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

Rhea-AI Filing Summary

Joseph Stilwell and affiliated entities reported a purchase of 1,000 shares of Peoples Financial Corp (/MS/ - PFBX) on 09/11/2025 at $20.20 per share. The filing shows multiple holdings held indirectly through Stilwell entities and reports a total of 409,136 shares beneficially owned following the transaction. The shares are held directly by named funds and indirectly by Mr. Stilwell in his capacity as managing member/owner of Stilwell Value LLC; Mr. Stilwell disclaims beneficial ownership except to the extent of any pecuniary interest. The reporting persons state they are filing jointly as a Section 13(d) group that beneficially owns more than 10% of the issuer's common stock.

Positive

• Purchase disclosed: Acquisition of 1,000 shares on 09/11/2025 at $20.20 per share
• Material ownership disclosed: Reporting persons state a Section 13(d) group beneficially owns more than 10% of common stock
• Clear attribution: Holdings are identified as direct to specific funds and indirect to Joseph Stilwell via Stilwell Value LLC with standard disclaimers

Negative

• None.

Insights

Securities Analyst

TL;DR: Insider group increased holdings with a 1,000-share purchase; group now reports >10% ownership.

The Form 4 discloses a market purchase of 1,000 common shares at $20.20 on 09/11/2025 and reports an aggregate beneficial ownership of 409,136 shares held indirectly through multiple Stilwell entities. The structure shows direct ownership in specific funds and indirect beneficial attribution to Joseph Stilwell via Stilwell Value LLC as general partner. The filing is procedural and provides clear attribution and price data; it confirms the existence of a Section 13(d) group exceeding the 10% threshold, which is material for ownership disclosure and potential activist or coordinated investor status.

Corporate Governance Expert

TL;DR: Filing documents joint filing and indirect ownership via management entities, with required disclaimers.

The statement clarifies that multiple Stilwell-managed entities hold shares directly while Mr. Stilwell is reported as an indirect beneficial owner by virtue of his role with Stilwell Value LLC. Each entity's holdings are itemized and the reporting persons include explicit disclaimers of ownership except for pecuniary interest, which aligns with standard disclosure practice. The joint filing as a Section 13(d) group is noted, which is a meaningful governance disclosure for the issuer and investors monitoring significant holders.

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).

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)
09/11/2025

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	09/11/2025		P		1,000	A	$20.2	409,136	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	09/12/2025
	/s/ Joseph Stilwell as authorized agent for Stilwell Value LLC	09/12/2025
	/s/ Joseph Stilwell as authorized agent for Stilwell Value Partners VII, L.P.	09/12/2025
	/s/ Joseph Stilwell as authorized agent for Stilwell Activist Fund, L.P.	09/12/2025
	/s/ Joseph Stilwell as authorized agent for Stilwell Activist Investments, L.P.	09/12/2025
	** 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

What transaction did Joseph Stilwell report on Form 4 for PFBX?

The Form 4 reports a purchase of 1,000 shares of Peoples Financial Corp (PFBX) on 09/11/2025 at a price of $20.20 per share.

How many PFBX shares are reported beneficially owned after the transaction?

The filing reports a total of 409,136 shares beneficially owned following the reported transaction(s).

Which entities hold the shares reported in the Form 4?

Shares are reported as directly owned by Stilwell Activist Fund, L.P.; Stilwell Value Partners VII, L.P.; Stilwell Activist Investments, L.P.; and indirectly attributed to Joseph Stilwell via Stilwell Value LLC.

Does the filing indicate a Section 13(d) group?

Yes, the reporting persons state they are jointly filing as members of a Section 13(d) group that beneficially owns more than 10% of the issuer's common stock.

Did Joseph Stilwell disclaim beneficial ownership in the filing?

Yes, the filing includes statements that Joseph Stilwell disclaims beneficial ownership of shares reported as owned indirectly except to the extent of his pecuniary interest.