Stilwell funds buy Peoples Financial Corp shares

Peoples Financial Corp’s large shareholder group led by Stilwell entities increased its position through insider purchases.

Rhea-AI Filing Summary

Peoples Financial Corp’s large shareholder group led by Stilwell entities increased its position through insider purchases. On February 3, 2026, Stilwell Activist Investments, L.P. bought 32,700 and 4,500 shares of Peoples Financial common stock at $20.50 and $20.6044 per share, bringing its reported indirect holdings to 457,797 shares. Related Stilwell funds report indirect holdings of 67,505 shares through Stilwell Activist Fund, L.P. and 205,760 shares through Stilwell Value Partners VII, L.P. Joseph Stilwell reports these interests through Stilwell Value LLC but disclaims beneficial ownership beyond his pecuniary interest. The reporting persons state they are part of a Section 13(d) group owning more than 10% of Peoples Financial’s common stock.

Insider Trade Summary

Net Buyer: 37,200 shares

Net Buy 4 txns

Insider Stilwell Joseph, Stilwell Value LLC, Stilwell Value Partners VII, L.P., Stilwell Activist Fund, L.P., Stilwell Activist Investments, L.P.

Role 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner

Bought 37,200 shs ($763K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	32,700	$20.50	$670K
Purchase	Common Stock	4,500	$20.6044	$93K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 731,062 shares (Indirect, See footnote)

Footnotes (3)

1. F1. 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. F2. 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. F3. 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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider buying did the Stilwell group report in Peoples Financial (PFBX)?

The Stilwell group reported insider purchases in Peoples Financial common stock. On February 3, 2026, Stilwell Activist Investments, L.P. bought 32,700 shares at $20.50 and 4,500 shares at $20.6044, increasing its reported indirect holdings to 457,797 shares.

Which entities are involved in the PFBX Form 4 filed by the Stilwell group?

The filing lists multiple reporting persons: Joseph Stilwell, Stilwell Value LLC, Stilwell Value Partners VII, L.P., Stilwell Activist Fund, L.P., and Stilwell Activist Investments, L.P. These entities report indirect ownership stakes in Peoples Financial through partnership and general partner relationships described in the footnotes.

How many Peoples Financial (PFBX) shares do the Stilwell-related funds report holding?

The Stilwell-related funds report several indirect positions. Stilwell Activist Fund, L.P. reports 67,505 shares, Stilwell Value Partners VII, L.P. reports 205,760 shares, and Stilwell Activist Investments, L.P. reports 457,797 shares of Peoples Financial common stock following the February 3, 2026 transactions.

What ownership status does the Stilwell group disclose in Peoples Financial (PFBX)?

The reporting persons disclose they are jointly filing as members of a Section 13(d) group. That group states it beneficially owns more than 10% of Peoples Financial’s common stock, indicating a significant shareholder position in the company’s equity.

How does Joseph Stilwell describe his beneficial ownership of PFBX shares?

Joseph Stilwell reports indirect interests through Stilwell Value LLC, the general partner of the Stilwell limited partnerships. He expressly disclaims beneficial ownership of all indirectly reported shares, except to the extent of his pecuniary interest in those partnership holdings.

What is the nature of ownership for the PFBX shares in this Form 4?

All reported Peoples Financial common stock positions are marked as indirect ownership. The shares are held directly by the Stilwell limited partnerships, with indirect interests attributed through Stilwell Value LLC and Joseph Stilwell as managing member, subject to his stated beneficial ownership disclaimer.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 02/04/2026 - 10:29 AM Learn about SEC filing dates

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 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)
02/03/2026

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	02/03/2026		P		32,700	A	$20.5	453,297	I	See footnote(3)
Common Stock	02/03/2026		P		4,500	A	$20.6044	457,797	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.	02/04/2026
	/s/ Joseph Stilwell as authorized agent for Stilwell Activist Fund, L.P.	02/04/2026
	/s/ Joseph Stilwell as authorized agent for Stilwell Activist Investments, L.P.	02/04/2026
	/s/ Joseph Stilwell	02/04/2026
	/s/ Joseph Stilwell as authorized agent for Stilwell Value LLC	02/04/2026
	** 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.
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