TrustCo Declares Cash Dividend
May 19 2015 - 3:15PM
The board of directors of TrustCo Bank Corp NY
(TrustCo) (Nasdaq:TRST) today declared a
quarterly cash dividend of $0.065625 per share, or $0.2625 per
share on an annualized basis. The dividend will be payable
July 1, 2015, to shareholders of record at the close of business on
June 5, 2015. TrustCo has paid a cash dividend every year
since 1904.
President and Chief Executive Officer Robert J.
McCormick noted, “We are very pleased that our solid results allow
us to continue to provide our shareholders with a strong cash
dividend. We understand how important the TrustCo cash
dividend is to our shareholders. Our cash dividend continues
a tradition that extends back over 100 years.”
Mr. McCormick also noted, “We are proud that SNL
Financial recently ranked TrustCo 12th among United States thrifts
for 2014 based on an objective analysis of profitability, capital
strength and asset quality.” TrustCo has ranked in the
top twenty on this study every year since 2005.
TrustCo Bank Corp NY is a $4.7 billion savings
and loan holding company. Its subsidiary, Trustco Bank,
operates 145 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 StatementAll 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 2015 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, 2014, 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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