TrustCo Announces CFO Transition
December 16 2014 - 4:21PM
Robert J. McCormick, President and Chief Executive Officer of
TrustCo Bank Corp NY (TrustCo) (Nasdaq:TRST) announced today that
Executive Vice President and Chief Financial Officer Robert T.
Cushing is retiring from the Company on May 31, 2015. Mr. Cushing
has assumed the new role of Chief Operating Officer and will assist
his successor in the orderly transition of the CFO responsibilities
through his retirement in May.
"Bob has been integral part of the Company for over 20 years.
His leadership of the Company's financial operation as CFO has been
a key component in the growth and success at TrustCo," said Robert
McCormick. "We wish him the best of luck in his retirement and he
will be missed."
Robert McCormick also announced today that Michael M. Ozimek,
has been named Senior Vice President and CFO. Mike has been with
TrustCo for twelve years and is a graduate of Siena College. Prior
to joining TrustCo Mike worked at the accounting firm KPMG. Mr.
McCormick noted "Bob and Mike have worked together for a number of
years and I am confident that the transition will go very smoothly.
We are pleased to have an individual of Mike's caliber assume the
role of CFO."
TrustCo Bank Corp NY is a $4.6 billion savings and loan holding
company. Its subsidiary, Trustco Bank, operates 143 offices in New
York, Florida, Massachusetts, New Jersey and Vermont.
In addition, the Bank's Financial Services Department offers a
full range of investment services, retirement planning and trust
and estate administration services.
The common shares of TrustCo are traded on The NASDAQ Global
Select Market under the symbol TRST.
Safe Harbor Statement
All statements in this news release that are not historical are
forward-looking statements within the meaning of the Securities
Exchange Act of 1934, as amended. Forward-looking statements can be
identified by words such as "anticipate," "intend," "plan," "goal,"
"seek," "believe," "project," "estimate," "expect," "strategy,"
"future," "likely," "may," "should," "will" and similar references
to future periods. Examples of forward-looking statements include,
among others, statements we make regarding our expectations for our
performance during the remainder of 2014 and for the growth of
loans and deposits throughout our branch network and our ability to
capitalize on economic changes in the areas in which we operate.
Such forward-looking statements are subject to factors that could
cause actual results to differ materially for TrustCo from those
discussed. TrustCo wishes to caution readers not to place undue
reliance on any such forward-looking statements, which speak only
as of the date made. The following important factors, among others,
in some cases have affected and in the future could affect
TrustCo's actual results and could cause TrustCo's actual financial
performance to differ materially from that expressed in any
forward-looking statement: our ability to continue to originate a
significant volume of one-to-four family mortgage loans in our
market areas; our ability to continue to maintain noninterest
expense and other overhead costs at reasonable levels relative to
income; the future earnings and capital levels of Trustco Bank and
the continued ability of Trustco Bank under regulatory rules to
distribute capital to TrustCo, which could affect our ability to
pay dividends; our ability to make accurate assumptions and
judgments regarding the credit risks associated with lending and
investing activities; the effect of changes in financial services
laws and regulations and the impact of other governmental
initiatives affecting the financial services industry; results of
examinations of Trustco Bank and TrustCo by our respective
regulators; the effects of, and changes in, trade, monetary and
fiscal policies and laws, including interest rate policies of the
Federal Reserve Board, inflation, interest rates, market and
monetary fluctuations; the perceived overall value of our products
and services by users, including in comparison to competitors'
products and services and the willingness of current and
prospective customers to substitute competitors' products and
services for our products and services; real estate and collateral
values; changes in accounting policies and practices, as may be
adopted by the bank regulatory agencies, the FASB or PCAOB; changes
in local market areas and general business and economic trends, as
well as changes in consumer spending and saving habits; our success
at managing the risks involved in the foregoing and managing our
business; and other risks and uncertainties under the heading "Risk
Factors" in our annual report on Form 10-K for the year ended
December 31, 2013, as amended, and, if any, in our subsequent
quarterly reports on Form 10-Q or other securities filings.
CONTACT: Kevin T. Timmons
Vice President/Treasurer
(518) 381-3607
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