PEOPLES FINANCIAL CORP /MS/
17.20%
795,745
770460
Jul 30, 2026
Aug 4, 2026, 01:52 PM
Reporting Persons (5)
This is a joint filing. The reported shares may overlap between reporting persons and should not be summed.
| Name | Type | % of Class | Aggregate | Sole Voting | Shared Voting |
|---|---|---|---|---|---|
| Stilwell Value Partners VII, L.P. | Partnership | 17.20% | 795,745 | 0 | 795,745 |
| Stilwell Activist Fund, L.P. | Partnership | 17.20% | 795,745 | 0 | 795,745 |
| Stilwell Activist Investments, L.P. | Partnership | 17.20% | 795,745 | 0 | 795,745 |
| Stilwell Value LLC | Other | 17.20% | 795,745 | 0 | 795,745 |
| STILWELL JOSEPH | Individual | 17.20% | 795,745 | 0 | 795,745 |
Disclosure Items (7)
Common Stock, par value $1.00 per share
PEOPLES FINANCIAL CORP /MS/
152 LAMEUSE STREET, BILOXI, MS, 39530
This is the twenty-fourth amendment (this "Twenty-Fourth Amendment") to the original Schedule 13D (the "Original Schedule 13D"), which was filed on November 23, 2020, and amended on December 23, 2020 (the "First Amendment"), on February 9, 2021 (the "Second Amendment"), on March 12, 2021 (the "Third Amendment"), on March 17, 2021 (the "Fourth Amendment"), on March 29, 2021 (the "Fifth Amendment"), on April 5, 2021 (the "Sixth Amendment"), on April 8, 2021 (the "Seventh Amendment"), on April 20, 2021 (the "Eighth Amendment"), on May 5, 2021 (the "Ninth Amendment"), on February 7, 2022 (the "Tenth Amendment"), on March 15, 2022 (the "Eleventh Amendment"), on April 4, 2022 (the "Twelfth Amendment"), on July 12, 2022 (the "Thirteenth Amendment"), on January 25, 2023 (the "Fourteenth Amendment"), on March 23, 2023 (the "Fifteenth Amendment"), on April 12, 2023 (the "Sixteenth Amendment"), on April 19, 2023 (the "Seventeenth Amendment"), on October 3, 2023 (the "Eighteenth Amendment"), on January 22, 2024 (the "Nineteenth Amendment"), on September 26, 2024 (the "Twentieth Amendment"), on January 27, 2025 (the "Twenty-First Amendment"), on January 22, 2026 (the "Twenty-Second Amendment"), and on March 10, 2026 (the "Twenty-Third Amendment"). This Twenty- Fourth Amendment is being filed jointly by Stilwell Value Partners VII, L.P., a Delaware limited partnership ("Stilwell Value Partners VII"); Stilwell Activist Fund, L.P., a Delaware limited partnership ("Stilwell Activist Fund"); Stilwell Activist Investments, L.P., a Delaware limited partnership ("Stilwell Activist Investments"); Stilwell Value LLC, a Delaware limited liability company ("Stilwell Value LLC"), and the general partner of Stilwell Value Partners VII, Stilwell Activist Fund, and Stilwell Activist Investments; and Joseph Stilwell, the managing member and owner of Stilwell Value LLC (collectively, "we" or "us"). The filers of this statement are collectively referred to herein as the "Group." The amended joint filing agreement of the members of the Group was filed as Exhibit 22 to the Eighteenth Amendment. This statement is filed by Joseph Stilwell with respect to the shares of common stock (the "Common Stock") of Peoples Financial Corporation (the "Issuer") beneficially owned by Joseph Stilwell, including shares of Common Stock held in the names of Stilwell Value Partners VII, Stilwell Activist Fund, and Stilwell Activist Investments in Joseph Stilwell's capacities as the managing member and owner of Stilwell Value LLC, which is the general partner of Stilwell Value Partners VII, Stilwell Activist Fund, and Stilwell Activist Investments.
The business address of Stilwell Value Partners VII, Stilwell Activist Fund, Stilwell Activist Investments, and Stilwell Value LLC is 111 Broadway, 12th Floor, New York, New York 10006. The business address of Joseph Stilwell is 200 Calle del Santo Cristo, Segundo Piso, San Juan, Puerto Rico 00901.
