Peoples Financial Corp (PFBX) director Stilwell logs stock buy, 10% group

Rhea-AI Filing Summary

Peoples Financial Corp (PFBX) director and more than 10% owner Joseph Stilwell, together with affiliated investment funds, reported an indirect purchase of the company’s common stock. On 01/02/2026, Stilwell Activist Investments, L.P. acquired 1,652 shares of Peoples Financial common stock in a transaction coded "P" at a price of $20.50 per share.

Following this purchase, Stilwell Activist Investments, L.P. is shown as indirectly holding 416,547 shares of Peoples Financial common stock. Related entities Stilwell Activist Fund, L.P. and Stilwell Value Partners VII, L.P. are reported as indirectly holding 67,505 shares and 205,760 shares, respectively. The reporting persons state that they are members of a Section 13(d) group that beneficially owns more than 10% of Peoples Financial’s common stock, and that Joseph Stilwell disclaims beneficial ownership beyond his pecuniary interest.

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)
01/02/2026

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	01/02/2026		P		1,652	A	$20.5	416,547	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.	01/05/2026
	/s/ Joseph Stilwell as authorized agent for Stilwell Activist Fund, L.P.	01/05/2026
	/s/ Joseph Stilwell as authorized agent for Stilwell Activist Investments, L.P.	01/05/2026
	/s/ Joseph Stilwell	01/05/2026
	/s/ Joseph Stilwell as authorized agent for Stilwell Value LLC	01/05/2026
	** 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).
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FAQ

What insider transaction did Peoples Financial Corp (PFBX) report in this Form 4?

The filing reports that on 01/02/2026, Stilwell Activist Investments, L.P., associated with director and more than 10% owner Joseph Stilwell, acquired 1,652 shares of Peoples Financial Corp common stock in a transaction coded "P" at a price of $20.50 per share.

Who is the reporting person in the Peoples Financial Corp (PFBX) Form 4?

The reporting structure centers on Joseph Stilwell, a director and more than 10% owner of Peoples Financial Corp, along with affiliated funds including Stilwell Activist Fund, L.P., Stilwell Value Partners VII, L.P., Stilwell Activist Investments, L.P., and Stilwell Value LLC.

How many Peoples Financial Corp (PFBX) shares are indirectly held after the reported transaction?

After the 01/02/2026 purchase, Stilwell Activist Investments, L.P. is reported as indirectly holding 416,547 shares of Peoples Financial Corp common stock. In addition, Stilwell Activist Fund, L.P. is reported with 67,505 shares and Stilwell Value Partners VII, L.P. with 205,760 shares, all reported as indirect holdings associated with Joseph Stilwell.

What does the transaction code "P" mean in the Peoples Financial Corp (PFBX) Form 4?

In the filing, the 01/02/2026 common stock transaction is listed with code "P" in Table I, indicating a purchase transaction under the SEC’s Form 4 transaction code instructions.

What ownership status do the reporting persons disclose for Peoples Financial Corp (PFBX)?

The reporting persons state that they are filing jointly as members of a Section 13(d) group that beneficially owns more than 10% of Peoples Financial Corp’s common stock. Joseph Stilwell is identified as a director and more than 10% owner.

Does Joseph Stilwell claim full beneficial ownership of all Peoples Financial Corp (PFBX) shares reported?

No. The footnotes explain that the shares are held directly by the respective limited partnerships and indirectly by Joseph Stilwell through Stilwell Value LLC. He disclaims beneficial ownership of all shares reported as owned indirectly, except to the extent of his pecuniary interest.