TrustCo Bank Corp NY Announces Stock Repurchase Plan
TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) today announced that
its Board of Directors has approved a stock repurchase program.
Under the stock repurchase program, TrustCo may repurchase up to
2,000,000 shares of its common stock, or approximately 2% of its
current outstanding shares. If TrustCo’s previously announced
proposed reverse stock split is consummated, the then remaining
number of shares subject to the repurchase program will be
The repurchase program will permit shares to be
repurchased in open market or private transactions, through block
trades, or pursuant to any trading plan that may be adopted in
accordance with Rule 10b5-1 of the Securities and Exchange
Repurchases will be made at management’s discretion
over the next twelve months at prices management considers to be
attractive and in the best interests of both TrustCo and its
stockholders, subject to the availability of stock, general market
conditions, the trading price of the stock, alternative uses for
capital, and TrustCo’s financial performance. Open market purchases
will be conducted in accordance with applicable legal
The repurchase program may be suspended, terminated
or modified at any time for any reason, including market
conditions, the cost of repurchasing shares, the availability of
alternative investment opportunities, liquidity, and other factors
deemed appropriate. These factors may also affect the timing and
amount of share repurchases. The repurchase program does not
obligate TrustCo to purchase any particular number of shares.
About TrustCo Bank Corp NY
TrustCo Bank Corp NY is a $5.9 billion savings and
loan holding company and through its subsidiary, Trustco Bank,
operates 148 offices in New York, New Jersey, Vermont,
Massachusetts, and Florida.
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 the repurchase of our common
stock, including the aggregate amount of such repurchases, and our
proposed reverse stock split. Such forward-looking statements are
subject to factors that could cause actual results to differ
materially from those discussed, including the risk that the stock
repurchase program may not be completed as planned on a timely
basis or at all 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. TrustCo wishes to caution readers not to place undue
reliance on any such forward-looking statements, which speak only
as of the date made. We do not undertake any obligation to publicly
update any forward-looking statements, whether as a result of new
information, future events or otherwise.
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
Robert LeonardExecutive Vice President andChief Risk Officer(518)