Stilwell Activist Investments, L.P. Letter to shareholders of Peoples Financial Corporation

$PFBX

Dear Fellow Stockholders,

Stilwell and the other Participants (both as defined in the attached Proxy Statement), beneficially own an aggregate of 594,158 shares of Common Stock, par value $1.00 per share, of Peoples Financial Corporation (the “Corporation”). We are seeking proxies to vote at the Corporation’s 2024 Annual Meeting of Stockholders, including any adjournments, postponements, continuations or reschedulings thereof (the “Annual Meeting”), in connection with our bid to elect Stewart F. Peck to the Corporation’s Board of Directors at the Annual Meeting.

The attached Proxy Statement and the enclosed GREEN universal proxy card are first being furnished to the stockholders on or about March 12, 2024.

Please submit the GREEN universal proxy voting card FOR Stewart F. Peck TODAY. We appreciate your support.

Sincerely,

/s/ Megan Parisi

Megan Parisi

(787) 985-2194

mparisi@stilwellgroup.com

Source:

https://www.sec.gov/Archives/edgar/data/770460/000092189524000639/defc14a10318019_03122024.htm