Stilwell entities add PFBX shares in insider purchase

Peoples Financial Corp (PFBX) reported an insider-related purchase of common stock by investment entities associated with Joseph Stilwell.

Rhea-AI Filing Summary

Peoples Financial Corp (PFBX) reported an insider-related purchase of common stock by investment entities associated with Joseph Stilwell. On January 29, 2026, Stilwell Activist Investments, L.P. acquired 292 shares of common stock at $20.73 per share, reported as indirect ownership.

Following this transaction, Stilwell Activist Investments, L.P. is shown with 420,597 indirectly owned shares, Stilwell Activist Fund, L.P. with 67,505 indirectly owned shares, and Stilwell Value Partners VII, L.P. with 205,760 indirectly owned shares. The reporting persons note they are members of a group that beneficially owns more than 10% of Peoples Financial’s common stock, and Joseph Stilwell disclaims beneficial ownership of these indirectly held shares except to the extent of his pecuniary interest.

Insider Trade Summary

Net Buyer: 292 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 292 shs ($6K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	292	$20.73	$6K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 693,862 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.

FAQ

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

What insider transaction did PFBX disclose in this Form 4?

Peoples Financial Corp (PFBX) disclosed that Stilwell Activist Investments, L.P. purchased 292 shares of common stock at $20.73 per share on January 29, 2026. The transaction is reported as indirect ownership connected to investment entities associated with Joseph Stilwell.

How many PFBX shares does Stilwell Activist Investments, L.P. hold after the transaction?

After the reported purchase, Stilwell Activist Investments, L.P. is shown as indirectly owning 420,597 shares of Peoples Financial Corp common stock. These shares are attributed to the partnership, with Joseph Stilwell’s interest described through his role in Stilwell Value LLC and subject to his pecuniary interest.

Which entities related to Joseph Stilwell hold PFBX shares according to this filing?

The filing shows holdings in Peoples Financial Corp common stock by Stilwell Activist Fund, L.P., Stilwell Value Partners VII, L.P., and Stilwell Activist Investments, L.P. Joseph Stilwell is linked indirectly through Stilwell Value LLC as general partner, and he disclaims beneficial ownership beyond his pecuniary interest.

Does the Stilwell group own more than 10% of Peoples Financial (PFBX)?

Yes. The reporting persons state they are jointly filing as members of a Section 13(d) group that beneficially owns more than 10% of Peoples Financial Corp’s common stock. This indicates a significant shareholder position held collectively through the related investment entities.

Is the PFBX Form 4 transaction a purchase or sale of shares?

The Form 4 reports a purchase transaction. On January 29, 2026, 292 shares of Peoples Financial Corp common stock were acquired, coded as transaction type “P” for purchase, at a price of $20.73 per share and reported as held indirectly.

How many PFBX shares do other Stilwell-affiliated funds report holding?

Stilwell Activist Fund, L.P. is reported with 67,505 indirectly owned shares, while Stilwell Value Partners VII, L.P. is reported with 205,760 indirectly owned shares of Peoples Financial Corp common stock. These positions are linked to Joseph Stilwell through his role in Stilwell Value LLC.

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Accepted by SEC EDGAR 01/30/2026 - 10:06 AM 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 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)
01/29/2026

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	01/29/2026		P		292	A	$20.73	420,597	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.	01/30/2026
	/s/ Joseph Stilwell as authorized agent for Stilwell Activist Fund, L.P.	01/30/2026
	/s/ Joseph Stilwell as authorized agent for Stilwell Activist Investments, L.P.	01/30/2026
	/s/ Joseph Stilwell	01/30/2026
	/s/ Joseph Stilwell as authorized agent for Stilwell Value LLC	01/30/2026
	** 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).
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