The principal employment of Joseph Stilwell is investment management. Stilwell Value Partners VII, Stilwell Activist Fund, and Stilwell Activist Investments are private investment partnerships engaged in the purchase and sale of securities for their own accounts. Stilwell Value LLC serves as the general partner of Stilwell Value Partners VII, Stilwell Activist Fund and Stilwell Activist Investments, and related partnerships.
During the past five years, no member of the Group has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws or finding any violation with respect to such laws, except as indicated in Schedule B, attached hereto and incorporated herein by reference.
Joseph Stilwell is a citizen of the United States.
Since we last reported purchases of Common Stock, Stilwell Value Partners VII has expended $104,391.84 to acquire 4,692 shares of Common Stock. Such funds were provided from Stilwell Value Partners VII's working capital and, from time to time, may be provided in part by margin account loans from subsidiaries of Morgan Stanley extended in the ordinary course of business. Since we last reported purchases of Common Stock, Stilwell Activist Fund has not expended any monies to acquire shares of Common Stock. Since we last reported purchases of Common Stock, Stilwell Activist Investments has expended $1,164,012.44 to acquire 52,918 shares of Common Stock. Such funds were provided from Stilwell Activist Investments' working capital and, from time to time, may be provided in part by margin account loans from subsidiaries of Morgan Stanley extended in the ordinary course of business. All purchases of shares of Common Stock made by the Group using funds borrowed from Morgan Stanley, if any, were made in margin transactions on their usual terms and conditions. All or part of the shares of Common Stock owned by members of the Group may from time to time be pledged with one or more banking institutions or brokerage firms as collateral for loans made by such entities to members of the Group. Such loans generally bear interest at a rate based on the broker's call rate from time to time in effect. Such indebtedness, if any, may be refinanced with other banks or broker-dealers.
The members of the Group collectively beneficially own an aggregate of 795,745 shares of Common Stock. The percentages reported herein for the Group are calculated based on the number of outstanding shares of Common Stock, 4,617,466, reported as the number of outstanding shares as of April 30, 2026, in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 12, 2026. The purchases and sales of Common Stock reported in this item, if any, were made in open-market transactions. Each of Stilwell Value Partners VII, Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Value LLC and Joseph Stilwell may be deemed to beneficially own 795,745 shares of Common Stock, constituting approximately 17.2% of the shares of Common Stock outstanding.
Each of Stilwell Value Partners VII, Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Value LLC and Joseph Stilwell may be deemed to share the power to vote and dispose of 795,745 shares of Common Stock owned in the aggregate by Stilwell Value Partners VII, Stilwell Activist Fund and Stilwell Activist Investments. Because he is the managing member and owner of Stilwell Value LLC, which is the general partner of each of Stilwell Value Partners VII, Stilwell Activist Fund and Stilwell Activist Investments, Joseph Stilwell has the power to direct the affairs of each of Stilwell Value Partners VII, Stilwell Activist Fund and Stilwell Activist Investments, including the voting and disposition of shares of Common Stock held in the name of each of Stilwell Value Partners VII, Stilwell Activist Fund and Stilwell Activist Investments. Therefore, Joseph Stilwell is deemed to share voting and disposition power with each of Stilwell Value Partners VII, Stilwell Activist Fund and Stilwell Activist Investments with regard to those shares of Common Stock. Because he is the managing member and owner of Stilwell Value LLC, Joseph Stilwell has the power to direct the affairs of Stilwell Value LLC. Stilwell Value LLC is the general partner of each of Stilwell Value Partners VII, Stilwell Activist Fund and Stilwell Activist Investments. Therefore, Stilwell Value LLC may be deemed to share with Joseph Stilwell voting and disposition power with regard to the shares of Common Stock held by each of Stilwell Value Partners VII, Stilwell Activist Fund and Stilwell Activist Investments.
Within the past sixty days, Stilwell Value Partners VII and Stilwell Activist Investments purchased shares of Common Stock as set forth in Schedule C, attached hereto and incorporated herein by reference. Within the past sixty days, Stilwell Activist Fund did not purchase or sell any shares of Common Stock. Stilwell Value LLC and Joseph Stilwell have not purchased or sold any shares of Common Stock.
