Tectonic Financial, Inc., a Texas-based state commercial bank, has reported the upcoming retirement of two key board members. Daniel C. Wicker and George L. Ball (NYSE:BALL) have decided to step down from their positions effectively on December 31, 2024, as disclosed in a recent 8-K filing with the Securities and Exchange Commission.
Mr. Wicker, who serves as a director for Tectonic Financial and its subsidiaries, T Bancshares, Inc. (TBI), and T Bank, National Association (the Bank), informed the boards of his intention to retire on November 12, 2024. Similarly, Mr. Ball, currently a director and Executive Co-Chairman, announced his retirement from his roles at the same entities. Following Mr. Ball's departure, Darrell W. Cain, presently Co-Chairman, will assume the role of Chairman in a non-executive capacity.
The company has stated that the resignations were voluntary and not due to any disagreements regarding operations, policies, practices, or any other matters. Furthermore, there were no known issues with financial or operational controls at the time of their resignations. Tectonic Financial expressed its gratitude to Messrs. Wicker and Ball for their dedicated service and contributions over the years.
In other recent news, Tectonic Financial has announced dividends on both its preferred and common stock shares. Shareholders of Tectonic Financial's 9.00% Fixed-to-Floating Rate Series B Noncumulative Perpetual Preferred Stock will receive a cash dividend of $0.3092146 per share, while a cash dividend of $0.10 per share has been declared for holders of the company's common stock. These dividends were declared on October 25, 2024, and are due for payment on November 15, 2024.
Additionally, Tectonic Financial has revealed a significant transition in its executive leadership. Patrick Howard, the current President, is set to retire by July 31, 2025, and A. Haag Sherman, a company veteran since 2016, will assume the role.
In another development, Tectonic Financial has declared dividends for its preferred and common stock shareholders. The cash dividend for its 9.00% Fixed-to-Floating Rate Series B Noncumulative Perpetual Preferred Stock is $0.3144353 per share, and a cash dividend of $0.10 per share for its common stock.
InvestingPro Insights
As Tectonic Financial, Inc. prepares for the retirement of key board members, InvestingPro data provides additional context to the company's financial performance. The bank's revenue for the last twelve months as of Q2 2024 stood at $66.24 million, with a modest quarterly revenue growth of 8.67% in Q2 2024. This growth suggests that the company has maintained a stable financial position leading up to the announced leadership changes.
Notably, Tectonic Financial boasts an impressive dividend yield of 11.79%, which may be of particular interest to income-focused investors considering the upcoming board transitions. This high yield could indicate the company's commitment to shareholder returns, even as it navigates changes in its leadership structure.
InvestingPro Tips highlight that Tectonic Financial has a high dividend yield and has raised its dividend for 3 consecutive years. These factors may provide some reassurance to shareholders about the company's financial stability during this period of board member turnover.
For investors seeking a more comprehensive analysis, InvestingPro offers 9 additional tips for Tectonic Financial, providing deeper insights into the company's financial health and market position.
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