Exhibit 99.1: Peoples Financial Corporation Press Release Dated August 10, 2020

FOR IMMEDIATE RELEASE

For more information, contact:

Chevis C. Swetman, President and CEO 

228-435-8205

cswetman@thepeoples.com

PEOPLES FINANCIAL CORPORATION

REVISES SECOND QUARTER OF 2020 RESULTS

BILOXI, MS (August 10, 2020)—Peoples Financial Corporation (OTCQX Best Market: PFBX), parent of The Peoples Bank, announced a revision to its results for the second quarter ended June 30, 2020, which were previously announced on July 29, 2020.

As a result of receiving new information on one credit, an additional provision for loan losses of $1,135,000 has been recorded for the second quarter of 2020. This adjustment revised previously reported earnings of $858,000 for the second quarter ended June 30, 2020 to a net loss of $277,000 and previously reported earnings of $1,981,000 for the six months ended June 30, 2020 to earnings of $846,000.

The adjusted loss per weighted average common share for the second quarter of 2020 was $0.06 compared to loss per weighted average common share of $0.06 for the second quarter of 2019. Per share figures are based on weighted average common shares outstanding of 4,883,764 and 4,943,186 for the quarters ended June 30, 2020 and 2019, respectively.

Adjusted earnings per weighted average common share for the six months ended June 30, 2020 were $0.17 compared to earnings per weighted average common share of $0.02 for the six months ended June 30, 2019. Per share figures are based on weighted average common shares outstanding of 4,905,690 and 4,943,186 for the six months ended June 30, 2020 and 2019, respectively.

“Since releasing earnings on July 29, additional information was obtained relating to one credit which is on nonaccrual and in bankruptcy. While we are disappointed by this event, it is prudent that we recognize this potential loss in a timely manner,” said Chevis C. Swetman, chairman and chief executive officer of the holding company and the bank.

Founded in 1896, with $656 million in assets as of June 30, 2020, The Peoples Bank operates 18 branches along the Mississippi Gulf Coast in Hancock, Harrison, Jackson and Stone counties. In addition to offering a comprehensive range of retail and commercial banking services, the bank also operates a trust and investment services department that has provided customers with financial, estate and retirement planning services since 1936.

The Peoples Bank is a wholly owned subsidiary of Peoples Financial Corporation, listed on the OTCQX Best Market under the symbol PFBX. Additional information is available on the Internet at www.thepeoples.com.

This news release contains forward-looking statements and reflects industry conditions, company performance and financial results. These forward-looking statements are subject to a number of risk factors and uncertainties which could cause the Company’s actual results and experience to differ from the anticipated results and expectation expressed in such forward-looking statements.