Peoples Financial opposes activist investor's attempt to elect director

Peoples Financial Corp.'s board is opposing activist investor Stilwell Group's "continued" attempt to elect a candidate on the bank's board.

Stilwell Group previously announced it will seek to elect Rodney Blackwell to serve on the Biloxi, Miss.-based bank's board for a one-year term at the 2022 annual meeting of shareholders to be held April 27. In 2021, the investor attempted to elect Peter Prickett but failed, Peoples Financial's board noted in a letter sent to shareholders.

Peoples Financial's board is urging shareholders not to sign or return any green proxy card they receive from Stilwell Group. "We again urge you not to take any action in connection with the very important decision to elect directors of the company until you have had the opportunity to review and consider our proxy statement when it becomes available," the board wrote in the letter.