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<TITLE>sv8</TITLE>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>



<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Registration
No. 333-&#95;&#95;&#95;&#95;&#95;&#95;</B>
</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>PEOPLES FINANCIAL CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of issuer as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>MISSISSIPPI</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>64-0709834</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer Identification Number)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Incorporation or organization)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>152 Lameuse Street, Biloxi, Mississippi, 39530</B><BR>
(Address of Principal Executive Offices) (Zip Code)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>PEOPLES FINANCIAL CORPORATION EMPLOYEE STOCK OWNERSHIP PLAN</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>PEOPLES FINANCIAL CORPORATION 401(k) PROFIT SHARING PLAN</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">(Full title of the plans)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Chevis C. Swetman<BR>
Chairman, President and CEO<BR>
PEOPLES FINANCIAL CORPORATION</B><BR>
152 Lameuse Street<BR>
Biloxi, Mississippi 39530<BR>
(228)&nbsp;435-5511<BR>
(Name, address and telephone number,<BR>
Including area code, of agent for service)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>CALCULATION OF REGISTRATION FEE</B></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="34%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Title of Securities</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount to</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>offering price</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>aggregate offering</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>of regis-</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>to be registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>be registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>per share</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>price</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>tration fee</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock,</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">500,000 </TD>
    <TD nowrap style="border-top: 2px solid #000000">(1)(3)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">24.99</TD>
    <TD nowrap style="border-top: 2px solid #000000">(2)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">14,994,000</TD>
    <TD nowrap style="border-top: 2px solid #000000">(2)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">$</TD>
    <TD style="border-top: 2px solid #000000">461</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Par value $1.00</DIV></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">100,000 </TD>
    <TD nowrap style="border-top: 2px solid #000000">(1)(4)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Per share</DIV></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to Rule&nbsp;416(c) under the Securities Act of 1933, as amended, this
Registration Statement registers an indeterminate number of plan interests to be offered
pursuant to the employee benefit
plans described herein. In addition, pursuant to Rule 416(a) under the Securities Act of
1933, as amended, this registration statement shall also cover any additional shares of the
Company&#146;s common stock that become issuable under the employee benefit plans by reason of
any stock dividend, stock split, recapitalization or other similar transaction effected
without the Company&#146;s receipt of consideration that results in an increase in the number of
the Company&#146;s outstanding shares of common stock.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>In accordance with Rule&nbsp;457(h), computed upon the basis
of the average of the high and low price reported on the
NASDAQ Capital Market on June&nbsp;27, 2007. This price is used solely for the purpose of
calculating the registration fee.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Number of shares to be registered for Peoples Financial Corporation Employee Stock
Ownership Plan</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Number of shares to be registered for Peoples Financial Corporation 401(k) Profit
Sharing Plan</TD>
</TR>

</TABLE>



<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;3. Incorporation of Documents by Reference</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;4. Description of Securities</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;5. Interests of Named Experts and Counsel</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;6. Indemnification of Directors and Officers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;7. Exemption from Registration Claimed</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;8. Exhibits</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;9. Undertakings</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="d44506exv16w1.htm">Letter from Piltz, Williams, LaRosa & Co.</A></TD></TR>
<TR><TD colspan="9"><A HREF="d44506exv23w1.htm">Consent of Independent Registered Accounting Firm</A></TD></TR>
<TR><TD colspan="9"><A HREF="d44506exv23w2.htm">Consent of Independent Registered Accounting Firm</A></TD></TR>
