8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) August 15, 2022
PEOPLES FINANCIAL CORPORATION (Exact Name of Registrant as Specified in its Charter)
Mississippi (State or Other Jurisdiction of Incorporation)
001-12103 (Commission File Number)	64-0709834 (IRS Employer Identification No.)
152 Lameuse Street Biloxi, MS (Address of Principal Executive Offices)	39530 (Zip Code)
(228) 435-5511 (Registrant’s Telephone Number, Including Area Code)

(Former Name or Former Address, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

	Trading
Title of each class	Symbol(s)	Name of each exchange on which registered
None	PFBX	None

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2 below):

☐     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b))

☐     Pre-commencement communications pursuant to Rule 13e-4( c) under the Exchange Act (17 CFR 240.13e-4( c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).       Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 8.01. Completion of Acquisition or Disposition of Assets.

On August 15, 2022, The Peoples Bank, Biloxi, Mississippi (the “Bank”), a wholly-owned subsidiary of Peoples Financial Corporation (the “Company”) and Trustmark National Bank, (“Trustmark”) a wholly-owned subsidiary of Trustmark Corporation, issued a joint press release announcing the completion of the sale of substantially all of Trustmark’s corporate trust business to the Bank.

A copy of the press release dated August 15, 2022, is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits.

(d)         Exhibits

99.1	Press Release issued by Trustmark Corporation and Peoples Financial Corporation dated August 15, 2022, “Trustmark Completes Sale of Corporate Trust Business to The Peoples Bank, Biloxi, Mississippi.”
104	Cover Page Interactive Data File (formatted as Inline XBRL)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: August 16, 2022

PEOPLES FINANCIAL CORPORATION
By:	/s/  Chevis C. Swetman
	Chevis C. Swetman
	Chairman, President and CEO

EX-99.1

Exhibit 99.1: Trustmark Corporation and Peoples Financial Corporation Press Release dated August 15, 2022

PRESS RELEASE

Trustmark Completes Sale of Corporate Trust Business to The Peoples Bank, Biloxi, Mississippi

JACKSON, MS and Biloxi, MS--(August 15, 2022)—Trustmark National Bank (“Trustmark”), a wholly-owned subsidiary of Trustmark Corporation (NASDAQGS: TRMK), and The Peoples Bank, whose parent company is Peoples Financial Corporation (OTCQX Best Market: PFBX) are pleased to announce that the two companies have completed the sale of substantially all the assets of Trustmark’s Corporate Trust business to The Peoples Bank.

Trustmark’s Corporate Trust business has been focused on providing a wide variety of trust and agency services in connection with debt securities issued by public corporations and government entities. Through this transaction, approximately 200 bond issues were transitioned to The Peoples Bank.

“This transition supports our focus on strategic initiatives that will help our company grow, become more efficient and serve our customers with new and innovative products and services as we move forward,” stated Duane Dewey, Trustmark’s President and Chief Executive Officer. “The seamless transition process of the Corporate Trust business portfolio to The Peoples Bank has underscored our confidence that this transaction will be positive for the Corporate Trust customers. We are most pleased that these customers will enjoy the same level of service from The Peoples Bank team that they have come to expect from Trustmark,” said Dewey.

“We are delighted to add this additional book of corporate trust business to our existing portfolio and look forward to serving these customers,” said Chevis C. Swetman, President and Chief Executive Officer of The Peoples Bank. “We are excited about this unique opportunity to leverage our outstanding existing corporate trust footprint and believe the addition of this book of business will build on the strong foundation established by The Peoples Bank and confirm our position as a leader in the corporate trust arena.”

Trustmark will continue to offer specialized services and expertise through its Wealth Management Division in the areas of private banking, brokerage, trust, retirement plan services, investment and portfolio management and custodial services for corporate and individual customers and non-profit organizations.

About Trustmark Corporation

Trustmark Corporation is a financial services company providing banking and financial solutions through offices in Alabama, Florida, Georgia, Mississippi, Tennessee and Texas. Visit trustmark.com for more information.

About The Peoples Bank, Biloxi, Mississippi

Founded in 1896, The Peoples Bank operates 18 branches along the Mississippi Gulf Coast in Hancock, Harrison, Jackson and Stone counties. In addition to offering a comprehensive range of retail and commercial banking services, The Peoples Bank also operates a trust and investment services department that has provided customers with financial, estate and retirement planning services since 1936.

The Peoples Bank is a wholly-owned subsidiary of Peoples Financial Corporation, listed on the OTCQX Best Market under the symbol PFBX. Additional information is available on the company’s website at www.thepeoples.com and at the website of the Securities and Exchange Commission at www.sec.gov.

For more information about Trustmark Corporation, contact:

Melanie Morgan

Director of Corporate Communications & Marketing

601.208.2979

mmorgan@trustmark.com

For more information about Peoples Financial Corporation, contact

Chevis C. Swetman, President and CEO

228-435-8205

cswetman@thepeoples.com

XML

Document And Entity Information	Aug. 15, 2022
Document Information [Line Items]
Entity, Registrant Name	PEOPLES FINANCIAL CORPORATION
Document, Type	8-K
Document, Period End Date	Aug. 15, 2022
Entity, Incorporation, State or Country Code	MS
Entity, File Number	001-12103
Entity, Tax Identification Number	64-0709834
Entity, Address, Address Line One	152 Lameuse Street
Entity, Address, City or Town	Biloxi
Entity, Address, State or Province	MS
Entity, Address, Postal Zip Code	39530
City Area Code	228
Local Phone Number	435-5511
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity, Emerging Growth Company	false
Amendment Flag	false
Entity, Central Index Key	0000770460