Stilwell funds (PFBX) add 789 Peoples Financial shares in open-market buy

Rhea-AI Filing Summary

Peoples Financial Corp (PFBX) reported an insider-related open-market share purchase. Investment entities associated with Joseph Stilwell purchased 789 shares of Peoples Financial common stock at $21.25 per share in an indirect ownership capacity. After this transaction, one Stilwell-related entity held 471,049 shares indirectly, while separate indirect holdings were 205,760 shares and 67,505 shares as of the same date. The footnotes state that these shares are owned directly by Stilwell Activist Fund, L.P., Stilwell Value Partners VII, L.P., and Stilwell Activist Investments, L.P., and only indirectly by Joseph Stilwell through Stilwell Value LLC, with Stilwell disclaiming beneficial ownership beyond his pecuniary interest.

Insider Trade Summary

Net Buyer: 789 shares ($16,766)

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 789 shs ($17K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	789	$21.25	$17K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 471,049 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 size: 789 shares Purchase price: $21.25 per share Indirect holding after purchase: 471,049 shares +2 more

5 metrics

Open-market purchase size 789 shares Common Stock bought indirectly on 2026-05-11

Purchase price $21.25 per share Price for 789-share open-market purchase

Indirect holding after purchase 471,049 shares Total for one Stilwell-related entity after transaction

Additional indirect holding 205,760 shares Reported for another Stilwell-related partnership

Additional indirect holding 67,505 shares Reported for a third Stilwell-related partnership

Key Terms

open-market purchase, indirectly, pecuniary interest, ten percent owner

4 terms

open-market purchase financial

"Investment entities associated with Joseph Stilwell purchased 789 shares of Peoples Financial common stock at $21.25 per share in an indirect ownership capacity."

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.

indirectly financial

"These shares are owned directly by Stilwell Activist Fund, L.P. and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Stilwell Value LLC."

pecuniary interest financial

"Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein."

ten percent owner financial

"Each reporting person is indicated as a ten percent owner of Peoples Financial Corp."

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)
05/11/2026

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	05/11/2026		P		789	A	$21.25	471,049	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.	05/12/2026
	/s/ Joseph Stilwell as authorized agent for Stilwell Activist Fund, L.P.	05/12/2026
	/s/ Joseph Stilwell as authorized agent for Stilwell Activist Investments, L.P.	05/12/2026
	/s/ Joseph Stilwell	05/12/2026
	/s/ Joseph Stilwell as authorized agent for Stilwell Value LLC	05/12/2026
	** 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 disclose for Joseph Stilwell-related entities?

The filing shows entities associated with Joseph Stilwell bought 789 shares of Peoples Financial common stock at $21.25 per share. The purchase was reported as an indirect open-market transaction, reflecting activity in investment funds rather than direct personal trading by Stilwell.

At what price were the new PFBX shares acquired by the Stilwell entities?

The Stilwell-related entities acquired 789 Peoples Financial shares at $21.25 per share. This price applies specifically to the new open-market purchase disclosed, separate from previously held indirect positions also reported in the same Form 4 filing.

How many PFBX shares do the Stilwell Activist Fund-related holdings now report?

One Stilwell-related entity reported 471,049 shares of Peoples Financial common stock following the 789-share open-market purchase. Additional indirect positions of 205,760 shares and 67,505 shares were also reported by related investment partnerships in the filing as separate indirect holdings.

Are the PFBX shares held directly by Joseph Stilwell or by investment funds?

The reported Peoples Financial shares are held directly by Stilwell Activist Fund, L.P., Stilwell Value Partners VII, L.P., and Stilwell Activist Investments, L.P. Joseph Stilwell reports only indirect ownership through Stilwell Value LLC and disclaims beneficial ownership beyond his pecuniary interest in these entities.

What does it mean that PFBX shares are reported as indirectly owned by Joseph Stilwell?

Indirect ownership means the shares are held by investment partnerships where Joseph Stilwell is the managing member and owner of Stilwell Value LLC, the general partner. He disclaims beneficial ownership of those shares except to the extent of any pecuniary interest he has in the funds.

How many PFBX shares are indirectly held by the other Stilwell-related partnerships?

The filing reports indirect holdings of 205,760 shares for one Stilwell-related partnership and 67,505 shares for another. These positions are separate from the 471,049 shares held by the entity that executed the 789-share open-market purchase at $21.25 per share.