PRESS RELEASE
                                 EXHIBIT (a)(9)


                                          The Peoples Holding Company (AMEX:PHC)
                                          P.O. Box 709
                                          Tupelo, MS 38801-0709
                                          Phone: (662) 680-1001
                                          Fax: (662) 680-1234
                                          www.thepeopleplace.com


For additional information, contact:
Stuart R. Johnson
Executive Vice President & Chief Financial Officer
(662) 680-1472

Date:  May 15, 2001


THE PEOPLES  HOLDING  COMPANY  ANNOUNCES  RESULTS OF TENDER OFFER

TUPELO,  MISSISSIPPI - The Peoples  Holding  Company,  (American Stock Exchange:
PHC) (the "Company"),  the holding company for The Peoples Bank & Trust Company,
announced today the final results of its tender offer,  which expired on May 15,
2001. On April 16, 2001, the Company offered to purchase up to 604,312 shares of
its Common Stock at $23.00 per share.  As of May 15, 2001,  The Peoples  Holding
Company has accepted  for payment a total of 221,023  shares of its Common Stock
at a purchase price of $23.00 per share. The offer was  under-subscribed and The
Peoples  Holding  Company  accepted all shares validly  tendered.  The Company's
management and Board of Directors  believe that the Company's  business,  assets
and prospects, coupled with the market price of its shares of Common Stock, made
this  purchase of shares  pursuant to the terms and  conditions  of the offer an
attractive investment opportunity.

COMMUNITY BANKING.  The Peoples Bank & Trust Company's  business  activities are
conducted through the bank and its wholly-owned subsidiaries,  Peoples Insurance
Agency,  Dominion Life and Health P.A.,  Alliance  Finance  Company and Dominion
Company (Dominion companies). The Bank is headquartered in Tupelo,  Mississippi,
and has over $1.2 Billion in assets.  The Bank accounts for substantially all of
the assets and revenues of The Peoples  Holding  Company.  On December 31, 2000,
the Bank had 41 banking offices in Tupelo, Aberdeen, Amory, Batesville,  Belden,
Booneville,  Calhoun City, Coffeeville,  Corinth,  Grenada,  Guntown,  Hernando,
Iuka, Louisville, New Albany, Okolona, Olive Branch, Pontotoc, Saltillo, Sardis,
Shannon,  Smithville,  Southaven,  Verona, Water Valley, West Point, and Winona,
Mississippi.  The Peoples Holding Company, The Peoples Bank's parent company, is
traded on the American Stock Exchange (PHC).