TrustCo Declares Cash Dividend
February 21 2017 - 4:00PM
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
April 3, 2017, to shareholders of record at the close of business
on March 3, 2017. 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.”
TrustCo Bank Corp NY is a $4.9 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 2016 and for the growth of loans and deposits
throughout our branch network, our ability to capitalize on
economic changes in the areas in which we operate and the extent to
which higher expenses to fulfill operating and regulatory
requirements recur or diminish over time. 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; our ability to comply with the supervisory agreement
entered into with Trustco Bank’s regulator and potential regulatory
actions if we fail to comply; restrictions or conditions imposed by
our regulators on our operations that may make it more difficult
for us to achieve our goals; the future earnings and capital levels
of Trustco Bank and the continued ability of Trustco Bank under
regulatory rules and the supervisory agreement to distribute
capital to TrustCo, which could affect our ability to pay
dividends; results of examinations of Trustco Bank and TrustCo by
our respective regulators; 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; 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
most recent annual report on Form 10-K and 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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