<TR><TD colspan="9"><A HREF="d44506exv23w3.htm">Consent of Independent Registered Accounting Firm</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>






<!-- link1 "PART II " -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">PART II
</DIV>

<!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;3. Incorporation of Documents by Reference.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The documents listed in (a)&nbsp;through (c)&nbsp;below are incorporated by reference in the Registration
Statement, and all documents subsequently filed by the Registrant pursuant to Sections&nbsp;13(a),
13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), prior
to the filing of a post-effective amendment which indicates that all of the shares of the Common
Stock have been sold or which deregisters any Common Stock then remaining unsold, shall be deemed
to be incorporated by reference in the Registration Statement and to be a part hereof from the date
of the filing of such documents.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s latest annual report filed pursuant to Sections 13(a) or 15(d) of
the Exchange Act, that contains audited financial statements for the Registrant&#146;s latest
fiscal year for which such statements have been filed and the Peoples Financial
Corporation Employee Stock Ownership Plan&#146;s latest annual report and the Peoples Financial
Corporation 401(k) Profit Sharing Plan&#146;s latest annual report:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Peoples Financial Corporation&#146;s Annual Report on Form 10-K for the year ended December
31, 2006<BR>
Peoples Financial Corporation Employee Stock Ownership Plan&#146;s Annual Report on Form
11-K for the year ended December&nbsp;31, 2006<BR>
Peoples Financial Corporation 401(k) Plan&#146;s Annual Report on Form 11-K for the year
ended December&nbsp;31, 2006</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act since
the end of the fiscal year covered by the documents referred to in (a)&nbsp;above:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Registrant&#146;s Quarterly Report on Form 10-Q for the
Quarter Ended March&nbsp;31, 2007 filed
with the Commission on May&nbsp;9, 2007</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>See &#147;Description of Registrant&#146;s Securities to be Registered&#148; in Registration
Statement No.0-30050 on Form&nbsp;10/A filed on June&nbsp;21, 1999 and incorporated herein by
reference.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding the foregoing, information that we elect to furnish, but not file, or
have furnished, but not filed, with the Commission in accordance with Commission rules and regulations is not incorporated into this Registration Statement
and does not constitute a part hereof.</TD>
</TR>


</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0%">The
firm of Piltz, Williams, LaRosa &#38; Co. (&#147;Piltz&#148;) had been the
independent public accountants for Peoples Financial Corporation Employee Stock
Ownership Plan and Peoples Financial Corporation 401(k) Profit
Sharing Plan (the &#147;Plans&#148;) and audited the Plans for
several years.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0%">Since
September 1, 2006, Piltz has performed consulting services to the Plans&#146; sponsor, Peoples
Financial Corporation, and is therefore no longer independent with respect to
the Plans.  As a result, Piltz is not able to continue in its role as auditor for
the Plans.  On March&nbsp;13, 2007, Porter Keadle Moore, LLP, the independent public
accountants for the Plans&#146; sponsor, was selected to audit the Plans.  Piltz
has issued correspondence confirming the facts as stated above by the Company,
such correspondence being included as Exhibit 16.1.
</DIV>


<!-- link2 "Item&nbsp;4. Description of Securities" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;4. Description of Securities.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">None.
</DIV>
<!-- link2 "Item&nbsp;5. Interests of Named Experts and Counsel" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;5. Interests of Named Experts and Counsel.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">None.
</DIV>
<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers" -->
<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;6. Indemnification of Directors and Officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Registrant&#146;s bylaws provide that the Registrant shall indemnify any person who is a party, or
threatened to be made a party, to any claim, action, lawsuit or proceeding, whether civil,
criminal, administrative or investigative, including appeals, by reason of the fact that the person
is or was a director, officer, employee or agent of the Registrant, or is or was serving at the
request of the Registrant as a director, officer, partner, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise, against expenses (including
attorney&#146;s fees) actually and reasonably incurred in connection with the defense or settlement of
such action if the person acted in good faith and in a manner the person reasonably believed to be
in, or not opposed to, the best interest of the Registrant, and, with respect to any criminal
action or proceeding, had no reasonable cause to believe that the person&#146;s conduct was unlawful.
