[Form 4] PEOPLES FINANCIAL CORP /MS/ Insider Trading Activity

Rhea-AI Filing Summary

Insider purchase and group filing increases disclosed stake above 10% Joseph Stilwell and affiliated entities filed a Form 4 reporting purchases and combined holdings in Peoples Financial Corp. (PFBX). On 09/19/2025 a purchase of 281 shares of common stock at $20.20 per share was reported. The filing shows three blocks of shares: 67,505 shares held by Stilwell Activist Fund, L.P.; 205,760 shares held by Stilwell Value Partners VII, L.P.; and 141,530 shares held by Stilwell Activist Investments, L.P., for a total beneficial ownership of 414,795 shares after the reported purchase. The report states these reporting persons form a Section 13(d) group that beneficially owns more than 10% of the issuer.

Positive

• Section 13(d) group formation disclosed showing coordinated holdings exceeding 10%
• Clear breakdown of direct and indirect ownership across Stilwell entities totaling 414,795 shares
• Transaction price disclosed: purchase on 09/19/2025 of 281 shares at $20.20 per share

Negative

• None.

Insights

Financial Analyst

TL;DR: A named investor group now reports >10% beneficial ownership after a small reported purchase; this is a meaningful disclosure of activist position.

The Form 4 documents that Joseph Stilwell, through multiple affiliated investment entities, collectively holds 414,795 shares of PFBX following a 09/19/2025 purchase of 281 shares at $20.20. The filing clarifies direct and indirect ownership across Stilwell Activist Fund, Stilwell Value Partners VII and Stilwell Activist Investments, and states a Section 13(d) group status, signaling an activist or coordinated stake above the 10% threshold which can trigger additional disclosure and market attention. The absolute share counts and group filing are material for investor assessment of ownership concentration.

Corporate Governance Expert

TL;DR: Disclosure of a Section 13(d) group and >10% beneficial ownership raises governance and engagement implications for the issuer.

The report, signed 09/22/2025, identifies Joseph Stilwell as the managing member of Stilwell Value LLC and explains that certain holdings are direct while others are indirect via affiliated limited partnerships. The joint filing and explicit Section 13(d) group statement are notable because they formalize a coordinated ownership position exceeding 10%, which may presage governance initiatives or activist engagement with the board and management. The filing contains standard disclaimers of pecuniary interest where applicable.

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
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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)
09/19/2025

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	09/19/2025		P		281	A	$20.2	414,795	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.	09/22/2025
	/s/ Joseph Stilwell as authorized agent for Stilwell Activist Fund, L.P.	09/22/2025
	/s/ Joseph Stilwell as authorized agent for Stilwell Activist Investments, L.P.	09/22/2025
	/s/ Joseph Stilwell	09/22/2025
	/s/ Joseph Stilwell as authorized agent for Stilwell Value LLC	09/22/2025
	** 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.
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FAQ

What did the Form 4 filed for PFBX disclose?

The Form 4 discloses a 09/19/2025 purchase of 281 common shares at $20.20 and a total reported beneficial ownership of 414,795 shares by the Stilwell group.

Who are the reporting persons in the PFBX filing?

The reporting persons are Joseph Stilwell and affiliated entities: Stilwell Activist Fund, L.P., Stilwell Value Partners VII, L.P., Stilwell Activist Investments, L.P., and Stilwell Value LLC.

Does the filing indicate an activist or coordinated stake in PFBX?

Yes. The filing states the reporting persons are jointly filing as a Section 13(d) group that beneficially owns more than 10% of the issuer's common stock.

When was the transaction and when was the Form 4 signed?

The reported transaction date is 09/19/2025 and the Form 4 signatures are dated 09/22/2025.

How are the reported shares divided among the Stilwell entities?

The filing shows 67,505 shares owned by Stilwell Activist Fund, 205,760 shares by Stilwell Value Partners VII, and 141,530 shares by Stilwell Activist Investments, totaling 414,795 shares after the purchase.