Stilwell group buys 200 Peoples Financial shares

Peoples Financial Corp. entities associated with large shareholder Joseph Stilwell reported an open-market purchase of 200 shares of common stock at $21.50 per share on July 13, 2026.

Rhea-AI Filing Summary

Peoples Financial Corp. entities associated with large shareholder Joseph Stilwell reported an open-market purchase of 200 shares of common stock at $21.50 per share on July 13, 2026. The position is held indirectly through investment partnerships and an LLC that serve as general partners.

Following these entries, the filing lists indirect holdings of 477,322, 205,760, and 67,505 shares of Peoples Financial common stock across affiliated funds. Stilwell disclaims beneficial ownership of shares reported as owned indirectly except to the extent of his pecuniary interest.

Insider Trade Summary

Net Buyer: 200 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 200 shs ($4K)

Type	Security	Shares	Price	Value
Purchase	Common Stock F3	200	$21.50	$4K
holding	Common Stock F1	--	--	--
holding	Common Stock F2	--	--	--

Holdings After Transaction: Common Stock — 750,587 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

Shares purchased: 200 shares Purchase price: $21.50 per share Indirect holdings position 1: 477,322 shares +2 more

5 metrics

Shares purchased 200 shares Open-market purchase of Peoples Financial common stock on July 13, 2026

Purchase price $21.50 per share Price paid for the 200-share open-market purchase on July 13, 2026

Indirect holdings position 1 477,322 shares Total indirect common stock holdings reported for one affiliated entity after transactions

Indirect holdings position 2 205,760 shares Total indirect common stock holdings reported for another affiliated entity after transactions

Indirect holdings position 3 67,505 shares Total indirect common stock holdings reported for a third affiliated entity after transactions

Key Terms

beneficial ownership, pecuniary interest, general partner, managing member

4 terms

beneficial ownership financial

"Stilwell disclaims beneficial ownership of 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"

general partner financial

"Stilwell Value LLC is the general partner of the limited partnerships"

A general partner is the person or firm that runs an investment partnership and legally represents it — they make the day-to-day decisions, choose which assets to buy or sell, and are responsible for the partnership’s obligations. Investors care because the general partner’s judgment, risk-taking and fee and profit-sharing arrangements determine both the potential returns and the level of exposure to losses; think of the GP as the ship’s captain whose skill and honesty shape the voyage’s outcome.

managing member financial

"Joseph Stilwell acts as the managing member and owner of Stilwell Value LLC"

FAQ

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

What insider trade in PFBX did the Stilwell group report on July 13, 2026?

The filing reports an open-market purchase of 200 shares of Peoples Financial common stock at $21.50 per share on July 13, 2026. The transaction is recorded as an indirect holding through affiliated investment entities rather than a direct personal purchase.

Who are the reporting persons in the PFBX Form 4 and how are holdings structured?

Reporting persons include Joseph Stilwell, Stilwell Value LLC, and several affiliated limited partnerships. The partnerships own the PFBX shares directly, while Stilwell is managing member of the general partner. He disclaims beneficial ownership of indirectly held shares beyond his pecuniary interest.

How many Peoples Financial (PFBX) shares are reported as indirectly held after the transactions?

The Form 4 lists indirect positions of 477,322, 205,760, and 67,505 shares of Peoples Financial common stock in separate affiliated funds. These figures represent share amounts held through partnerships and related entities rather than directly in Joseph Stilwell’s personal name.

Does this PFBX Form 4 show insider buying or selling activity?

The filing shows insider buying, with one reported open-market purchase totaling 200 shares and no reported sales. Other line items are holding entries that update indirect ownership totals for affiliated entities, without indicating additional purchases or dispositions in this specific Form 4.

What does Joseph Stilwell’s beneficial ownership disclaimer mean for PFBX investors?

Joseph Stilwell states he disclaims beneficial ownership of shares held indirectly, except for his pecuniary interest. This means the partnerships are the direct owners of the PFBX shares, and his economic interest is limited to what he ultimately shares in those entities’ gains or losses.

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

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Accepted by SEC EDGAR 07/14/2026 - 01:02 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)
07/13/2026

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	07/13/2026		P		200	A	$21.5	477,322	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.	07/14/2026
	/s/ Joseph Stilwell as authorized agent for Stilwell Activist Fund, L.P.	07/14/2026
	/s/ Joseph Stilwell as authorized agent for Stilwell Activist Investments, L.P.	07/14/2026
	/s/ Joseph Stilwell	07/14/2026
	/s/ Joseph Stilwell as authorized agent for Stilwell Value LLC	07/14/2026
	** 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)