The Stilwell Group Files Definitive Proxy Statement and Sends Letter to Shareholders of Peoples Financial Corporation
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NEW YORK, March 29, 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 definitive proxy statement in support of its director nominee for election to the Board of Directors of the Corporation at the Corporation's 2021 Annual Meeting of Shareholders.
The full text of the letter follows:
March 29, 2021
Dear Fellow PFBX Owner,
Now that PFBX's board has increased the dividend from a parsimonious penny to a measly nickel (a 5x increase only 8 days after our last letter!), let us point out two more obvious steps for the directors to take.
#1: The Bank should be repurchasing shares so long as they remain below book value. This improves per share value as well as the share price. With capital levels so high, this step should have been taken YEARS ago.
#2: The Bank should adopt—and publicly announce—a NO-NEPOTISM policy. Passing the CEO role from father to son might be fine for a private company. For a public company like PFBX, we find it appalling.
To the Board—Adopt and announce a NO-NEPOTISM policy!
Megan ParisiMParisi@StilwellGroup.com(212) 269-1551
Investor Contact:The Stilwell GroupMegan Parisi(212) firstname.lastname@example.org
SOURCE The Stilwell Group
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