Truxton Corp - TRUX STOCK NEWS

Truxton Corporation (OTCPK: TRUX) has been named one of the top 200 best-performing banks in the U.S. by American Banker, marking its tenth consecutive year on the list. The Nashville-based financial holding company achieved a 3-year return on average equity (ROAE) of 16.7%, ranking 19th overall. In 2021, Truxton recorded its highest ROAE at 18.26%. This recognition underscores the bank's commitment to exceptional client service and strong performance.

Truxton Trust Company has announced the election of R. Claiborne Richards, Jr. and Derek Young to its Board of Directors during its annual shareholder meeting on May 24, 2022. Richards, former CEO and Founder of naviHealth, brings extensive healthcare experience, having led the company until its acquisition by United Health Group in 2020. Young, a corporate culture consultant, offers expertise in leadership and diversity. Chairman Tom Stumb emphasized the value of their leadership in enhancing the company's growth and service offerings in private banking, wealth management, and trust services.

Truxton Trust has appointed Derrick Jones to focus on Corporate Development, while continuing his role as counsel for the Wealth Management team. Under his leadership, the firm established a successful bank-owned wealth management operation over the past 17 years. CEO Tom Stumb highlighted the intent to replicate this success across the organization. Additionally, Drew Mallory has been named Chief Fiduciary Officer, and three new Managing Directors have joined the Wealth Management division, reinforcing Truxton’s commitment to strategic growth.

Truxton Trust has promoted Buck Patton to Vice President and Wealth Advisor, along with Mitch Van Zelfden, who has been named Vice President and Portfolio Manager. Derrick Jones, Senior Managing Director, emphasized that both promotions reflect the firm’s commitment to personalized financial advice and investment excellence. Since joining in 2018, Patton has excelled as a strategic thought leader, while Van Zelfden has strengthened investment processes. Founded in 2004, Truxton Trust Company serves wealthy individuals with comprehensive financial solutions and is a subsidiary of Truxton Corporation (OTCPK: TRUX).

Truxton Corporation (OTCPK: TRUX) announced a quarterly cash dividend of $0.34 per common share, set to be paid on June 24, 2022, to shareholders of record by June 8, 2022. This decision underscores the company’s commitment to returning value to shareholders amidst its operations as a financial holding company and parent of Truxton Trust Company. Truxton Trust specializes in private banking, wealth management, and family office services, tailored for wealthy individuals and their business interests.

Truxton Corporation reported strong first-quarter results for 2022, achieving a net income of $4.2 million or $1.45 per diluted share, a 37% increase from the same period in 2021. Non-interest income rose by 23% year-over-year to $4.4 million, with wealth management contributing 96%. Loans grew by 16% compared to Q1 2021, while total deposits increased by 19% year-over-year. The net interest margin improved to 2.75%. However, total deposits fell by 4% from the previous quarter. The bank's capital position remains strong, with a Tier 1 leverage ratio of 9.48%.

Truxton Trust has launched Truxton Capital Advisors (TCA), enhancing its Wealth Management Services to assist families in buying, selling, or restructuring businesses. Senior Managing Director Derrick Jones stated that offering business advisory services is a natural extension of their private banking model. The TCA team, including Andrew May and Philip Skipp, leverages extensive experience from notable firms to guide clients through liquidity events. Truxton Trust aims to provide tailored financial solutions, maintaining its founding principle of integrity.

Truxton Trust Company has announced the promotion of three key executives to Managing Directors for Wealth Management Services: Miles T. Kirkland, Kevin S. Brodrick, and W. Spence Dabbs. Additionally, Andrew 'Drew' J. Mallory will take on the role of Chief Fiduciary Officer. These promotions reflect the individuals' leadership and commitment to client success, as stated by Senior Managing Director Derrick Jones. Founded in 2004, Truxton Trust offers private banking and wealth management services and is a subsidiary of Truxton Corporation (OTCPK: TRUX).

Truxton Trust Company has appointed Daniel J. Bellet as Associate Wealth Advisor in its Wealth Management Services. Bringing extensive experience in investment, risk management, and estate planning, Bellet holds the CERTIFIED FINANCIAL PLANNER™ and CERTIFIED PLAN FIDUCIARY ADVISOR™ designations. His academic qualifications include a Bachelor’s in Finance from Hillsdale College. Senior management lauded his commitment to client service. Founded in 2004, Truxton Trust provides tailored banking and wealth management solutions for affluent clients globally. It operates under Truxton Corporation (OTCPK: TRUX).