Stilwell Value entities (NASDAQ: PFBX) add 200 Peoples Financial shares in open-market buy

Rhea-AI Filing Summary

Peoples Financial Corp (PFBX) reported an insider-related open-market purchase of common stock by entities associated with investor Joseph Stilwell. On June 3, 2026, an affiliated entity indirectly acquired 200 shares of common stock at $21.25 per share in an open-market transaction.

The filing shows indirect ownership positions of 474,465 shares, 205,760 shares, and 67,505 shares of Peoples Financial common stock held through Stilwell-related limited partnerships. 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 indirectly by Joseph Stilwell via Stilwell Value LLC as general partner, with Stilwell disclaiming beneficial ownership except to the extent of his pecuniary interest.

Insider Trade Summary

Net Buyer: 200 shares ($4,250)

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 200 shs ($4K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	200	$21.25	$4K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 474,465 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: 200 shares Purchase price: $21.25/share Indirect holding SAF/related: 474,465 shares +2 more

5 metrics

Open-market purchase 200 shares Common Stock bought on June 3, 2026

Purchase price $21.25/share Price for 200-share open-market buy

Indirect holding SAF/related 474,465 shares Common Stock indirect ownership following transaction

Indirect holding SVP VII 205,760 shares Common Stock indirect ownership reported as of transaction date

Indirect holding SAI 67,505 shares Common Stock indirect ownership reported as of transaction date

Key Terms

open-market purchase, indirectly, pecuniary interest, beneficial ownership

4 terms

open-market purchase financial

"Purchase in open market or private transaction"

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

"and indirectly by Joseph Stilwell in his capacity as the managing member"

pecuniary interest financial

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

beneficial ownership financial

"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.

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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)
06/03/2026

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	06/03/2026		P		200	A	$21.25	474,465	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.	06/04/2026
	/s/ Joseph Stilwell as authorized agent for Stilwell Activist Fund, L.P.	06/04/2026
	/s/ Joseph Stilwell as authorized agent for Stilwell Activist Investments, L.P.	06/04/2026
	/s/ Joseph Stilwell	06/04/2026
	/s/ Joseph Stilwell as authorized agent for Stilwell Value LLC	06/04/2026
	** 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 involving Joseph Stilwell?

Peoples Financial Corp disclosed an open-market purchase of 200 common shares at $21.25 by an entity associated with Joseph Stilwell. The shares are held indirectly through Stilwell-managed investment partnerships, with Stilwell disclaiming beneficial ownership beyond his pecuniary interest.

How many Peoples Financial (PFBX) shares are indirectly held by Stilwell-related entities?

The filing reports indirect holdings of 474,465 shares, 205,760 shares, and 67,505 shares of Peoples Financial common stock. These positions are owned directly by Stilwell Activist Fund, Stilwell Value Partners VII, and Stilwell Activist Investments, with Joseph Stilwell linked through Stilwell Value LLC as general partner.

Was the PFBX insider transaction an open-market buy or a sale?

The transaction was an open-market purchase of 200 Peoples Financial common shares at $21.25 per share. It is categorized as a non-derivative transaction with code P, indicating a standard market or private purchase rather than a sale or derivative exercise.

Who legally owns the PFBX shares tied to Joseph Stilwell in this Form 4?

The shares are owned directly by Stilwell Activist Fund, L.P., Stilwell Value Partners VII, L.P., and Stilwell Activist Investments, L.P. Joseph Stilwell is linked as managing member and owner of Stilwell Value LLC, the general partner, and he disclaims beneficial ownership except for his pecuniary interest.

Does this PFBX Form 4 indicate any derivative securities for Stilwell entities?

The Form 4 derivative summary is empty, indicating no derivative securities such as options or warrants are reported in this filing. All reported positions are in Peoples Financial common stock held indirectly through Stilwell-managed limited partnerships at the stated share counts.