UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
                       Pursuant to Section 13 or 15 (d) of
                       The Securities Exchange Act of 1934

                                  May 21, 2003
                        ---------------------------------
                Date of Report (Date of Earliest Event Reported)

                           THE PEOPLES HOLDING COMPANY
                           ---------------------------
             (Exact Name of Registrant as Specified in its Charter)

                   Mississippi        1-13253        64-0676974
                 ---------------    -----------    -------------
                 (State or Other    (Commission    (I.R.S. Iden-
                 Jurisdiction of     File          tification
                 Incorporation)      Number)       Number)

                 209 Troy Street, Tupelo, Mississippi 38802-0709
                ------------------------------------- ----------
               (Address of Principal Executive Office) (Zip Code)

                  Registrant's Telephone Number: (662)680-1001

ITEM 7:   FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
          -------------------------------------------------------------------
          (c) The following exhibit is filed herewith:

          99.1  Press Release, dated May 21, 2003, issued by The Peoples
                Holding Company.

ITEM 9:   REGULATION FD DISCLOSURE.
          -------------------------

          On May 21, 2003,  The Peoples  Holding  Company issued a press release
          announcing the  declaration of a quarterly cash dividend on its common
          stock of $.28 per share. The press release is filed as Exhibit 99.1 to
          this Form 8-K and is incorporated herein by reference.

                                  SIGNATURE

Pursuant  to the  requirements  of The  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                   THE PEOPLES HOLDING COMPANY
                                   ---------------------------
                                           Registrant

                                   /s/  E. Robinson McGraw
                                   ---------------------------
                                        E. Robinson McGraw
                               President & Chief Executive Officer

DATE:     May 21, 2003

                                 EXHIBIT INDEX
                                 -------------

       EXHIBIT NUMBER                        DESCRIPTION
       --------------        -------------------------------------------
            99.1             Press Release, dated May 21, 2003, issued by
                             The Peoples Holding Company.

EXHIBIT 99.1

                          THE PEOPLES HOLDING COMPANY

Contact: Jim Gray                              Stuart Johnson
         Executive Vice President              Executive Vice President & CFO
         (662) 680-1217                        (662) 680-1001
         jimg@thepeopleplace.com               stuartj@thepeopleplace.com

                           THE PEOPLES HOLDING COMPANY
                 BOARD INCREASES REGULAR QUARTERLY CASH DIVIDEND

TUPELO, Miss. (May 21, 2003) - E. Robinson McGraw, President and Chief Executive
Officer of The Peoples  Holding  Company  (AMEX:PHC),  today  announced that the
Company's  Board of Directors has increased the regular  quarterly cash dividend
to $0.28 from the previous  quarterly rate of $0.27 per share.  This  represents
the 17th consecutive annual increase in the cash payout. The dividend is payable
on July 1, 2003, to shareholders of record on June 13, 2003.

ABOUT THE PEOPLES HOLDING COMPANY

The  Peoples  Holding  Company is the  parent of  Mississippi's  fourth  largest
commercial bank headquartered in the state. Through its wholly owned subsidiary,
The Peoples  Bank & Trust  Company,  the  Company  also is parent of The Peoples
Insurance Agency, Inc. The Peoples Bank has assets of approximately $1.4 billion
and operates 40 community bank offices in 27 north and north-central Mississippi
cities.