TrustCo Bank
Encyclopedia
Trustco Bank is a commercial bank within the United States
. Trustco was founded in Schenectady, New York in 1902 and is now headquartered in Glenville, NY
. Trustco has 134 branches spread among New York
, Florida
, Massachusetts
, New Jersey
, and Vermont
. Trustco Bank is an Equal Housing Lender
and an Insured member of the Federal Deposit Insurance Corporation
. The company operates under the slogan, "Your Hometown Bank."
, Florida
, Massachusetts
, New Jersey
and Vermont
. The Group provides commercial, construction, residential mortgage, home equity lines of credit and installment loan
s. It also accepts demand, savings
, checking accounts, money market accounts and certificates of deposit
from customers. Its commercial lending activities are focused on balancing the Company's commitment to meeting the credit needs of businesses in its market area with the necessity of managing its credit risk
.Trustco Bank is a portfolio lender, which means it does not sell or trade any loan
s. Trustco Bank offers first and second mortgage
s, and has a full service commercial lending department. Recently, Trustco has added “eStatements,” an electronic version of the monthly statement with images available online and Free Online Banking via the Trustco Bank Internet site.
Recently added to their list of services are interest-bearing checking and Free Business Checking, each having their own set of perks such as free checks and no minimum balances.
During 2007, 16 new branches were added. The Group operates 108 automatic teller machines
and 107 banking offices in Albany
, Columbia
, Dutchess
, Greene
, Montgomery
, Rensselaer
, Rockland
, Saratoga
, Schenectady
, Schoharie
, Warren
, Washington
and Westchester
.
In 2002, Trustco Bank branched out to central Florida
, the first Florida branch having opened its doors in 2003 to customers in the Orlando area. They now have 43 branches in Southwest Florida
in Hillsborough
, Lake
, Manatee
, Orange
, Osceola
, Polk
, Sarasota
, Seminole
and Volusia
counties.
was chartered in Schenectady, formed through the purchase of the asset
s of the Schenectady Bank (c. 1832). As the credit union
for General Electric Corporation (GE)
, Schenectady Trust Company opened for business on June 9, 1902 with 11 employees, and initial deposits of $762,578.11. The original buildings resided at 320 and 318 State Street in downtown Schenectady, New York
. Charles P. Steinmetz
(the “Electrical Wizard”) of General Electric and Union College
fame was a major depositor and Samuel M. Hamill of General Electric became the first President of the Schenectady Trust Company. Total deposits at the end of the bank’s first year were over $1.5 million.
, especially GE, was booming. As many new businesses emerged at a rapid rate, many of them received their earliest financing from Schenectady Trust Company. In 1919 Schenectady Trust Company built the current structure that is now known as the Main Trustco Bank branch office at 320 State Street. Gerardus Smith was President of the Bank at the close of 1912, and total asset
s were $4.5 million.
s. At the close of 1922, H.B. Boardman was President of the Bank, and total asset
s were $12.1 million.
s to shareholder
s, making a consistent record of paying dividends since 1904. At the end of 1932, H.B. Boardman was still President of the Bank, and total asset
s were $16.7 million. The forties threw the nation into World War II
, Schenectady Trust put plans in motion to provide direct auto financing for the increasing mobile population. By 1946, the Union Street Branch was open. At the end of 1942, Edward T. Rice was Chairman of the Board and Laurence G. Magner was President of the Bank; total asset
s were $34.9 million. In 1947, Schenectady Trust acquired Union National Bank, which opened in 1891. Modernization of the Main Branch and State Street Branch began.
, Schenectady Trust expanded with branches into the suburbs to accommodate the growing population. By 1956, the Mayfair Branch office in Glenville
and the Sheridan Plaza Branch office were opened. The Union Street Branch office was moved into its present location during the fifties. Ralph H. Rue was President of the bank at the end of 1952 and total asset
s were $74.2 million.
in 1965, the Trust Division in March 1968 and in June, 1968 Clifton Park
and Plaza Seven were opened. In 1965, the financial computer center of Eastern New York was organized as a joint electronic data processing center by Schenectady Trust and eight other area banks. At the end of 1962, Ralph H. Rue was still President of the Bank, and total asset
s were $100.2 million.
