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News Release
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5 Sarnowski Drive, Glenville, New York 12302
(518) 377-3311 Fax: (518) 381-3668
Subsidiary: Trustco Bank
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Contact:
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Robert M. Leonard
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Executive Vice President
(518) 381-3693
RENDERING SPECULATION UNNECESSARY,
TRUSTCO DELIVERS AGAIN WITH A QUARTERLY DIVIDEND OF $0.36 PER SHARE
Glenville, New York – August 20, 2024
The Board of Directors of TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) on August 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 October 1, 2024 to shareholders of record at the close of business on September 6, 2024.
Chairman, President, and Chief Executive Officer Robert J. McCormick said: “While investors and market-watchers are speculating about what will happen with interest
rates, Trustco Bank delivers again this quarter with a consistent and meaningful dividend, as it as done each quarter for over a century. We are very proud that our strength and liquidity permit us to continue this tradition.”
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 139 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 Wealth Management 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: the effects of inflation
and inflationary pressures and changes in monetary and fiscal policies and laws, including increases in the Federal funds target rate by, and interest rate policies of, the Federal Reserve Board; changes in and uncertainty related to benchmark
interest rates used to price loans and deposits; the geopolitical and macroeconomic impact of the war in Ukraine; the impact of the actions taken by governmental authorities to contain the COVID-19 pandemic or address the impact of the pandemic on
the economy; 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.