TrustCo Bank Corp NY Announces Stock Repurchase Plan
29 März 2024 - 9:00PM
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
200,000 shares of its common stock, or approximately 1%, of its
current outstanding shares. 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 Commission.
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 requirements.
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 $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 often 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. Examples of
forward-looking statements include, among others, statements we
make regarding our expectations relating to the newly-approved
stock repurchase program. Forward-looking statements are based on
management’s current expectations, as well as certain assumptions
and estimates made by, and information available to, management at
the time the statements are made. 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 or implied in such
statements. Examples of these include, but are not limited to: our
ability to successfully execute repurchases of our common stock
under the newly-approved stock repurchase program, as well as the
potential for such repurchases to affect the price of our common
stock and increase volatility; the effects of ongoing 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; the impact of any
recent or future bank failures, and any actions taken in connection
therewith by any bank regulatory authorities, on the financial
services industry and the regional and local business environments
in which we operate; 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.
Subsidiary: Trustco Bank
Contact:Robert M. Leonard Executive Vice President
(518) 381-3693
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