On April 12, 2023, Stilwell Value LLC announced that it has sent a letter to shareholders of Peoples Financial Corporation, stating that it has filed an amendment to its filing relating to the Company, to addition to both the financial results over decades and the Company director Chevis C Swetman's apparent refusal to consider combining with a better run, local bank, and he stated that the Company will improve the efficiency ratio to the average efficiency ratio of the Company's' composite peer group over the next ten years. In addition, Stilwell Value urged the shareholders of the Company to vote for its board nominees and other recommendations at the 2023 annual meeting of shareholders.