TrustCo continues more than 100-year history of success, announces quarterly dividend
May 19 2020 - 4:00PM
The Board of Directors of TrustCo Bank Corp NY (TrustCo, Nasdaq:
TRST) today declared a quarterly cash dividend of $0.068125 per
share, or $0.2725 per share on an annualized basis. The
dividend will be payable on July 1, 2020 to shareholders of record
at the close of business on June 5, 2020. TrustCo has paid a
cash dividend every year since 1904.
Chairman, President and Chief Executive Officer
Robert J. McCormick said: “We are very pleased that our bank’s
performance, driven by management’s commitment to the growth of the
company, has enabled us to again provide our shareholders with a
strong cash dividend. Building on our previous successes and
the continued cultivation of new customers in the communities we
serve, allows us to deliver this important dividend even in these
uncertain times. We are proud to continue the more than 100-year
tradition of meeting the expectations of our owners.”
About TrustCo Bank Corp NY
TrustCo Bank Corp NY is a $5.3 billion savings
and loan holding company. Through its subsidiary, Trustco Bank,
Trustco operates 148 offices in New York, New Jersey, Vermont,
Massachusetts and Florida. Trustco has a more than 100-year
tradition of providing high-quality services, including a wide
variety of deposit and loan products. In addition, Trustco Bank’s
Financial Services Department offers a full range of investment
services, retirement planning and trust and estate administration
services. Trustco Bank is rated as one of the best performing
savings banks in the country. The common shares of TrustCo are
traded on the NASDAQ Global Select Market under the symbol
TRST. For more information, visit
www.trustcobank.com.
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 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: the effect of the COVID-19
pandemic on our business, financial condition, liquidity and
results of operations; 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.
The forward-looking statements contained in this
news release speak only as of today’s date. TrustCo disclaims any
obligations to update forward-looking statements contained in this
news release or in the above referenced reports, whether as a
result of new information, future events or otherwise.
Subsidiary: Trustco Bank |
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Contact: |
Robert M. LeonardExecutive Vice President and Chief Risk
Officer(518) 381-3693 |
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