The Registrant&#146;s bylaws also provide that the Registrant shall indemnify any person who is a party,
or threatened to be made a party, to any threatened, pending or completed claim, action or suit by
or in the right of the Registrant to procure a judgment in its favor by reason of the fact that the
person is or was a director, officer, employee or agent of the Registrant, or is or was serving at
the request of the Registrant as a director, officer, partner, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise, against expenses (including
attorney&#146;s fees) actually and reasonably incurred in connection with the defense or settlement of
such action if the person acted in good faith and in a manner that such person reasonably believed
to be in or not opposed to the best interest of the Registrant. Provided, however, that no
indemnification shall be made in respect to any claim, issue or matter as to which such person
shall have been adjudged to be liable for negligence or misconduct in the performance of his duties
of the Registrant unless a court in which such suit or action was brought shall determine upon
application that, despite
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">adjudication of liability, such person is fairly and reasonably entitled
to indemnity for such expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Registrant&#146;s bylaws further provide that expenses incurred in defending a civil or criminal claim,
action, suit or proceeding may be paid by the Registrant in advance of the final disposition of
such matter upon the receipt of an undertaking by such director, officer, employee or agent to repay such amount if it is ultimately determined that such person is not
entitled to indemnification.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any indemnification may be made by the Registrant only as authorized in a specific case upon a
determination that indemnification of the director, officer, employee or agent is proper because
such person has met the applicable standard of conduct. Such determination may be made by (1)&nbsp;the
board of directors by a majority vote of a quorum of directors who are not parties to, or have been
wholly successful on the merits or otherwise with respect to, such claim, action, suit or
proceeding, or (2)&nbsp;if such quorum is not obtainable, by independent legal counsel in a written
opinion, or (3)&nbsp;by the stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Registrant has secured insurance on behalf of its directors, officers, employees and its
subsidiary for liability arising out of certain claims which may be made against them, whether or
not the Registrant would have power to indemnify them against such liability.
</DIV>

<!-- link2 "Item&nbsp;7. Exemption from Registration Claimed" -->
<DIV align="left"><A NAME="005"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;7. Exemption from Registration Claimed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>
<!-- link2 "Item&nbsp;8. Exhibits" -->
<DIV align="left"><A NAME="006"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;8. Exhibits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit&nbsp;16.1:
Letter from Piltz, Williams, LaRosa &#38; Co.<BR>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit&nbsp;23.1: Consent of Independent Registered Public Accounting Firm<BR>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit&nbsp;23.2: Consent of Independent Registered Public Accounting Firm
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit&nbsp;23.3 Consent of Independent Registered Public Accounting Firm
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The Registrant hereby undertakes that it will submit or has submitted each plan and any
amendment thereto to the Internal Revenue Service (&#147;IRS&#148;) in a timely manner and has made
or will make all changes required by the IRS in order to qualify the plan under Section&nbsp;401
of the Internal Revenue Code.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link2 "Item&nbsp;9. Undertakings" -->
<DIV align="left"><A NAME="007"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;9. Undertakings.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The undersigned registrant hereby undertakes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(1)To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:
</DIV>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(i)&nbsp;to include any prospectus required by Section&nbsp;10(a)(3) of the
Securities Act;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(ii)&nbsp;to reflect in the prospectus any facts or events arising after the
effective date of the Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in
the Registration Statement. Notwithstanding the foregoing, any increase or
decrease in the volume of securities offered (if the total dollar amount
would not exceed that which is registered) and any deviation from the low
or high and of the estimated maximum offering range may be reflected in
the form of prospectus filed with the Commission pursuant to Rule 424(b)
if, in the aggregate, the change in volume and price represent no more
than 20% change in the maximum aggregate offering price set forth in the
&#147;Calculation of Registration Fee&#148; table in the effective Registration
Statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(iii)&nbsp;to include any material information with respect to the plan of
distribution not previously disclosed in the Registration Statement or any
material change to such information in the Registration Statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">Provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply
if the Registration Statement is on Form S-8, and the information required
to be included in a post-effective amendment by those paragraphs is
contained in periodic reports filed with or furnished to the Commission by
the Registrant pursuant to Section&nbsp;13 or Section 15(d) of the Exchange Act
that are incorporated by reference in the Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(2)&nbsp;That, for the purpose of determining any liability under the Securities Act,
each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering
thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(3)&nbsp;To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(b)&nbsp;The Registrant hereby undertakes that, for purposes of determining any liability under
the Securities Act, each filing of the Registrant&#146;s annual report pursuant to the Section
13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an
employee benefit plan&#146;s annual report pursuant to section 15(d) of the Exchange Act) that
is incorporated by reference in the Registration Statement shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(c)&nbsp;Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the
registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in
the opinion of the Commission such indemnification is against public policy as expressed in
