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PFBX > SEC Filings for PFBX > Form 8-K on 29-Nov-2012All Recent SEC Filings

Show all filings for PEOPLES FINANCIAL CORP /MS/



Changes in Control or Registrant

Item 5.01. Changes in Control of the Registrant.

Chevis C. Swetman ("Mr. Swetman") is the Chairman, President and Chief Executive Officer (principal executive officer) of Peoples Financial Corporation (the "Company"). He has been the largest shareholder for many years, with his holdings approximating 16.00% of the Company's outstanding shares. Mr. Swetman's only child, Andrew Tanner Swetman ("Mr. Tanner Swetman"), has been employed by the Company's bank subsidiary since 2005 and is currently serving as Assistant Vice President for Investments.

On November 26, 2012, Mr. Swetman gifted 481,552 shares of the Company's stock which he had beneficially owned, to Mr. Tanner Swetman and his two grandchildren. Mr. Tanner Swetman may be deemed to control the shares of the Company's stock that Mr. Swetman gifted to his two grandchildren. As a result of these gifts, Mr. Swetman now beneficially owns 369,649 shares, or 7.20%, of the Company's outstanding shares, and Mr. Tanner Swetman now beneficially owns 846,660 shares, or 16.48% of the Company's outstanding shares. As of November 26, 2012, Mr. Tanner Swetman is the Company's largest shareholder.

The transfer of these shares by Mr. Swetman occurred solely for estate planning purposes. The positions of Mr. Swetman and Mr. Tanner Swetman with the Company and its bank subsidiary are unaffected by this event.

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