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

Rhea-AI Filing Summary

Peoples Financial Corp (PFBX) Form 4 filing) reports that Joseph Stilwell and affiliated entities are filing jointly as a Section 13(d) group that beneficially owns more than 10% of the issuer's common stock. The filing shows three indirect holdings reported: 67,505 shares owned directly by Stilwell Activist Fund, L.P., 205,760 shares owned directly by Stilwell Value Partners VII, L.P., and 3,000 shares purchased on 09/17/2025 at $20.20 per share owned directly by Stilwell Activist Investments, L.P., bringing the total reported beneficial ownership to 414,514 shares (listed as indirect). The filing includes explanatory footnotes that Joseph Stilwell disclaims beneficial ownership except to the extent of his pecuniary interest and is signed by Joseph Stilwell on 09/18/2025.

Positive

• Section 13(d) group disclosure confirms the reporting persons collectively beneficially own more than 10% of PFBX, which is material for investor transparency
• Open-market purchase executed on 09/17/2025 for 3,000 shares at $20.20, showing an additional acquisition of common stock

Negative

• None.

Insights

Securities Analyst

TL;DR: Reporting persons increased a consolidated stake and now disclose >10% ownership; a small open-market purchase was executed at $20.20.

The Form 4 discloses coordinated reporting by Joseph Stilwell and related entities as a Section 13(d) group holding in excess of 10% of Peoples Financial common stock. The filing itemizes direct holdings by three pooled vehicles and reports a 3,000-share purchase on 09/17/2025 at $20.20, contributing to a total reported beneficial position of 414,514 shares held indirectly. From a capital-markets perspective, the creation or formal filing of a >10% group is material because it triggers Section 13(d) disclosure obligations and signals an institutional-level stake. The purchase size is small relative to the total position disclosed, and the filing provides standard disclaimers of beneficial ownership where applicable.

Corporate Governance Expert

TL;DR: A named director and affiliated entities formally report joint beneficial ownership above the 10% threshold; standard disclosure and disclaimers are included.

The filing clarifies ownership structure and attribution: shares held by Stilwell Activist Fund, Stilwell Value Partners VII, and Stilwell Activist Investments are attributed indirectly to Joseph Stilwell through his role with Stilwell Value LLC. The explanatory footnotes and signed attestations are consistent with routine Section 16/13(d) compliance. No derivative transactions are reported. The disclosure should enable investors and the issuer to track an activist-aligned group's holdings and compliance status.

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).

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)
09/17/2025

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	09/17/2025		P		3,000	A	$20.2	414,514	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	09/18/2025
	/s/ Joseph Stilwell as authorized agent for Stilwell Value LLC	09/18/2025
	/s/ Joseph Stilwell as authorized agent for Stilwell Value Partners VII, L.P.	09/18/2025
	/s/ Joseph Stilwell as authorized agent for Stilwell Activist Fund, L.P.	09/18/2025
	/s/ Joseph Stilwell as authorized agent for Stilwell Activist Investments, L.P.	09/18/2025
	** 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.
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.

FAQ

Who filed the Form 4 for PFBX?

The Form 4 was filed by Joseph Stilwell and affiliated entities including Stilwell Value LLC, Stilwell Value Partners VII, L.P., Stilwell Activist Fund, L.P., and Stilwell Activist Investments, L.P.

How many PFBX shares does the Section 13(d) group report owning?

The filing reports a total of 414,514 shares of common stock beneficially owned following the reported transactions.

What transaction occurred on 09/17/2025 according to the Form 4?

A purchase of 3,000 shares of common stock was reported on 09/17/2025 at a price of $20.20 per share.

Are the reported holdings direct or indirect?

The reported holdings are primarily listed as indirect, with explanatory footnotes attributing ownership through the reporting entities and Stilwell Value LLC.

When was the Form 4 signed?

The Form 4 is signed by Joseph Stilwell on 09/18/2025.