the Securities Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the Registrant of
expenses incurred or paid by a director, officer or controlling person of the Registrant in
the successful defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being registered, the
Registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Securities Act and
will be governed by the final adjudication of such issue.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="008"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in Biloxi, Mississippi, June&nbsp;27, 2007:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">PEOPLES FINANCIAL CORPORATION
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>/s/ Chevis C. Swetman </U><BR>
By: Chevis C. Swetman<BR>
Chairman, President and Chief Executive Officer

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been
signed by the following persons in the capacities and on the date indicated. Each person whose
signature appears below hereby constitutes and appoints Chevis C. Swetman his true and lawful
attorney-in-fact and agent, with full power of substitution and resubstitution for him or her in
any and all capacities, to sign any and all amendments (including post-effective amendments) to
this Registration Statement, and to file the same, with exhibits thereto and other documents in
connection therewith the Securities and Exchange Commission, granting unto such attorney-in-fact
and agent full power and authority to do and perform each and every act and thing requisite and
necessary in connection with such matters and hereby ratifying and confirming all that such
attorney-in-fact and agent or his substitutes may do or cause to be done by virtue hereof.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="39%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Name and Title</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Date</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR  style="font-size: 3pt">
<TD>&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Chevis C. Swetman
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chevis C. Swetman
<BR>Chairman, President and CEO
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;27, 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Lauri A. Wood
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lauri A. Wood
<BR>Chief Financial Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;27, 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Drew Allen
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Drew Allen<BR>
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;27, 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Rex E. Kelly
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rex E. Kelly
<BR>Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;27, 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Dan Magruder
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dan Magruder</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;27, 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Lyle M. Page
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lyle M. Page
<BR>Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;27, 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plans. Pursuant to the requirements of the Securities Act of 1933, the trustees (or other
persons who administer the employee benefit plans) have duly caused this Registration Statement to
be signed on its behalf by the undersigned, thereunto duly authorized in the City of Biloxi,
Mississippi on June&nbsp;29, 2007.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">PEOPLES FINANCIAL CORPORATION EMPLOYEE STOCK OWNERSHIP PLAN
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">/s/ Thomas H. Wicks</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
The Asset Management and Trust Division
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>of The Peoples Bank, Biloxi, Mississippi; Trustee</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">By: Thomas H. Wicks, Trust Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">The Peoples Bank, Biloxi, Mississippi</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">PEOPLES FINANCIAL CORPORATION 401(k) PROFIT SHARING PLAN
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">/s/ Thomas H. Wicks</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">The Asset Management and Trust Division</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>of The Peoples Bank, Biloxi, Mississippi; Trustee</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">By: Thomas H. Wicks, Trust Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">The Peoples Bank, Biloxi, Mississippi</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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{"company-data": {"conformed-name": "PEOPLES FINANCIAL CORP /MS/", "cik": "0000770460", "assigned-sic": "6022", "irs-number": "640709834", "state-of-incorporation": "MS", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-144181", "film-number": "07949755"}, "business-address": {"street1": "152 LAMEUSE STREET", "street2": "P O BOX 529", "city": "BILOXI", "state": "MS", "zip": "39530", "phone": "2284355511"}, "mail-address": {"street1": "P O BOX 529", "city": "BILOXI", "state": "MS", "zip": "39533-0529"}}
sv8
Table of Contents
Registration
No. 333-______
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
PEOPLES FINANCIAL CORPORATION
(Exact name of issuer as specified in its charter)
MISSISSIPPI
64-0709834
(State or other jurisdiction of
(I.R.S. Employer Identification Number)
Incorporation or organization)
152 Lameuse Street, Biloxi, Mississippi, 39530
(Address of Principal Executive Offices) (Zip Code)
PEOPLES FINANCIAL CORPORATION EMPLOYEE STOCK OWNERSHIP PLAN
PEOPLES FINANCIAL CORPORATION 401(k) PROFIT SHARING PLAN
(Full title of the plans)
Chevis C. Swetman
Chairman, President and CEO
PEOPLES FINANCIAL CORPORATION
152 Lameuse Street
Biloxi, Mississippi 39530
(228) 435-5511
(Name, address and telephone number,
Including area code, of agent for service)
CALCULATION OF REGISTRATION FEE
Proposed maximum
Proposed maximum
Amount
Title of Securities
Amount to
offering price
aggregate offering
of regis-
to be registered
be registered
per share
price
tration fee
Common Stock,
500,000
(1)(3)
$
24.99
(2)
$
14,994,000
(2)
$
461
Par value $1.00
100,000
(1)(4)
Per share
(1)
Pursuant to Rule 416(c) under the Securities Act of 1933, as amended, this
Registration Statement registers an indeterminate number of plan interests to be offered
pursuant to the employee benefit
plans described herein. In addition, pursuant to Rule 416(a) under the Securities Act of
1933, as amended, this registration statement shall also cover any additional shares of the
Company's common stock that become issuable under the employee benefit plans by reason of
any stock dividend, stock split, recapitalization or other similar transaction effected
without the Company's receipt of consideration that results in an increase in the number of
the Company's outstanding shares of common stock.
