CHARLESTON, WV – City Holding Company (NASDAQ:CHCO), the parent company of City National Bank of West Virginia, a $1.75 billion market cap financial institution with a strong dividend history, announced today the passing of long-serving director Tracy W. Hylton II. Mr. Hylton, who had been with City Holding Company and its predecessors since 1993, died on January 11, 2025, following a lengthy illness.
Mr. Hylton's professional journey began with the Board of the Bank of Raleigh in 1984, and he played a pivotal role during the 1998 merger of Horizon Bancorp (NASDAQ:HBNC) and City Holding Company. His tenure on the board was marked by significant achievements, including the recruitment of a new management team in 2001, which led to a turnaround of the company's fortunes.
City Holding has since been recognized for its performance, notably being named the top performing bank in the US by Forbes in 2024. According to InvestingPro data, the company has delivered a remarkable 19.49% return over the past year and maintains an impressive track record of 13 consecutive years of dividend increases.
His business expertise extended well beyond banking, with ownership of over 30 companies across various sectors, including mining, farming, and real estate. Mr. Hylton was also a prominent figure in the West Virginia coal industry and was a founding member of The Friends of Coal, an advocacy group. Under his guidance, City Holding has maintained strong financial health, earning a "Good" overall score from InvestingPro's comprehensive analysis framework.
Beyond his business endeavors, Mr. Hylton was dedicated to community service and was involved in numerous local civic organizations. His educational background includes studies in engineering and business management at Marshall University, and he served in the National Guard's Armored Cavalry.
In memory of Mr. Hylton, City Holding Company has donated $15,000 to a scholarship fund established by him and his wife Patty. The fund, managed by the Beckley Area Foundation, provides college scholarships to students from coal-producing counties in southern West Virginia.
The company extended its condolences to Mr. Hylton's family, including his wife Patty, daughters Tracijo and Morgan, and stepson Adam Hylton. The information provided is based on a statement from a press release.
In other recent news, City Holding Company, a financial institution based in West Virginia, has declared a dividend of $0.79 per common share. The dividend will be payable on January 31, 2025, to shareholders of record as of January 15, 2025. This decision aligns with City Holding's ongoing practice of rewarding its shareholders and mirrors its financial performance and outlook.
The dividend announcement was made in a Form 8-K filing with the Securities and Exchange Commission, a routine method for companies to share significant events with investors and the wider market. This filing ensures transparency and supplies investors with timely and precise details regarding corporate actions that may influence their investment choices.
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