UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20543
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of
The Securities Exchange Act of 1934
Date of Report July 31, 1998
THE PEOPLES HOLDING COMPANY
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(Exact name of registrant as specified in its charter)
Mississippi 0-12154 64-0676974
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(State or (Commission (I.R.S. Iden-
other file tification
jurisdiction) number) number)
209 Troy Street, Tupelo, Mississippi 38802-0709
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(Address of principal executive officers) (Zip Code)
Registrant's Telephone Number: (601)680-1001
ITEM 1: CHANGES IN CONTROL OF REGISTRANT.
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Not applicable
ITEM 2: ACQUISITION OR DISPOSITION OF ASSETS.
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Not applicable
ITEM 3: BANKRUPTCY OR RECEIVERSHIP.
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Not applicable
ITEM 4: CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTS.
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Not applicable
ITEM 5: OTHER EVENTS.
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The Board of Directors of The Peoples Holding Company has
approved the hiring of Alex Sheshunoff Mangement Consulting Services,
Inc. The focus of their engagement is to re-align work flows by
better utilizing technology. Approximately 130 jobs will be
eliminated over a period of approximately 9 months. Work should be
completed by the end of the first quarter of 1999. The economic
impact will not be apparent until 1999, but is expected to
generate an additional $3 to $4 million pre-tax.
ITEM 6: RESIGNATION OF REGISTRANT'S DIRECTORS.
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Not applicable
ITEM 7: FINANCIAL STATEMENTS AND EXHIBITS.
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Not applicable
ITEM 8: CHANGE IN FISCAL YEAR.
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Not applicable
ITEM 9: SALES OF EQUITY SECURITIES PURSUANT TO REGULATION S.
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Not applicable
SIGNATURE
Pursuant to the requirements of The Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on it's behalf by the
undersigned thereunto duly authorzied.
THE PEOPLES HOLDING COMPANY
/s/ John W. Smith
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John W. Smith
President & CEO
DATE: July 31, 1998