Truxton Corp - TRUX STOCK NEWS

Truxton expands its presence in Northeast Georgia with two key appointments. Jennifer Verbrigghe, CFP®, CTFA, joins as Senior Vice President, Wealth Advisor, bringing 24 years of financial services experience. Tia Marrano is promoted to Assistant Vice President, Wealth Advisor. Verbrigghe's expertise in financial planning and trust advisory for high-net-worth families is expected to benefit Truxton Wealth. Marrano, with Truxton since 2014, has been important to the company's growth in Georgia. Both appointments aim to strengthen Truxton's ability to serve multi-generational wealthy clients and expand its market presence.

Truxton, a financial services firm, has announced several new hires and promotions, strengthening its team across various departments. Key additions include:

- Charles Vance, JD: Vice President, Wealth Advisor and Director of Security
- Brandt Warner, JD, CFP®: Assistant Vice President, Wealth Advisor
- John Gleason, CPA: Associate Wealth Advisor & Tax Strategist
- Brad Bartkowiak: Vice President in Banking
- Krista Conaway: Treasury Officer

The company also promoted Joseph Staub to Assistant Vice President, Compliance, and Vanita Murphy to Assistant Vice President, Loan Administration. CEO Tom Stumb emphasized Truxton's commitment to attracting top talent to better serve clients, while President Derrick Jones expressed confidence in the new team members' ability to improve client outcomes and drive business growth.

Truxton (OTCPK: TRUX), the parent company of Truxton Trust Company, has announced a quarterly cash dividend of $0.43 per common share. This dividend will be payable on September 25, 2024, to shareholders of record as of September 11, 2024. The announcement comes from the company's Board of Directors, who approved this dividend distribution. Truxton , a financial holding company, continues to demonstrate its commitment to providing returns to its shareholders through this regular dividend payment.

Truxton reported strong Q2 2024 results, with net income attributable to common shareholders at $4.51 million, or $1.55 per diluted share, up 1% from Q2 2023. Non-interest income grew to $5.5 million, with wealth management constituting 94% of it. Despite a 2% decline in loans to $648 million and a 1% decrease in total deposits to $840 million, the company's net interest margin improved to 2.75%. The Bank's Tier 1 leverage ratio remained strong at 10.45%. However, non-interest expenses increased due to fraud losses of $733 thousand and higher costs related to headquarters relocation.

Truxton (OTCPK: TRUX), the parent company of Truxton Trust, has been named the 9th top community bank in the U.S. by American Banker. This recognition highlights Truxton's exceptional performance with a 3-year return on average equity (ROAE) of 20.98% for the period ending December 31, 2023. Truxton has been featured in American Banker’s annual ranking for twelve consecutive years and holds the distinction of being the highest-ranked bank based in Tennessee. The bank's ROAE for 2023 alone was an impressive 22.3%. Both CEO Tom Stumb and CFO Austin Branstetter attribute this success to the company's commitment to excellent client service and prudent equity capital management.

Truxton reported first quarter 2024 results with a net income of $4.33 million, or $1.48 per diluted share, showing a 1% increase from the same quarter in 2023. Non-interest income grew to $5.1 million, up 10% from the prior quarter and 15% from the first quarter of 2023. Wealth management constituted 96% of non-interest income. Loans increased by less than 1% to $660 million, while total deposits rose by 9% to $850 million. Net interest margin decreased to 2.62%, and cost of funds increased to 3.33%. The company's capital position remains strong with a Tier 1 leverage ratio of 10.40% and a book value per common share of $30.61.

Truxton declares a quarterly cash dividend of $0.43 per common share, payable on June 25, 2024, to shareholders of record as of June 11, 2024.

Truxton Trust Company welcomes Charles G. Mueller to its Board of Directors, bringing extensive experience from Northern Trust Mr. Mueller's wealth management expertise adds value to the team, enhancing the company's growth prospects.

Truxton, a wealth and banking services provider, is relocating its headquarters to Burton Hills in Nashville for client and employee convenience and safety. The move to 20 Burton Hills Blvd, Suite 200, signifies a strategic shift for the company.