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TrustCo Caps Off Year of Historic Celebrations and Achievement with Dividend Increase
GLENVILLE, N.Y., Nov. 15, 2022 (GLOBE NEWSWIRE) -- The Board of Directors of TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) on November 15, 2022 declared an
About this update from Trustco Bank Corp Ny
[{"type":"text","content":"GLENVILLE, N.Y., Nov. 15, 2022 (GLOBE NEWSWIRE) -- The Board of Directors of TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) on November 15, 2022 declared an increase in the quarterly cash dividend of 2.9% to $0.36 per share, or $1.44 per share on an annualized basis. The dividend will be payable on January 3, 2023 to shareholders of record at the close of business on December 2, 2022. Chairman, President, and Chief Executive Officer Robert J. McCormick said: “Over the course of this year, we have celebrated a number of historic milestones surrounding Trustco Bank’s 120th anniversary. The company also has posted successive historic earnings for several quarters over the same period. These achievements are the product of a corporate strategy thoughtfully designed to amass liquidity in a down-interest-rate environment and strategically executed to position the Company to deploy that capital into higher yielding assets when interest rates increased. We are thrilled that the Company is able to not only continue, but enhance, its century-long commitment to paying a substantial dividend. Indeed, paying an above-average return to our owners is a part of our corporate mission statement and we are proud to fulfil that mission. This success also has fueled steady and sustained growth as we have invested in new technology and expanded our areas of operation.” About TrustCo Bank Corp NY TrustCo Bank Corp NY is a $6.1 billion savings and loan holding company. Through its subsidiary, Trustco Bank, Trustco operates 144 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. Forward-Looking Statements All statements in this news release that are not historical are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking s...