Stilwell funds increase Peoples Financial (PFBX) stake with 999-share buy

Rhea-AI Filing Summary

Peoples Financial Corp (PFBX) reported an open-market purchase of its Common Stock by investment entities associated with Joseph Stilwell, a ten percent owner. An entity made an indirect purchase of 999 shares at $21.25 per share on May 18, 2026, increasing its indirect position to 472,548 shares. Other affiliated limited partnerships reported indirect holdings of 205,760 and 67,505 shares. Joseph Stilwell is identified as managing member and owner of the general partner of these funds and disclaims beneficial ownership of shares reported as owned indirectly except to the extent of his pecuniary interest.

Insider Trade Summary

Net Buyer: 999 shares ($21,229)

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 999 shs ($21K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	999	$21.25	$21K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 472,548 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: 999 shares Purchase price: $21.25 per share Indirect holdings (entity 1): 472,548 shares +3 more

6 metrics

Open-market purchase 999 shares Common Stock bought on May 18, 2026

Purchase price $21.25 per share Price for 999-share Common Stock purchase

Indirect holdings (entity 1) 472,548 shares Total Common Stock indirectly held after purchase

Indirect holdings (entity 2) 205,760 shares Common Stock held indirectly via a Stilwell-related LP

Indirect holdings (entity 3) 67,505 shares Common Stock held indirectly via another Stilwell-related LP

Net buy direction 999 shares net-buy transactionSummary shows net-buy across reported trades

Key Terms

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

5 terms

open-market purchase financial

"an indirect purchase of 999 shares at $21.25 per share on May 18, 2026"

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.

ten percent owner regulatory

"Joseph Stilwell, a ten percent owner, is associated with these entities"

indirectly financial

"These shares are owned directly by Stilwell Activist Fund, L.P. and indirectly by Joseph Stilwell"

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"

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 05/19/2026 - 10:59 AM Accepted by SEC EDGAR 05/19/2026 - 10:58 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 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)
05/18/2026

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	05/18/2026		P		999	A	$21.25	472,548	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.	05/19/2026
	/s/ Joseph Stilwell as authorized agent for Stilwell Activist Fund, L.P.	05/19/2026
	/s/ Joseph Stilwell as authorized agent for Stilwell Activist Investments, L.P.	05/19/2026
	/s/ Joseph Stilwell	05/19/2026
	/s/ Joseph Stilwell as authorized agent for Stilwell Value LLC	05/19/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did PFBX report for Joseph Stilwell-related entities?

Peoples Financial Corp reported that an entity associated with Joseph Stilwell completed an open-market purchase of 999 Common Stock shares. The transaction was reported as an indirect holding, reflecting activity by investment partnerships for which Stilwell serves as managing member of the general partner.

How many PFBX shares were bought in the latest Stilwell transaction and at what price?

An entity associated with Joseph Stilwell bought 999 shares of Peoples Financial Corp Common Stock at $21.25 per share. This open-market purchase increased that entity’s indirectly held position as disclosed in the Form 4, alongside existing indirect holdings in related limited partnerships.

What are the indirect PFBX holdings reported by Stilwell-related funds after the transaction?

Following the reported activity, one Stilwell-related fund holds 472,548 shares of Peoples Financial Corp indirectly. Two other affiliated limited partnerships report indirect holdings of 205,760 shares and 67,505 shares respectively, according to the Form 4 filing’s non-derivative Common Stock ownership table.

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

The shares are owned directly by Stilwell-related limited partnerships and only indirectly attributed to Joseph Stilwell. He is managing member and owner of the general partner and disclaims beneficial ownership of all indirectly reported shares except to the extent of his pecuniary interest in those entities.

Is the PFBX insider purchase classified as an open-market transaction?

Yes. The Form 4 describes the 999-share transaction in Peoples Financial Corp Common Stock as an open-market or private purchase, using transaction code “P.” The filing’s summary characterizes it as an open-market purchase under the standard SEC code description for such trades.

Are there any derivative securities involved in the latest PFBX Stilwell filing?

No derivative securities are listed in this Form 4 for Peoples Financial Corp. The filing only reports non-derivative Common Stock positions and notes no derivative transactions or remaining derivative positions in the accompanying derivativeSummary section of the insider data.