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

$PFBX

Dear Fellow PFBX Owner,

Our Company’s Chairman, President, and Chief Executive Officer, Chevis Swetman, writes to us that his goal is “maximizing shareholder value over the long-term.”¹

Given that our Company’s share price has declined by approximately half over the last quarter-century² under his stewardship, his definition of “long-term” must indeed be very long-term.  

While we maintain that he’s failed at taking care of PFBX’s actual owners, he has succeeded brilliantly in taking care of himself.

In addition to his not inconsiderable salary and bonus, year in and year out ($364,755 for 2023³), we believe him to be the largest beneficiary of the “employee and director benefit plans liabilities” which amount to $19,581,000.⁴ (Information provided by the Company is in the footnotes below.) Not surprisingly, the Company does not specifically detail what part of the $19,581,000 is Chevis’s.

Let’s offer Chevis a challenge: We’ll donate $100,000 to the Southern Mississippi charity of his choice if PFBX comes clean and delineates the individuals (with amounts per individual) who stand to receive the $19,581,000.

Oh, and have we mentioned that Chevis’s son oversaw the securities portfolio that’s declined by over $50,000,000?⁵

Please vote the GREEN proxy card to begin to clean up our Company.

Respectfully,

Megan Parisi

(787) 985-2194

mparisi@stilwellgroup.com

Source:

https://www.sec.gov/Archives/edgar/data/770460/000092189524000751/dfan14a10318019_03292024.htm