Stilwell Value LLC 4

What Happened
Joseph Stilwell, a reported 10% owner of Peoples Financial Corp. (PFBX), effected an open-market purchase of 2,657 shares on 2026-03-06 at $21.00 per share, for a total cost of $55,797. This was a buy (transaction code P), which is a direct purchase of common stock reported on Form 4.

Key Details

• Transaction date and price: 2026-03-06, 2,657 shares at $21.00 each.
• Total value: $55,797.
• Filing: Form 4 filed 2026-03-09 (appears to be timely).
• Ownership after transaction: The Form 4 does not list a single total share count for Stilwell personally; the filing states the reporting persons (a Section 13(d) group) beneficially own more than 10% of the issuer.
• Footnotes: Shares are owned directly by affiliated limited partnerships (Stilwell Activist Fund, L.P.; Stilwell Value Partners VII, L.P.; Stilwell Activist Investments, L.P.). Stilwell is the managing member/owner of the general partner (Stilwell Value LLC) and disclaims direct beneficial ownership of the shares except to the extent of his pecuniary interest.
• Transaction code: P = Purchase (open market or private purchase).

Context
This trade was executed by investment vehicles tied to Joseph Stilwell rather than as an executive compensation event. Purchases by large holders or 10% owners can indicate accumulation by an institutional/activist investor, but the Form 4 itself does not state motivation. No option exercises, awards, or gifts are reported in this filing.