On April 19, 2023, Stilwell Value LLC announced that it has sent a letter to shareholders of Peoples Financial Corporation, that it has filed 17th amendment to schedule 13D and stating that in the Company's 2022 annual Form 10-K filing, this definitive statement is made: the Company adopted new investment strategies in 2022 and 2021 to improve yields on its securities while not compromising duration or credit risk. The Form 10-K which has a false statement is knowingly signed and certified by Chevis Swetman is a federal crime. In addition, Stilwell Value stated that in 2022, the Company took certain actions and failed to take other actions, about its securities portfolio that caused the Company to suffer tens of millions of dollars in securities losses—all under the oversight of Chevis's son, Tanner, which made Stillwell Value question about the reasons for losses and couldn't imagine anything other than Tanner's failure to adhere to the Company's guidelines.

As well as, Stilwell Value mentioned that it know of two other banks that suffered grave harm in the past year where the father, as CEO, covered for his son's mistakes while in an important, executive role. At both banks, the malefactors were removed, and it can understand a father covering for his son, but what excuse do these board members Ronald G. Barnes, Padrick D. Dennis, Jeffrey H. O'Keefe, Paige Reed Riley, George J. Sliman. Further, Stilwell Value urged the shareholders of the Company to vote for its board nominees at the 2023 annual meeting of shareholders.