(2)
In accordance with Rule 457(h), computed upon the basis
of the average of the high and low price reported on the
NASDAQ Capital Market on June 27, 2007. This price is used solely for the purpose of
calculating the registration fee.
(3)
Number of shares to be registered for Peoples Financial Corporation Employee Stock
Ownership Plan
(4)
Number of shares to be registered for Peoples Financial Corporation 401(k) Profit
Sharing Plan
TABLE OF CONTENTS
PART II
Item 3. Incorporation of Documents by Reference
Item 4. Description of Securities
Item 5. Interests of Named Experts and Counsel
Item 6. Indemnification of Directors and Officers
Item 7. Exemption from Registration Claimed
Item 8. Exhibits
Item 9. Undertakings
SIGNATURES
Letter from Piltz, Williams, LaRosa & Co.
Consent of Independent Registered Accounting Firm
Consent of Independent Registered Accounting Firm
Consent of Independent Registered Accounting Firm
Table of Contents
PART II
Item 3. Incorporation of Documents by Reference.
The documents listed in (a) through (c) below are incorporated by reference in the Registration
Statement, and all documents subsequently filed by the Registrant pursuant to Sections 13(a),
13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), prior
to the filing of a post-effective amendment which indicates that all of the shares of the Common
Stock have been sold or which deregisters any Common Stock then remaining unsold, shall be deemed
to be incorporated by reference in the Registration Statement and to be a part hereof from the date
of the filing of such documents.
(a)
The Registrant's latest annual report filed pursuant to Sections 13(a) or 15(d) of
the Exchange Act, that contains audited financial statements for the Registrant's latest
fiscal year for which such statements have been filed and the Peoples Financial
Corporation Employee Stock Ownership Plan's latest annual report and the Peoples Financial
Corporation 401(k) Profit Sharing Plan's latest annual report:
Peoples Financial Corporation's Annual Report on Form 10-K for the year ended December
31, 2006
Peoples Financial Corporation Employee Stock Ownership Plan's Annual Report on Form
11-K for the year ended December 31, 2006
Peoples Financial Corporation 401(k) Plan's Annual Report on Form 11-K for the year
ended December 31, 2006
(b)
All other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act since
the end of the fiscal year covered by the documents referred to in (a) above:
Registrant's Quarterly Report on Form 10-Q for the
Quarter Ended March 31, 2007 filed
with the Commission on May 9, 2007
(c)
See "Description of Registrant's Securities to be Registered" in Registration
Statement No.0-30050 on Form 10/A filed on June 21, 1999 and incorporated herein by
reference.
Notwithstanding the foregoing, information that we elect to furnish, but not file, or
have furnished, but not filed, with the Commission in accordance with Commission rules and regulations is not incorporated into this Registration Statement
and does not constitute a part hereof.
The
firm of Piltz, Williams, LaRosa & Co. ("Piltz") had been the
independent public accountants for Peoples Financial Corporation Employee Stock
Ownership Plan and Peoples Financial Corporation 401(k) Profit
Sharing Plan (the "Plans") and audited the Plans for
several years.
