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Tectonic Financial, Inc. (NASDAQ:TCTP), a Texas-based state commercial bank currently trading at $10.26 per share with a notable dividend yield of 11.7%, announced the appointment of Mr. Thomas H. Henley as a new member of its board of directors, effective immediately on Monday. The company has demonstrated steady performance with revenue of $68.46 million in the last twelve months. InvestingPro subscribers can access detailed analysis and additional metrics about the company’s financial health. The decision, made by the company’s board, fills a vacancy and positions Mr. Henley to serve until the next annual shareholders meeting or until his earlier departure.
Mr. Henley, 59, brings extensive experience in private equity investing to Tectonic Financial’s board. He has been with Bernhard Capital Partners (WA:CPAP) as a managing director since February 2019. Prior to this, he was a Senior Managing Director at the UAW Retiree Medical (TASE:PMCN) Benefits Trust, where he played a significant role in the investment team and served on the Investment Committee from March 2016 to February 2019.
His academic credentials include a Bachelor of Science in Petroleum Engineering from Stanford University and an MBA from the Anderson Graduate School of Management at the University of California, Los Angeles, where he was awarded a Chevron (NYSE:CVX) Fellowship in Finance.
The terms of Mr. Henley’s compensation align with the company’s non-employee director compensation policy, as detailed in Tectonic Financial’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on April 1, 2024. The company has maintained solid financial performance, with a revenue growth of 3.32% and basic earnings per share of $1.78 in the last twelve months. The company confirmed there are no existing arrangements or understandings between Mr. Henley and any other persons in relation to this appointment, and there are no reportable transactions between Mr. Henley and the company.
Tectonic Financial has yet to determine Mr. Henley’s committee assignments within the board, and an amendment to this report will be filed upon the determination of such assignments.
This announcement is based on a press release statement filed with the U.S. Securities and Exchange Commission. For investors seeking comprehensive analysis of Tectonic Financial’s governance structure and financial metrics, InvestingPro offers exclusive insights and detailed financial indicators to help make informed investment decisions.
In other recent news, Tectonic Financial, Inc., a Dallas-based company, has declared quarterly dividends for its shareholders, as per a recent Securities and Exchange Commission filing. The company will pay a dividend of $0.3036060 per share for the 9.00% Fixed-to-Floating Rate Series B Noncumulative Perpetual Preferred Stock, covering the period from November 15, 2024, to February 18, 2025. Furthermore, a $0.10 per share dividend will also be distributed on its common stock, both payable on February 18, 2025.
In another development, Tectonic Financial has reported the upcoming retirement of two key board members, Daniel C. Wicker and George L. Ball (NYSE:BALL). Following their departure, Darrell W. Cain will assume the role of Chairman in a non-executive capacity. The company clarified that these resignations were voluntary and not due to any disagreements regarding operations, policies, or practices.
These are recent developments reflecting the company’s financial activities and decisions. The dividend declaration indicates Tectonic Financial’s ongoing commitment to its investors, while the leadership transition marks a significant change for the company. The information for this article is based on press release statements.
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