Truxton Corporation Announces Increased Quarterly Cash Dividend, Special Dividend, and $5 Million Repurchase Authorization
FOR IMMEDIATE RELEASE
NASHVILLE, TN, January 28, 2021 – 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 $0.30 per common share payable March 25, 2021, to shareholders of record as of March 9, 2021. Today’s dividend represents a seven percent increase over the 2020 regular quarterly dividend of $0.28. This represents the ninth 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 25, 2021, to shareholders of record as of March 9, 2021.
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.
President and Chief Financial Officer Andrew L. May commented, “Truxton has been fortunate in generating attractive returns to equity capital. We are eager to return some capital to shareholders, consistent with maintaining a conservative balance sheet.”
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.