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Table of Contents
Since
September 1, 2006, Piltz has performed consulting services to the Plans' sponsor, Peoples
Financial Corporation, and is therefore no longer independent with respect to
the Plans.  As a result, Piltz is not able to continue in its role as auditor for
the Plans.  On March 13, 2007, Porter Keadle Moore, LLP, the independent public
accountants for the Plans' sponsor, was selected to audit the Plans.  Piltz
has issued correspondence confirming the facts as stated above by the Company,
such correspondence being included as Exhibit 16.1.
Item 4. Description of Securities.
None.
Item 5. Interests of Named Experts and Counsel.
None.
Item 6. Indemnification of Directors and Officers.
The Registrant's bylaws provide that the Registrant shall indemnify any person who is a party, or
threatened to be made a party, to any claim, action, lawsuit or proceeding, whether civil,
criminal, administrative or investigative, including appeals, by reason of the fact that the person
is or was a director, officer, employee or agent of the Registrant, or is or was serving at the
request of the Registrant as a director, officer, partner, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise, against expenses (including
attorney's fees) actually and reasonably incurred in connection with the defense or settlement of
such action if the person acted in good faith and in a manner the person reasonably believed to be
in, or not opposed to, the best interest of the Registrant, and, with respect to any criminal
action or proceeding, had no reasonable cause to believe that the person's conduct was unlawful.
The Registrant's bylaws also provide that the Registrant shall indemnify any person who is a party,
or threatened to be made a party, to any threatened, pending or completed claim, action or suit by
or in the right of the Registrant to procure a judgment in its favor by reason of the fact that the
person is or was a director, officer, employee or agent of the Registrant, or is or was serving at
the request of the Registrant as a director, officer, partner, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise, against expenses (including
attorney's fees) actually and reasonably incurred in connection with the defense or settlement of
such action if the person acted in good faith and in a manner that such person reasonably believed
to be in or not opposed to the best interest of the Registrant. Provided, however, that no
indemnification shall be made in respect to any claim, issue or matter as to which such person
shall have been adjudged to be liable for negligence or misconduct in the performance of his duties
of the Registrant unless a court in which such suit or action was brought shall determine upon
application that, despite
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Table of Contents
adjudication of liability, such person is fairly and reasonably entitled
to indemnity for such expenses.
Registrant's bylaws further provide that expenses incurred in defending a civil or criminal claim,
action, suit or proceeding may be paid by the Registrant in advance of the final disposition of
such matter upon the receipt of an undertaking by such director, officer, employee or agent to repay such amount if it is ultimately determined that such person is not
entitled to indemnification.
Any indemnification may be made by the Registrant only as authorized in a specific case upon a
determination that indemnification of the director, officer, employee or agent is proper because
such person has met the applicable standard of conduct. Such determination may be made by (1) the
board of directors by a majority vote of a quorum of directors who are not parties to, or have been
wholly successful on the merits or otherwise with respect to, such claim, action, suit or
proceeding, or (2) if such quorum is not obtainable, by independent legal counsel in a written
opinion, or (3) by the stockholders.
The Registrant has secured insurance on behalf of its directors, officers, employees and its
subsidiary for liability arising out of certain claims which may be made against them, whether or
not the Registrant would have power to indemnify them against such liability.
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
Exhibit 16.1:
Letter from Piltz, Williams, LaRosa & Co.
Exhibit 23.1: Consent of Independent Registered Public Accounting Firm
Exhibit 23.2: Consent of Independent Registered Public Accounting Firm
Exhibit 23.3 Consent of Independent Registered Public Accounting Firm
The Registrant hereby undertakes that it will submit or has submitted each plan and any
amendment thereto to the Internal Revenue Service ("IRS") in a timely manner and has made
or will make all changes required by the IRS in order to qualify the plan under Section 401
of the Internal Revenue Code.
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Table of Contents
Item 9. Undertakings.
