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10/12/2012

Trinity Bank declares special dividend

Fort Worth-based Trinity Bank said this week it will pay shareholders a special $1-a-share dividend, citing surplus capital and a lack of other growth opportunities. "In short, we are accumulating capital through retained earnings at a greater rate than is necessary to fund internal growth," President Jeff Harp told shareholders in a release. Trinity Bank,  which reported total assets of $164.9 million as of June 30 and net profit of $1.265 million in the year's first six months, said the year's second quarter marked its 31st consecutive quarter of higher earnings. The bank was founded in 2003. The one-time dividend is in addition to a scheduled 20-cents-a-share dividend. Both are payable Nov. 15 to shareholders of record Oct. 31. The bank's shares, which are thinly traded over-the-counter (ticker: TYBT) are trading at $31.11 after taking a jump Thursday, the day the special dividend was announced.

-- Jim Fuquay

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