The Stilwell Group Sends Letter to Shareholders of Peoples Financial Corporation and Supplements its Definitive Proxy Statement

Rhea-AI Summary

The Stilwell Group, a significant shareholder of Peoples Financial Corporation (PFBX), owning about 9.93% of shares, has sent a letter to other shareholders and updated its Definitive Proxy Statement. The group aims for improved company performance, an end to nepotism in leadership, and fairer rewards for shareholders. They encourage voting for their nominee, Peter Prickett, to bring necessary changes. The Stilwell Group emphasizes its commitment to this activist investment, seeking to enhance shareholder value in PFBX.

Positive

• Stilwell Group holds approximately 9.93% of PFBX shares, giving it significant influence.
• The activist investment approach could lead to better management and performance for PFBX.

Negative

• Concerns over nepotism in leadership may indicate a lack of effective management.
• Insider compensation has been criticized as excessive, suggesting potential misalignment of interests with shareholders.

NEW YORK, April 19, 2021 /PRNewswire/ -- The Stilwell Group, one of the largest shareholders of Peoples Financial Corporation (the "Corporation") (OTCMKTS: PFBX), beneficially owning approximately 9.93% of PFBX's outstanding shares, today announced that it has delivered a letter to shareholders of the Corporation and filed a supplement to its Definitive Proxy Statement.

The full text of the letter follows:

April 19, 2021

Dear Fellow PFBX Owner,

This is our 71^st activist investment.  Win or lose this year, we're here for the duration.  We're after three things:

1. PFBX has to reach at least average performance, or it should be sold to a better run community bank;
   
   
2. Nepotism ends (does anyone outside the boardroom really want a 4^th generation of the same family running our bank?); and
   
   
3. The rewards of ownership go to the owners.  In our opinion, what the insiders have returned to the shareholders is shameful -- what they've awarded themselves over the years is grotesque. 

Please vote the GREEN card TODAY for our highly qualified nominee, Peter Prickett.

Sincerely,

Megan Parisi
MParisi@StilwellGroup.com
(917) 881-8076

You can vote by telephone, online or by signing and dating the enclosed GREEN proxy card and returning it in the postage-paid envelope.

If you have any questions, require assistance in voting your GREEN proxy card, 
or need additional copies of our proxy materials, please contact us or Okapi Partners at the phone numbers or email listed below.

Okapi Partners LLC
1212 Avenue of the Americas, 24^th Floor 
New York, New York 10036
+ 1 (212) 297-0720 (Main) 
+ 1 (855) 305-0856 (Toll-Free) 
Email: info@okapipartners.com

Investor Contact:

The Stilwell Group
Megan Parisi
(917) 881-8076
mparisi@stilwellgroup.com

 

View original content:http://www.prnewswire.com/news-releases/the-stilwell-group-sends-letter-to-shareholders-of-peoples-financial-corporation-and-supplements-its-definitive-proxy-statement-301271865.html

SOURCE The Stilwell Group

FAQ

What is the Stilwell Group's involvement with Peoples Financial Corporation (PFBX)?

The Stilwell Group is one of the largest shareholders of PFBX, owning approximately 9.93% of outstanding shares, and has communicated their plans through a letter to other shareholders.

What are the main goals of the Stilwell Group regarding PFBX?

The main goals include improving company performance, eliminating nepotism in leadership, and ensuring that the rewards of ownership benefit the shareholders.

Who is the nominee proposed by the Stilwell Group for PFBX management?

The Stilwell Group has proposed Peter Prickett as their nominee for PFBX management.

When did the Stilwell Group send the letter to PFBX shareholders?

The letter was sent on April 19, 2021.