(a) The undersigned registrant hereby undertakes:
(1)To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:
(i) to include any prospectus required by Section 10(a)(3) of the
Securities Act;
(ii) to reflect in the prospectus any facts or events arising after the
effective date of the Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in
the Registration Statement. Notwithstanding the foregoing, any increase or
decrease in the volume of securities offered (if the total dollar amount
would not exceed that which is registered) and any deviation from the low
or high and of the estimated maximum offering range may be reflected in
the form of prospectus filed with the Commission pursuant to Rule 424(b)
if, in the aggregate, the change in volume and price represent no more
than 20% change in the maximum aggregate offering price set forth in the
"Calculation of Registration Fee" table in the effective Registration
Statement;
(iii) to include any material information with respect to the plan of
distribution not previously disclosed in the Registration Statement or any
material change to such information in the Registration Statement;
Provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply
if the Registration Statement is on Form S-8, and the information required
to be included in a post-effective amendment by those paragraphs is
contained in periodic reports filed with or furnished to the Commission by
the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act
that are incorporated by reference in the Registration Statement.
(2) That, for the purpose of determining any liability under the Securities Act,
each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering
thereof.
(3) To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
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(b) The Registrant hereby undertakes that, for purposes of determining any liability under
the Securities Act, each filing of the Registrant's annual report pursuant to the Section
13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an
employee benefit plan's annual report pursuant to section 15(d) of the Exchange Act) that
is incorporated by reference in the Registration Statement shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the
registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in
the opinion of the Commission such indemnification is against public policy as expressed in
the Securities Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the Registrant of
expenses incurred or paid by a director, officer or controlling person of the Registrant in
the successful defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being registered, the
Registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Securities Act and
will be governed by the final adjudication of such issue.
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Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in Biloxi, Mississippi, June 27, 2007:
PEOPLES FINANCIAL CORPORATION
/s/ Chevis C. Swetman
By: Chevis C. Swetman
Chairman, President and Chief Executive Officer
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been
signed by the following persons in the capacities and on the date indicated. Each person whose
signature appears below hereby constitutes and appoints Chevis C. Swetman his true and lawful
attorney-in-fact and agent, with full power of substitution and resubstitution for him or her in
any and all capacities, to sign any and all amendments (including post-effective amendments) to
this Registration Statement, and to file the same, with exhibits thereto and other documents in
connection therewith the Securities and Exchange Commission, granting unto such attorney-in-fact
and agent full power and authority to do and perform each and every act and thing requisite and
necessary in connection with such matters and hereby ratifying and confirming all that such
attorney-in-fact and agent or his substitutes may do or cause to be done by virtue hereof.
Signature
Name and Title
Date
/s/ Chevis C. Swetman
Chevis C. Swetman
Chairman, President and CEO
June 27, 2007
/s/ Lauri A. Wood
Lauri A. Wood
Chief Financial Officer
June 27, 2007
/s/ Drew Allen
Drew Allen
Director
June 27, 2007
/s/ Rex E. Kelly
Rex E. Kelly
Director
June 27, 2007
/s/ Dan Magruder
Dan Magruder
June 27, 2007
Director
/s/ Lyle M. Page
Lyle M. Page
Director
June 27, 2007
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The Plans. Pursuant to the requirements of the Securities Act of 1933, the trustees (or other
persons who administer the employee benefit plans) have duly caused this Registration Statement to
be signed on its behalf by the undersigned, thereunto duly authorized in the City of Biloxi,
Mississippi on June 29, 2007.
PEOPLES FINANCIAL CORPORATION EMPLOYEE STOCK OWNERSHIP PLAN
/s/ Thomas H. Wicks
By:
The Asset Management and Trust Division
of The Peoples Bank, Biloxi, Mississippi; Trustee
By: Thomas H. Wicks, Trust Officer
The Peoples Bank, Biloxi, Mississippi
PEOPLES FINANCIAL CORPORATION 401(k) PROFIT SHARING PLAN
/s/ Thomas H. Wicks
By:
The Asset Management and Trust Division
of The Peoples Bank, Biloxi, Mississippi; Trustee
By: Thomas H. Wicks, Trust Officer
The Peoples Bank, Biloxi, Mississippi
7