UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event reported):  February 20, 2024

TrustCo Bank Corp NY
(Exact name of registrant as specified in its charter)

New York
0-10592
14-1630287
State or Other Jurisdiction of Incorporation or Organization
Commission File No.
I.R.S. Employer Identification
 Number

5 SARNOWSKI DRIVE, GLENVILLE, NEW YORK 12302
(Address of principal executive offices)

(518) 377-3311
(Registrant’s Telephone Number,
Including Area Code)

NOT APPLICABLE
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
 
Common Stock, $1.00 par value
  TRST
 
Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



TrustCo Bank Corp NY
 
Item 8.01.
Other Events
 
On February 21, 2024 TrustCo Bank Corp NY (“TrustCo”) issued a press release announcing that on February 20, 2024 its Board of Directors had declared a quarterly cash dividend of $0.36 per share.  The dividend is payable April 1, 2024, to shareholders of record at the close of business on March 1, 2024.  A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99(a) and is incorporated herein by reference.
 
Item 9.01.
Financial Statements and Exhibits
 
 
(d)
Exhibits
 
Reg S-K Exhibit No.
Description
   
Press release dated February 21, 2024 announcing that on February 20, 2024 the Board of Directors of TrustCo had declared a quarterly cash dividend of $0.36 per share.
   
 104
 Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document.

-2-

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: February 21, 2024
 
   
 
TrustCo Bank Corp NY
 
(Registrant)
   
 
By:
/s/ Michael M. Ozimek
   
Michael M. Ozimek
   
Executive Vice President and
   
Chief Financial Officer


-3-


Exhibts 99(a)

News Release

5 Sarnowski Drive, Glenville, New York 12302
(518) 377-3311 Fax: (518) 381-3668

Subsidiary: Trustco Bank

Contact:
Robert M. Leonard
 
Executive Vice President
 
(518) 381-3693

Strong Capital Supports TrustCo’s Consistent Dividend;
Annualized Payout of $1.44 per share

Glenville, New YorkFebruary 21, 2024

The Board of Directors of TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) on February 20, 2024, declared a quarterly cash dividend of $0.36 per share, or $1.44 per share on an annualized basis.  The dividend will be payable on April 1, 2024 to shareholders of record at the close of business on March 1, 2024.

Chairman, President, and Chief Executive Officer Robert J. McCormick said: “We are pleased that our strategic preservation of capital enables us to complete our 119th year paying quarterly dividends.  Our management team is justifiably proud of this longevity and optimistic about the opportunities that 2024 undoubtedly will present. Our shareholders can be assured that the leaders of the TrustCo team are ever mindful of the importance of providing long-term shareholder value, and stand ready to transform opportunity into tangible benefit.”

About TrustCo Bank Corp NY

TrustCo Bank Corp NY is a $6.2 billion savings and loan holding company. Through its subsidiary, Trustco Bank, Trustco operates 140 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 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 developments, results or 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 and uncertainties that could cause actual results to differ materially for TrustCo from the views, beliefs and projections expressed in such statements. Examples of these include, but are not limited to: volatility in financial markets and the soundness of other financial institutions; U.S. government shutdowns, credit rating downgrades, or failure to increase the debt ceiling; changes in interest rates; the effects of inflation and inflationary pressures and changes in monetary and fiscal policies and laws, including changes in the Federal funds target rate by, and interest rate policies of, the Federal Reserve Board; ongoing armed conflicts (including the Russia/Ukraine conflict and the conflict in Israel and surrounding areas); the risks and uncertainties under the heading “Risk Factors” in our most recent annual report on Form 10-K and, if any, in our subsequent quarterly reports on Form 10-Q; the other financial, operational and legal risks and uncertainties detailed from time to time in TrustCo’s cautionary statements contained in its filings with the Securities and Exchange Commission; and the effect of all of such items on our operations, liquidity and capital position, and on the financial condition of our borrowers and other customers.  The forward-looking statements contained in this news release represent TrustCo management’s judgment as of the date of this news release. TrustCo disclaims, however, any intent or obligation to update forward-looking statements, either as a result of future developments, new information or otherwise, except as may be required by law.



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Document and Entity Information
Feb. 20, 2024
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Document Period End Date Feb. 20, 2024
Entity File Number 000-10592
Entity Registrant Name TRUSTCO BANK CORP N Y
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Entity Incorporation, State or Country Code NY
Entity Tax Identification Number 14-1630287
Entity Address, Address Line One 5 SARNOWSKI DRIVE
Entity Address, City or Town GLENVILLE
Entity Address, State or Province NY
Entity Address, Postal Zip Code 12302
City Area Code 518
Local Phone Number 377-3311
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Trading Symbol TRST
Security Exchange Name NASDAQ
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