An activist investor is pressing Peoples Financial in Biloxi, Miss., to “explore all possibilities to maximize shareholder value.”
Stilwell Partners, which owns about 11.2% of the $939 million-asset company’s stock, has taken issue with management decisions in recent years. The New York investor tends to push banks to maximize value by selling.
Stilwell noted in its filing that it has tried unsuccessfully in 2021 and 2022 to have its nominees elected to the company’s board.
The investor said it received a nonobjection from the Federal Reserve after Peoples’ 2022 annual meeting to buy up to 14.9% of the company’s outstanding common stock.
Stilwell also said it had asked to examine Peoples’ books and records to look into reported losses and the employees responsible for losses tied to the company’s securities portfolio.