TrustCo Declares Cash Dividend
February 20 2018 - 5:15PM
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 April 2, 2018,
to shareholders of record at the close of business on March 2,
2018. 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 current and future periods 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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