Stilwell funds buy 500 Peoples Financial shares

Peoples Financial Corp major shareholder affiliates led by Joseph Stilwell reported an indirect open-market purchase of 500 shares of Common Stock at $21.2549 per share on May 12, 2026.

Rhea-AI Filing Summary

Peoples Financial Corp major shareholder affiliates led by Joseph Stilwell reported an indirect open-market purchase of 500 shares of Common Stock at $21.2549 per share on May 12, 2026. The transaction was executed through a Stilwell-related investment entity and is reported as indirect ownership.

Following this purchase, one Stilwell-affiliated fund holds 471,549 shares indirectly, while related entities hold 205,760 and 67,505 shares, respectively. Joseph Stilwell disclaims beneficial ownership of these indirectly held shares except to the extent of his pecuniary interest.

Insider Trade Summary

Net Buyer: 500 shares

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 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner

Bought 500 shs ($11K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	500	$21.2549	$11K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 744,814 shares (Indirect, See footnote)

Footnotes (3)

1. F1. 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. F2. 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. F3. 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: 500 shares Purchase price: $21.2549 per share Indirect holdings - entity 1: 471,549 shares +3 more

6 metrics

Open-market purchase 500 shares Common Stock acquired indirectly on May 12, 2026

Purchase price $21.2549 per share Price for 500-share open-market purchase

Indirect holdings - entity 1 471,549 shares Total Common Stock held indirectly after transaction

Indirect holdings - entity 2 205,760 shares Common Stock reported as indirectly owned

Indirect holdings - entity 3 67,505 shares Common Stock reported as indirectly owned

Net buy shares 500 shares Net change across reported transactions

Key Terms

open-market purchase, indirect ownership, ten percent owner, pecuniary interest

4 terms

open-market purchase financial

"indirect open-market purchase of 500 shares of Common Stock at $21.2549"

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

"The transaction was executed through a Stilwell-related investment entity and is reported as indirect ownership."

ten percent owner financial

"each reporting person is flagged as a ten percent owner in the ownership description data"

pecuniary interest financial

"disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Stilwell entities report in PFBX stock?

Affiliates of Joseph Stilwell reported an indirect open-market purchase of 500 Peoples Financial Corp (PFBX) common shares at $21.2549 each. The transaction reflects additional exposure through investment entities rather than direct personal ownership by Stilwell.

At what price were the new Peoples Financial Corp (PFBX) shares acquired?

The Stilwell-affiliated entity acquired 500 Peoples Financial Corp (PFBX) common shares at $21.2549 per share. This price comes from the reported open-market purchase code P, indicating a standard market or private transaction for these additional indirect holdings.

How many Peoples Financial Corp shares do Stilwell-related funds hold after this filing?

After the reported transactions, one Stilwell-related fund holds 471,549 Peoples Financial Corp shares, while two other affiliated entities hold 205,760 and 67,505 shares. All are reported as indirect holdings, with Joseph Stilwell disclaiming beneficial ownership beyond his pecuniary interest.

Is Joseph Stilwell the direct owner of the newly purchased PFBX shares?

No, the 500 newly purchased Peoples Financial Corp (PFBX) shares are owned by a Stilwell-affiliated limited partnership. Joseph Stilwell reports them indirectly through his role at Stilwell Value LLC and disclaims beneficial ownership except for his economic stake.

What does indirect ownership mean in this Peoples Financial Corp Form 4?

Indirect ownership here means the shares are held by investment partnerships such as Stilwell Activist Fund, Stilwell Value Partners VII, and Stilwell Activist Investments. Joseph Stilwell reports them due to his control role but disclaims full beneficial ownership beyond his pecuniary interest.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/13/2026 - 12:30 PM Learn about SEC filing dates

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)
05/12/2026

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	05/12/2026		P		500	A	$21.2549	471,549	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.	05/13/2026
	/s/ Joseph Stilwell as authorized agent for Stilwell Activist Fund, L.P.	05/13/2026
	/s/ Joseph Stilwell as authorized agent for Stilwell Activist Investments, L.P.	05/13/2026
	/s/ Joseph Stilwell	05/13/2026
	/s/ Joseph Stilwell as authorized agent for Stilwell Value LLC	05/13/2026
	** 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)