Stilwell funds add Peoples Financial (PFBX) stock in open-market buy

Rhea-AI Filing Summary

Investment entities affiliated with Joseph Stilwell increased their stake in PEOPLES FINANCIAL CORP. On May 8, 2026, Stilwell-related entities reported an open-market purchase of 2,212 shares of Peoples Financial common stock at $21.25 per share. Following this trade, one indirect holding reported in the filing rose to 470,260 shares, with additional indirect positions of 205,760 and 67,505 shares also disclosed. These shares are owned directly by Stilwell limited partnerships and indirectly reported by Joseph Stilwell through Stilwell Value LLC, and he disclaims beneficial ownership beyond his pecuniary interest.

Insider Trade Summary

Net Buyer: 2,212 shares ($47,005)

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 2,212 shs ($47K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	2,212	$21.25	$47K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 470,260 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

Shares purchased: 2,212 shares Purchase price: $21.25 per share Indirect holdings after trade: 470,260 shares +3 more

6 metrics

Shares purchased 2,212 shares Open-market purchase of Peoples Financial common stock on May 8, 2026

Purchase price $21.25 per share Price paid for 2,212 PFBX shares in open-market transaction

Indirect holdings after trade 470,260 shares Total indirect position for one reporting entity following the purchase

Additional indirect holding 205,760 shares Separate indirect Peoples Financial common stock position reported as of May 8, 2026

Additional indirect holding 67,505 shares Another indirect Peoples Financial common stock position reported as of May 8, 2026

Net buy shares 2,212 shares Net buy-sell direction in transaction summary for this Form 4

Key Terms

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

5 terms

open-market purchase financial

"reported an open-market purchase of 2,212 shares of Peoples Financial common stock"

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

"These shares are owned directly by Stilwell limited partnerships and indirectly reported by Joseph Stilwell"

ten percent owner financial

"each reporting person is flagged as a ten percent owner in the metadata"

beneficial ownership financial

"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)
05/08/2026

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	05/08/2026		P		2,212	A	$21.25	470,260	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.	05/11/2026
	/s/ Joseph Stilwell as authorized agent for Stilwell Activist Fund, L.P.	05/11/2026
	/s/ Joseph Stilwell as authorized agent for Stilwell Activist Investments, L.P.	05/11/2026
	/s/ Joseph Stilwell	05/11/2026
	/s/ Joseph Stilwell as authorized agent for Stilwell Value LLC	05/11/2026
	** 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 did Stilwell-affiliated entities do in the latest PFBX Form 4 filing?

Stilwell-affiliated investment entities reported an open-market purchase of Peoples Financial Corp. (PFBX) stock. They acquired 2,212 common shares, increasing one reported indirect position to 470,260 shares, alongside other indirect holdings disclosed in the same Form 4.

How many Peoples Financial (PFBX) shares were purchased and at what price?

The filing shows a purchase of 2,212 common shares of Peoples Financial at $21.25 per share. This open-market transaction modestly added to existing indirect holdings reported by entities affiliated with Joseph Stilwell through Stilwell Value LLC.

What are the total indirect holdings after the Stilwell PFBX purchase?

After the 2,212-share purchase, one Stilwell-affiliated indirect position reached 470,260 shares. The filing also lists additional indirect holdings of 205,760 shares and 67,505 shares in Peoples Financial common stock as of the reported date.

Are the Peoples Financial (PFBX) shares held directly by Joseph Stilwell?

The shares are owned directly by limited partnerships such as Stilwell Activist Fund and others, and reported as indirectly owned by Joseph Stilwell through Stilwell Value LLC. He disclaims beneficial ownership except to the extent of his pecuniary interest.

Does the latest Stilwell Form 4 for PFBX show any share sales?

No share sales are reported in this Form 4 excerpt. The transaction summary shows one open-market purchase of 2,212 shares and no sales, resulting in a net-buy position for the Stilwell-affiliated entities in Peoples Financial common stock.

What type of transaction was reported for Peoples Financial (PFBX) stock?

The Form 4 describes the event as an open-market purchase of common stock. It is classified with transaction code “P,” indicating a purchase in the open market or a private transaction, rather than an option exercise, gift, or tax-related disposition.