Stilwell funds lift Peoples Financial (PFBX) stake with new purchase

Rhea-AI Filing Summary

Peoples Financial Corp (PFBX) received an updated insider ownership report from entities affiliated with investor Joseph Stilwell. On February 4, 2026, Stilwell Activist Investments, L.P. reported an open-market purchase of 3,822 common shares at $20.5594 per share, bringing its indirect holdings to 461,619 shares.

Related Stilwell funds reported additional indirect positions of 67,505 shares held by Stilwell Activist Fund, L.P. and 205,760 shares held by Stilwell Value Partners VII, L.P. All positions are reported as indirectly attributable to Joseph Stilwell through Stilwell Value LLC, with beneficial ownership disclaimed except to the extent of his pecuniary interest, and the group states that it beneficially owns more than 10% of Peoples Financial’s common stock.

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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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)
02/04/2026

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	02/04/2026		P		3,822	A	$20.5594	461,619	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.	02/05/2026
	/s/ Joseph Stilwell as authorized agent for Stilwell Activist Fund, L.P.	02/05/2026
	/s/ Joseph Stilwell as authorized agent for Stilwell Activist Investments, L.P.	02/05/2026
	/s/ Joseph Stilwell	02/05/2026
	/s/ Joseph Stilwell as authorized agent for Stilwell Value LLC	02/05/2026
	** 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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FAQ

What insider transaction did Stilwell entities report in Peoples Financial (PFBX)?

Affiliated Stilwell entities reported an open-market purchase of 3,822 Peoples Financial common shares at $20.5594 each on February 4, 2026. The transaction was reported as an indirect holding through Stilwell Activist Investments, L.P., increasing that fund’s beneficially owned position to 461,619 shares.

Who actually owns the Peoples Financial (PFBX) shares reported in this Form 4?

The shares are owned directly by three Stilwell-managed limited partnerships: Stilwell Activist Fund, L.P., Stilwell Value Partners VII, L.P., and Stilwell Activist Investments, L.P. Joseph Stilwell reports them indirectly through Stilwell Value LLC but disclaims beneficial ownership except for his pecuniary interest.

How many Peoples Financial (PFBX) shares does Stilwell Activist Investments, L.P. hold?

After the reported purchase, Stilwell Activist Investments, L.P. holds 461,619 Peoples Financial common shares indirectly attributed to Joseph Stilwell. This figure reflects the position following the February 4, 2026 acquisition of 3,822 shares at a price of $20.5594 per share.

What other Peoples Financial (PFBX) positions do Stilwell-related funds report?

Stilwell Activist Fund, L.P. reports holding 67,505 Peoples Financial common shares, while Stilwell Value Partners VII, L.P. reports holding 205,760 shares. These positions are reported as indirect interests for Joseph Stilwell through Stilwell Value LLC, with beneficial ownership disclaimed except for his pecuniary interest.

Are Stilwell entities considered major shareholders of Peoples Financial (PFBX)?

Yes. The filing states the reporting persons are members of a Section 13(d) group that beneficially owns more than 10% of Peoples Financial’s common stock. This identifies the group as a significant shareholder bloc under U.S. securities regulations governing large equity positions.

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

Joseph Stilwell reports indirect ownership through Stilwell Value LLC as general partner of the Stilwell funds, but disclaims beneficial ownership of all indirectly reported shares except to the extent of his pecuniary interest. This limits how much of the positions he is deemed to personally benefit from.