No person other than Stilwell Value Partners VII, Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Value LLC and Joseph Stilwell is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the shares of Common Stock.
Not applicable.
Other than the Amended Joint Filing Agreement filed as Exhibit 22 to the Eighteenth Amendment, there are no contracts, arrangements, understandings or relationships among the persons named in Item 2 hereof and between such persons and any person with respect to any securities of the Issuer, including but not limited to transfer or voting of any of the securities, finders' fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, divisions of profits or losses, or the giving or withholding of proxies, except for sharing of profits. Stilwell Value LLC, in its capacity as general partner of Stilwell Value Partners VII, Stilwell Activist Fund, and Stilwell Activist Investments, and Joseph Stilwell, in his capacities as the managing member and owner of Stilwell Value LLC, are entitled to an allocation of a portion of profits. See Items 1 and 2 above regarding disclosure of the relationships between members of the Group, which disclosure is incorporated herein by reference.
Schedule A - Stilwell Activist History Schedule B - Item 2(e) Schedule C - Transactions in Securities Exhibit 1 - Joint Filing Agreement, dated November 23, 2020, filed with the Original Schedule 13D. Exhibit 2 - Letter to the Shareholders of the Issuer, dated February 9, 2021. Exhibit 3 - Nominee Agreement, dated February 16, 2021, with Nominee Peter Prickett, filed with the Fourth Amendment. Exhibit 4 - Letter to Shareholders of the Issuer, dated March 16, 2021, filed with the Fourth Amendment. Exhibit 5 - Letter to Shareholders of the Issuer, dated March 29, 2021, filed with the Fifth Amendment. Exhibit 6 - Letter to Shareholders of the Issuer, dated April 8, 2021, filed with the Seventh Amendment. Exhibit 7 - Letter to Shareholders of the Issuer, dated April 19, 2021, filed with the Eighth Amendment. Exhibit 8 - Letter to Shareholders of the Issuer, dated May 5, 2021, filed with the Ninth Amendment. Exhibit 9 - Nominee Agreement, dated February 1, 2022, with Nominee Rodney H. Blackwell, filed with the Tenth Amendment. Exhibit 10 - Nominee Agreement, dated February 2, 2022, with Jonathan W. Briggs, filed with the Tenth Amendment. Exhibit 11 - Nominee Agreement, dated February 2, 2022, with Ronald Wade Robertson, Jr, filed with the Tenth Amendment. Exhibit 12 - Nominee Agreement, dated February 3, 2022, with Gregory H. Browne., filed with the Tenth Amendment. Exhibit 13 - Letter to Shareholders of the Issuer, dated March 14, 2022, filed with the Eleventh Amendment. Exhibit 14 - Letter to Shareholders of the Issuer, dated April 4, 2022, filed with the Twelfth Amendment. Exhibit 15 - Nominee Agreement, dated January 23, 2023, with Rodney H. Blackwell, filed with the Fourteenth Amendment. Exhibit 16 - Nominee Agreement, dated January 23, 2023, with Stewart F. Peck, filed with the Fourteenth Amendment. Exhibit 17 - Amended Joint Filing Agreement, dated January 25, 2023, filed with the Fourteenth Amendment. Exhibit 18 - Power of Attorney, dated January 23, 2023, filed with the Fourteenth Amendment. Exhibit 19 - Letter to Shareholders of the Issuer, dated March 23, 2023, filed with the Fifteenth Amendment. Exhibit 20 - Letter to Shareholders of the Issuer, dated April 12, 2023, filed with the Sixteenth Amendment. Exhibit 21 - Letter to Shareholders of the Issuer, dated April 19, 2023, filed with the Seventeenth Amendment. Exhibit 22 - Amended Joint Filing Agreement, dated October 3, 2023, filed with the Eighteenth Amendment. Exhibit 23 - Nominee Agreement, dated January 19, 2024, with Stewart F. Peck, filed with the Twentieth Amendment. Exhibit 24 - Nominee Agreement, dated January 19, 2024, with Scott M. Polakoff, filed with the Twentieth Amendment. Exhibit 25 - Nominee Agreement, dated January 23, 2025, with Stewart F. Peck, filed with the Twenty-First Amendment. Exhibit 26 - Nominee Agreement, dated January 20, 2026, with Stewart F. Peck, filed with the Twenty-Second Amendment.