Joseph Stilwell's nominee was not elected to the Board of Peoples Financial Corporation (PFBX)
Key Summary: Joseph Stilwell, a major shareholder, has been pushing for better shareholder value since November 2020. Despite increasing his holdings to 11.2% by July 2022, his board nominees were unsuccessful. In January 2023, with an 11.7% stake, he nominated Rodney H. Blackwell and criticized management and the board for nepotism and poor bond purchases supervised by Chevis Swetman's son, Tanner. Stilwell's efforts didn't get his nominee elected at the April 26, 2023 AGM. Stilwell continued his push in 2024, nominating Stewart F. Peck for the board at the 2024 AGM. Despite mailing proxy materials and letters to stockholders, his nominee wasn't elected at the April 29, 2024 AGM.Market Cap: $75 million | Peoples Financial Corporation operates as the bank holding company for The Peoples Bank that provides banking, financial, and trust services to government entities, individuals, and small and commercial businesses in Mississippi.
On January 22, 2024, Joseph Stilwell (12.7%) announced his intent to nominate Stewart F. Peck for election to the Board at the 2024 AGM. Source
On March 1, 2024, Joseph Stilwell filed proxy materials seeking support for his nominee.
On March 12, 2024, Joseph Stilwell mailed a letter to the stockholders seeking vote for his nominee.
On April 1, 2024, Joseph Stilwell mailed a letter to the stockholders raising concerns regarding the company's Chairman, President, and CEO, Chevis Swetman, regarding his stewardship and the decline in shareholder value over the last quarter-century. Despite this decline, Swetman's compensation has remained substantial, including significant benefits from employee and director benefit plans.
At the AGM held on April 29, 2024, Stilwell's nominee was not elected to the Board.
Past
Joseph Stilwell, a significant shareholder, consistently advocated for maximizing shareholder value through various means from November 2020 to April 2022, though his board nominees were not successful. His holdings increased to 11.2% by July 2022. In January 2023, with an 11.7% stake, Stilwell nominated Rodney H. Blackwell for directorship and criticized the management and board for nepotism and poor bond purchases overseen by Chevis Swetman's son, Tanner. Despite his efforts, his nominee was not elected to the board at the April 26, 2023 AGM.