Truxton Corporation Announces Increased Quarterly Cash Dividend, Special Cash Dividend, and $5 Million Repurchase Authorization

Rhea-AI Summary

Truxton Corporation (OTCPK: TRUX) announced a quarterly cash dividend of $0.38 per share, marking a 12% increase over the previous year. This dividend is part of the company's eleventh consecutive year of increases. A special cash dividend of $1.00 per share will also be issued on March 24, 2023. Furthermore, the Board authorized a stock repurchase program allowing the acquisition of up to $5 million of common shares over the next year. The buyback's timing and quantity will depend on various market and performance factors.

Positive

• Quarterly cash dividend increased by 12% to $0.38 per share.
• Special cash dividend of $1.00 per share.
• Eleventh consecutive year of increased regular dividends.
• Stock repurchase program of up to $5 million authorized.

Negative

• None.

NASHVILLE, Tenn., Jan. 26, 2023 (GLOBE NEWSWIRE) -- Truxton Corporation (OTCPK: TRUX), a financial holding company and the parent of Truxton Trust Company, announced that its Board of Directors has approved a quarterly cash dividend of $0.38 per common share payable March 24, 2023, to shareholders of record as of March 10, 2023. Today’s dividend represents a twelve percent increase over the 2022 regular quarterly dividend of $0.34. This represents the eleventh consecutive year of increased regular dividends at Truxton Corporation. In addition, a special cash dividend of $1.00 per common share will be paid on March 24, 2023, to shareholders of record as of March 10, 2023.

The Board of Directors has also authorized a stock repurchase program under which the Corporation may acquire up to $5 million of its common shares during a period beginning after the release of fourth quarter earnings and extending for one year. The shares may be purchased in open market or private transactions at the discretion of management, subject to the limitations of applicable securities laws.

The share repurchase program may be extended, modified, amended, suspended or discontinued at any time at the Corporation’s discretion and does not commit the Corporation to repurchase shares of its common stock. The actual timing, number and value of the shares to be purchased under the program will be determined by the Corporation at its discretion and will depend on a number of factors, including the performance of the Corporation’s stock price, the Corporation’s ongoing capital planning considerations, general market and other conditions, applicable legal requirements and compliance with the terms of the Corporation’s outstanding indebtedness.

About Truxton Trust
Truxton Trust Company is a provider of private banking, wealth management, trust, and family office services for wealthy individuals, their families and their business interests. Serving clients across the world, Truxton’s vastly experienced team of professionals provides customized solutions to its clients’ complex financial needs. Founded in 2004 in Nashville, Tennessee, Truxton Trust upholds its original guiding principle: do the right thing. Truxton Trust Company is a subsidiary of financial holding company, Truxton Corporation (OTCPK: TRUX). For more information, visit truxtontrust.com.

Investor Relations	Media Relations
Andrew May	Swan Burrus
615-515-1707	615-250-0773
andrew.may@truxtontrust.com	Swan.burrus@truxtontrust.com

FAQ

What is the amount of the quarterly cash dividend declared by Truxton Corporation?

The quarterly cash dividend is $0.38 per common share.

When will Truxton Corporation's special cash dividend be paid?

The special cash dividend will be paid on March 24, 2023.

What is the purpose of the stock repurchase program by Truxton Corporation?

The stock repurchase program aims to acquire up to $5 million of common shares, improving shareholder value.

How long will the stock repurchase program last?

The program will extend for one year, starting after the release of fourth quarter earnings.

What factors will influence the stock repurchase timing and quantity?

The timing and quantity will depend on stock performance, capital planning, market conditions, and legal requirements.