 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.

Key Figures

Open-market purchase: 2,058 shares Purchase price: $21.25 per share Stilwell Activist Fund holdings: 205,760 shares +2 more

5 metrics

Open-market purchase 2,058 shares Common Stock bought indirectly on 2026-05-06

Purchase price $21.25 per share Open-market transaction for PFBX common stock

Stilwell Activist Fund holdings 205,760 shares Indirect common stock position following transaction

Stilwell Value Partners VII holdings 67,505 shares Indirect common stock position following transaction

Stilwell Activist Investments holdings 468,048 shares Indirect common stock position following transaction

Key Terms

ten percent owner, open-market purchase, indirect ownership, beneficial ownership, +1 more

5 terms

ten percent owner regulatory

"each reporting person is marked as a ten percent owner"

open-market purchase financial

"transaction_action is described as an open-market purchase"

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

indirect ownership financial

"ownership_type is indirect and ownership_code is I"

beneficial ownership regulatory

"Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"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 PUERTO RICO 00901

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/06/2026

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

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

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

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	05/06/2026		P		2,058	A	$21.25	468,048	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 PUERTO RICO 00901

(City) (State) (Zip)

UNITED STATES

(Country)

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 NEW YORK 10006

(City) (State) (Zip)

UNITED STATES

(Country)

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 NEW YORK 10006

(City) (State) (Zip)

UNITED STATES

(Country)

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 NEW YORK 10006

(City) (State) (Zip)

UNITED STATES

(Country)

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 NEW YORK 10006

(City) (State) (Zip)

UNITED STATES

(Country)

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.	05/07/2026
	/s/ Joseph Stilwell as authorized agent for Stilwell Activist Fund, L.P.	05/07/2026
	/s/ Joseph Stilwell as authorized agent for Stilwell Activist Investments, L.P.	05/07/2026
	/s/ Joseph Stilwell	05/07/2026
	/s/ Joseph Stilwell as authorized agent for Stilwell Value LLC	05/07/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did Stilwell-related entities report in PFBX?

Stilwell-affiliated investment partnerships reported buying 2,058 shares of PEOPLES FINANCIAL CORP common stock at $21.25 per share. The transaction was an open‑market purchase, increasing their already significant indirect holdings in the company as disclosed ten percent owners.

Who actually owns the PFBX shares reported in this Stilwell Form 4?

The shares are owned directly by Stilwell Activist Fund, L.P., Stilwell Value Partners VII, L.P., and Stilwell Activist Investments, L.P. Joseph Stilwell reports them through Stilwell Value LLC but disclaims beneficial ownership except for his pecuniary interest in these investment partnerships.

How many PFBX shares do Stilwell-related funds hold after this filing?

After the reported transactions, Stilwell Activist Fund holds 205,760 shares, Stilwell Value Partners VII holds 67,505 shares, and Stilwell Activist Investments holds 468,048 shares of PEOPLES FINANCIAL CORP common stock, all reported as indirect holdings through Stilwell Value LLC.

Was the PFBX insider transaction a buy or a sell?

The Form 4 shows a buy. Stilwell-related entities made an open‑market purchase of 2,058 PEOPLES FINANCIAL CORP common shares at $21.25 each. No corresponding sale transactions are reported in this filing, resulting in a net increase in their position.

Does Joseph Stilwell personally own the PFBX shares in this Form 4?

The filing states the shares are held by investment partnerships, with Joseph Stilwell reporting them through Stilwell Value LLC. He expressly disclaims beneficial ownership of indirectly held shares except to the extent of his pecuniary interest in those entities.