TrustCo announces annual meeting results and implementation of reverse stock split
May 20 2021 - 4:30PM
The Board of Directors of TrustCo Bank Corp NY (TrustCo, Nasdaq:
TRST) today announced the results of its 2021 Annual Meeting of
Shareholders. The Company announced that the following individuals
were elected as directors to serve terms expiring at the 2022
annual meeting: Lisa M. Lucarelli, Thomas O. Maggs, Anthony J.
Marinello MD, PhD, Robert J. McCormick, Kimberly A. Russell, and
Frank B. Silverman, with each director securing more than 90% of
votes cast. Shareholders also expressed strong support for the
advisory resolution on the compensation of the company’s executive
officers. Likewise, the shareholders approved a reverse stock split
of TrustCo’s Common Stock at a ratio of 1 for 5 and an amendment to
TrustCo’s Amended and Restated Certificate of Incorporation to
effect a reverse stock split of TrustCo Common Stock at a ratio of
1 for 5 and a corresponding proportionate reduction in TrustCo’s
authorized Common Stock. Finally, the Company announced that the
shareholders ratified the selection of Crowe, LLP as the Company’s
independent auditors for 2021.
The Company declared that it anticipates that it
will implement the approved reverse stock split effective on May
28, 2021 and indicated that the dividend announced on May 18, 2021,
payable July 1, 2021 to shareholders of record as of June 4, 2021,
will be proportionately adjusted to reflect the reverse stock
split. The split-adjusted quarterly cash dividend will
be $0.340625 per share, or $1.3625 per share on an annualized
basis.
In a letter to be mailed to all shareholders of
record, Chairman, President, and CEO Robert J. McCormick said “This
is great news for the company and is expected to better position us
in the stock market with a share price that we believe will be
attractive to a broader pool of investors.” Separately, Mr.
McCormick also said “We are very grateful for the strong
shareholder support for this initiative and for the members of our
board of directors.”
About TrustCo Bank Corp
NYTrustCo Bank Corp NY is a $6.0 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, including statements regarding TrustCo’s intent to
effect a reverse stock split, 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.
TrustCo wishes to caution readers not to place undue reliance on
any such forward-looking statements, which speak only as of the
date made, and such forward-looking statements are subject to
factors that could cause actual results to differ materially from
those discussed. Examples of these factors include, but are not
limited to, financial, operational and legal risks and
uncertainties detailed from time to time in TrustCo’s cautionary
statements contained in its Annual Report on Form 10-K for the year
ended December 31, 2020, filed with the Securities and Exchange
Commission (“SEC”) on February 26, 2021, Quarterly Report on Form
10-Q for the quarter ended March 31, 2021, filed with the SEC on
May 7, 2021, and its other filings with the SEC.
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.
Contact: |
Robert M. Leonard |
|
Executive Vice President and Chief Risk Officer |
|
(518) 381-3693 |
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