Stilwell Amends Peoples Financial Stake Filing

TL;DR

Stilwell updated his 13D on Peoples Financial Corp. - watch for more moves.

AI Summary

Joseph Stilwell, through an amendment filed on September 26, 2024, has updated his Schedule 13D filing concerning Peoples Financial Corp. The filing indicates a change in the reporting person's beneficial ownership of the company's common stock. No specific new dollar amounts or dates of acquisition/disposition were detailed in this amendment, but it signifies ongoing activity related to Stilwell's stake.

Why It Matters

This amendment signals continued investor interest and potential strategic moves by Joseph Stilwell regarding Peoples Financial Corp., which could influence the stock's future performance.

Risk Assessment

Risk Level: medium — Amendments to Schedule 13D filings often indicate shifts in significant shareholder positions, which can lead to increased volatility.

Key Players & Entities

• Peoples Financial Corp (company) — Subject company
• Joseph Stilwell (person) — Reporting person
• 200 Calle del Santo Cristo Segundo Piso San Juan, Puerto Rico 00901 (address) — Joseph Stilwell's address
• September 24, 2024 (date) — Date of event requiring filing
• September 26, 2024 (date) — Filing date

FAQ

Key Financial Figures

• $1.00 — ame of Issuer) Common Stock, par value $1.00 per share (Title of Class of Securiti
• $771,700.97 — tilwell Value Partners VII has expended $771,700.97 to acquire 46,006 shares of Common Stoc
• $50 million — r remedies. We are seeking in excess of $50 million in restitution to the Issuer from the I

Filing Documents

• sc13da2010318019_09252024.htm (SC 13D/A) — 281KB
• 0000921895-24-002174.txt ( ) — 283KB

Security and Issuer

Item 1. Security and Issuer This is the twentieth amendment (this “Twentieth 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 “Six 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”), and on January 22, 2024 (the “Nineteenth Amendment”). This Twentieth 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, &ldqu

Identity and Background

Item 2. Identity and Background (a)-(c) This statement is filed by Joseph Stilwell with respect to the shares of Common Stock 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. (d) During the past five years, no member of the Group has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). (e) 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 A attached hereto. 7 CUSIP No. 71103B102 (f) Joseph Stilwell is a citizen of the United States.

Source and Amount of Funds or Other Consideration

Item 3. Source and Amount of Funds or Other Consideration Since we last reported purchases and sales of Common Stock (see the Nineteenth Amendment), Stilwell Value Partners VII has expended $771,700.97 to acquire 46,006 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 and sales of Common Stock (see the Nineteenth Amendment), Stilwell Activist Fund has not expended any monies to acquire shares of Common Stock. Since we last reported purchases and sales of Common Stock (see the Nineteenth Amendment), Stilwell Activist Investments has not expended any monies to acquire shares of Common Stock. 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.

Purpose of Transaction

Item 4. Purpose of Transaction We are filing this Twentieth Amendment to report that members of the Group have purchased shares of Common Stock. We filed our original Schedule 13D reporting our position on November 23, 2020. We believe management and the directors have ill served the Issuer’s shareholders, and the Issuer should explore all possibilities to maximize shareholder value. Our nominees for election as directors at the Issuer’s 2021, 2022, 2023 and 2024 annual meetings were not elected. Subsequent to the 2022 annual meeting, the Board of Governors of the Federal Reserve notified us that it would not object to our request to purchase additional shares of the Issuer up to 14.9%. On May 31, 2022, pursuant to Mississippi law, we served a demand for inspection of the Issuer’s books and records related to, among other things, reported losses and the employee(s) responsible for the losses associated with the Issuer’s securities portfolio. When the Issuer refused to permit the inspection of its books and records, we filed, on July 22, 2022, a complaint in the Chancery Court of Harrison County, Mississippi to compel the production of those books and records. On June 30, 2023, we demanded that the Issuer pursue a derivative action against its directors for breach of their fiduciary duties for failure to oversee and properly supervise management of the company. After four Harrison County judges recused themselves, the Mississippi Supreme Court appointed a retired judge from Hinds County, Mississippi as Special Chancellor to hear our books and records demand case against the Issuer. On July 18, 2023, the Special Chancellor partially granted our motion for summary judgment and ordered the Issuer to produce most of the records we sought in our books and records demand. On September 29, 2023, we filed a derivative complaint on behalf of the Issuer against the Issuer’s directors in the Chancery Court of Harrison County, Mississippi, for b

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