FORM 4
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section
17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the
Investment Company Act of 1940
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1. Name (Last, First Middle) and Address of Reporting Person*
Gifford, Eugene B., Jr.
P. O. Box 59
Booneville, MS 38829
2. Issuer Name and Ticker or Trading Symbol
The Peoples Holding Company (PHC)
3. IRS Identification Number of Reporting Person, if an entity (Voluntary)
426-86-7864
4. Statement for Month/Day/Year
April 15, 2003
5. If Amendment, Date of Original (Month/Day/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( X ) Director ( ) 10% Owner
( ) Officer (give title below) ( ) Other (specify below)
_________________________
7. Individual or Joint/Group Filing (Check Applicable Line)
( X ) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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Table I - - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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+-------------------+------------+-------------+----------+------------------------------+----------------+-----------+------------+
|1. Title of |2. Trans- |2a.Deemed |3. Trans- | 4.Securities Acquired (A) |5. Amount of | 6.Owner- |7. Nature of|
| Security | action | Execution| action | or Disposed of (D) | Securities | ship | Indirect |
| | Date | Date, if | Code | (Instr.3,4 and 5) | Beneficially | Form: | Bene- |
| (Instr.3) | | any | (Instr.8)| | Owned Follow-| Direct | ficial |
] | | |-----------+------------------------------| ing Reported | (D) or | Owner- |
| | | | | | | | | Transaction | Indirect| ship |
| | | | | | |(A)or | | (s)(Instr.3 | (I) | |
| |(Mo/Dy/Yr) | (Mo/Dy/Yr)| Code | V | Amount |(D) | Price | and 4) | (Instr.4)| (Instr.4) |
--------------------+------------+------------+-----------+------------+------+----------+----------------+-----------+------------+
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Reminder: Report on a separate line for each class of securities benefically owned directly or indirectly.
*If the form is filed by more than one reporting person, see Instruction 4(b)(v).
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a
currently valid OMB control number.
FORM 4 (Continued)
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TABLE II - - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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+-----------------------------+--------------+-----------+---------------+--------------+-------------------+----------------------+
|1. Title of Derivative | 2. Convers- | 3. Trans- |3A. Deemed | 4. Transact- | 5. Number of | 6. Date Exercisable |
| Security | ion or | action | Execution | ion Code | Derivative | and Expiration |
| (Instr.3) | Exercise | Date | Date, if | (Instr.8) | Securities | Date |
| | Price of | | any | | Acquired (A) or| (Month/Day/Year) |
| | Derivative| | | | Disposed of | |
| | Security | | | | (D)(Instr. 3,4,| |
| | | | | | and 5) +-----------+----------|
| | | | +-------+------+---------+---------| Date Exer-| Expira- |
| | |(Mo/Dy/Yr) | (Mo/Dy/Yr) | Code | V | (A) | (D) | cisable | tion Date|
+-----------------------------+--------------+-----------+---------------+-------+------+---------+---------+-----------+----------+
Phantom Stock 1 for 1 04/15/2003 A .75 (1) (1)
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+--------------------------------------+---------------------+---------------------+----------------------+------------------------+
|7. Title and Amount of Underlying |8. Price of Deriv- | 9. Number of Deriv- | 10. Ownership Form | 11. Nature of Indirect |
| Securities | ative Security | ative Securities | of Derivative | Beneficial |
| (Instr. 3 and 4) | (Instr.5) | Beneficially | Security: | Ownership |
+-----------------+--------------------+ | Owned Following | Direct(D) or | (Instr. 4) |
| Title | Amount or Number | | Reported | Indirect (I) | |
| | of Shares | | Transaction(s) | (Instr.4) | |
| | | | (Instr.4) | | |
+-----------------+--------------------+---------------------+---------------------+----------------------+------------------------+
Common Stock .75 $41.38 (2) 221.77 D
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Explanation of Responses:
(1) The stock units are to be settled 100% in common stock upon the reporting person's normal retirement or upon approved request
for hardship reasons.
(2) The phantom stock units were accrued under the PHC deferred compensation plan.
/s/ Eugene B. Gifford, Jr. April 17, 2003
___________________________________ ________________________________
**Signature of Reporting Person Date
**Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB Number.