On March 23, 2023, Stilwell Value LLC announced that it has sent a letter to shareholders of Peoples Financial Corporation, that it has filed 15th amendment to schedule 13D and stating that since the turn of the century, Chevis Swetman has received over $8 million from the Company, during these 23 years of his stewardship, the share value of the Company stock has fallen, and in the last year alone, the Company lost over $6 per share because of inept bond purchases overseen by Chevis Swetman's son, Tanner and somehow or other, Tanner was promoted to Chief Operating Officer. In addition, Stilwell Value mentioned that the Company impacted from weak oversight, and a lack of competence in management and it's time for change. Further, Stilwell Value urged the shareholders of the Company to vote for its board nominees at the 2023 annual meeting of shareholders.