Peoples Financial's Business Segments

Peoples Financial Corporation was organized as a one bank holding company in 1985. The Company is headquartered in Biloxi, Mississippi. The Company operated in the state of Mississippi through its wholly-owned subsidiary, The Peoples Bank, Biloxi, Mississippi (the “Bank”). The Company is engaged, through this subsidiary, in the banking business. The Bank is the Company’s principal asset and primary source of revenue.

The Main Office, operations center and asset management and trust services of the Bank are located in downtown Biloxi, MS. The Bank also had 17 branches located throughout Harrison, Hancock, Jackson and Stone Counties. The Bank has automated teller machines (“ATM”) at its Main Office, all branch locations and at numerous non-proprietary locations.

The Company’s wholly-owned bank subsidiary was originally chartered in 1896 in Biloxi, Mississippi, as The Peoples Bank of Biloxi. The Bank is a state chartered bank whose deposits are insured under the Federal Deposit Insurance Act. The Bank is not a member of the Federal Reserve System. The legal name of the Bank was changed to The Peoples Bank, Biloxi, Mississippi, during 1991.
Most of the Bank’s business originates from Harrison, Hancock, Stone and Jackson Counties in Mississippi; however, some business is obtained from other counties in southern Mississippi.

The Bank currently offers a variety of services to individuals and small to middle market businesses within its trade area. The Company’s trade area is defined as those portions of Mississippi, Louisiana and Alabama which are within a fifty mile radius of the Waveland, Wiggins and Gautier branches, the bank subsidiary’s three most outlying locations.

The Bank’s primary lending focus is to offer business, commercial, real estate, construction, personal and installment loans, with an emphasis on commercial lending. The Bank’s exposure for out of area, residential and land development, construction and commercial real estate loans as well as concentrations in the hotel/motel and gaming industries are monitored by the Company. Each loan officer has board approved lending limits on the principal amount of secured and unsecured loans that can be approved for a single borrower without prior approval of the senior credit committee. All loans, however, must meet the credit underwriting standards and loan policies of the Bank.

Deposit services include interest bearing and non-interest bearing checking accounts, savings accounts, certificates of deposit, and IRA accounts. The Bank generally provides depository accounts to individuals; small and middle market businesses; and state, county and local government entities in its trade area at interest rates consistent with market conditions.

The Bank’s Asset Management and Trust Services Department (“Trust Department”) offers personal trust, agencies and estate services, including living and testamentary trusts, executorships, guardianships, and conservatorships. Benefit accounts maintained by the Trust Department primarily include self-directed individual retirement accounts. Escrow management, stock transfer and bond paying agency accounts are available to corporate customers.

The Bank also offers a variety of other services including safe deposit box rental, wire transfer services, night drop facilities, collection services, cash management and internet banking. The Bank has 35 ATMs at its branch locations and other off-site, non-proprietary locations, providing bank customers access to their depository accounts. The Bank is a member of the PULSE network.

There has been no significant change in the kind of services offered by the Bank during the last three fiscal years.

Peoples Financial Corporation is a financial services company that primarily operates through its subsidiary, Peoples Bank. The corporation focuses on delivering a wide range of banking and financial products and services to individuals, businesses, and communities. Below is an extensive overview of the segments, products, and services offered by Peoples Financial Corporation.

1. Retail Banking

Deposit Products
- Checking Accounts: Peoples Financial Corporation provides various checking accounts tailored to different client needs, including basic checking, interest-bearing checking, and accounts with money management features.
- Savings Accounts: Offerings include regular savings accounts, holiday savings accounts, and youth savings accounts, allowing customers to save with competitive interest rates.
- Certificates of Deposit (CDs): Customers can invest in various term lengths for CDs with fixed interest rates, encouraging savings through higher interest returns over time.

Online and Mobile Banking
- Provides customers with the ability to manage accounts online or through a mobile app, offering services such as bill pay, fund transfers, and mobile check deposits for enhanced banking accessibility.

Lending Services

Consumer Loans
- Personal Loans: Unsecured and secured personal loan options for various needs such as debt consolidation, medical expenses, or home improvements.
- Auto Loans: Financing options for purchasing new or used vehicles, with flexible terms and competitive rates.

Residential Mortgages
- Home Purchase Loans: Fixed-rate and adjustable-rate mortgage options support customers looking to buy homes.
- Refinancing Options: Services that allow homeowners to refinance existing mortgages, potentially lowering monthly payments or changing loan terms.
- Home Equity Lines of Credit (HELOCs): Customers can borrow against the equity in their homes for major expenses, home improvements, or debt consolidation.

Commercial Loans
- Loans designed for small to medium-sized businesses to help with expansion, equipment purchases, or operating capital.
- Commercial Real Estate Loans: Financing solutions for purchasing, building, or refinancing commercial properties.

Wealth Management and Investment Services

Investment Products
- Retirement Accounts: These include traditional and Roth IRAs, allowing individuals to save for retirement with tax advantages.
- Brokerage Services: Facilitate buying and selling of stocks, bonds, and mutual funds with professional guidance.

Wealth Management
- Comprehensive wealth management services, including financial planning, asset management, and estate planning to help clients effectively manage and grow their wealth.

Trust Services
- They also offer trust and estate administration services, providing clients with the security and management of their assets in accordance with their wishes.

Insurance Products

Personal Insurance
- Options include life, health, auto, and homeowners insurance, providing customers with essential protection against unexpected events and risks.

Commercial Insurance
- Tailored insurance products for businesses covering property, liability, workers compensation, and other business-related insurance needs.

Business Banking

Business Checking and Savings Accounts
- Multiple options for business checking, savings, and money market accounts designed to meet the unique demands of businesses.

Merchant Services
- Solutions allowing businesses to accept card payments, including point-of-sale systems and online payment processing.

Treasury Management Services
- Services that help businesses manage cash flow, including collections, disbursements, and reconciliation, designed to optimize cash management.

Community Engagement and Support

Peoples Financial Corporation is dedicated to community involvement and support. They actively participate in local events, provide financial education workshops, and engage in lending programs aimed at uplifting the communities they serve.

Conclusion

Peoples Financial Corporation aims to provide a comprehensive suite of financial services to cater to the diverse needs of its customers, from personal banking to commercial and investment services. Their commitment to customer service, coupled with a focus on community development and financial wellness, positions them as an esteemed institution in the financial sector.