, the seventies showed growth in the Schenectady area—that growth was reflected in the Bank’s services and prompted additional Branch office openings. New services were introduced during this period: Personal Line of Credit
, Statement Savings and Bank Americard (now VISA). Along with the new services, new Branches were opened in Niskayuna, Colonie and Guilderland
. In 1973 the Main Branch interior was again enlarged and renovated, and the lot at the rear of the bank (former location of Redmond gas station) was purchased for parking and allowed access to Erie Boulevard. Toward the very end of the seventies, additional properties on Erie Boulevard were purchased that would later become the Trust Operations Building. At the end of 1972, H. Gladstone McKeon was President of the Bank and total asset
s were $151 million.
. In July 1982, TrustCo Bank Corp NY was formed and a new Operations Center opened on Erie Boulevard in 1982 to handle the acquisition of seven Bank of New York
offices, which occurred in January 1984. Schenectady
Trust Company was renamed Trustco Bank New York in January 1989.
By the end of 1982, Harry E. Whittingham, Jr. was Chairman and Chief Executive Officer
, and Robert A. McCormick was President and Chief Operation Officer
of the Bank. Total assets were $301.4 million, net income
was $2.9 million and market capitalization
was $17 million.
on Erie Boulevard to celebrate the 90th Anniversary of the Bank and its $2.1 billion in assets by the end of 1995. The nineties also saw new Branch openings in Glens Falls
, Queensbury
, Wilton Mall
and Clifton Park
—which along with the former Home & City offices brought the total Branch locations to 53 throughout the Capital Region
by the end of the decade. At the end of 1992, Robert A. McCormick was President and Chief Executive Officer
of the Bank, total asset
s were $1.9 billion, net income
was $17.5 million and market capitalization
was $222 million.
, Landmark Community Bank, which was completed on July 28, 2000. Further expansion was made possible by an accompanying federal thrift charter. The Trustco Bank corporate headquarters relocated to Trustco Center in Glenville
during 2001. The total number of Branch offices tops out at 60, with plans to expand downstate and into Florida
. As of December 31, 2001 total asset
s were $2.6 billion, net income
was $45.5 million and market capitalization
was $896 million. Robert A. McCormick, Chairman, President and Chief Executive Officer
, celebrated 25 years with the Bank in January 2002, 17 of those years serving as CEO. Despite a poor economy and bank bailouts, Trustco expanded into Downstate New York as well as into Florida
between 2002 and 2009 (36 in Central Florida
and five in other areas of the state). Two Branch openings occurred in the first quarter of 2010 in Sun City Center
and Lady Lake, Florida
. By March 2010, Trustco Bank had 134 branch locations in five states (New York
, New Jersey
, Massachusetts
, Vermont
and Florida
).
. Florida Collegiate Summer League
, a wood bat baseball league with five teams in Central Florida
, is a recipient of a seasonal Trustco Bank sponsorship. Further, Holiday in the Park at Lake Eola
in Downtown Orlando
is an annual sponsorship event that Trustco participated in December 2008 and 2009. In New York
, Trustco has sponsored the Clifton Park
4 July Parade that runs all the way from the Shenendehowa High School campus
to Clifton Common. Giving back to their Schenectady
roots, Truscto Bank also sponsors the Tri-City ValleyCats, a minor league baseball team named after the Tri-Cities - Troy
, Albany
and Schenectady
- that make up New York
state's Capital District
.
capabilities, as well as the marketing
and promotions materials
. In the spring of 2009, Trustco Bank sent out postcards on actual “seed paper,” encouraging deposits from new customers as well as put the wild-flower-growing mailer in the ground. Additionally, Trustco Bank created promotions centered on several local supermarkets and offered recyclable/reusable shopping totes
and $50 gift cards, to keep the money and other natural resources, in the local community.
, capital strength
and asset quality
. Trustco has been nationally ranked three years in a row by highly respected financial reporting agencies.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
. Trustco was founded in Schenectady, New York in 1902 and is now headquartered in Glenville, NY
Glenville, Schenectady County, New York
Glenville is a town in Schenectady County, New York, United States. It was incorporated in 1821. As of the 2000 census, the town population was 28,183....
. Trustco has 134 branches spread among New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
, Florida
Florida
Florida is a state in the southeastern United States, located on the nation's Atlantic and Gulf coasts. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia and to the east by the Atlantic Ocean. With a population of 18,801,310 as measured by the 2010 census, it...
, Massachusetts
Massachusetts
The Commonwealth of Massachusetts is a state in the New England region of the northeastern United States of America. It is bordered by Rhode Island and Connecticut to the south, New York to the west, and Vermont and New Hampshire to the north; at its east lies the Atlantic Ocean. As of the 2010...
, New Jersey
New Jersey
New Jersey is a state in the Northeastern and Middle Atlantic regions of the United States. , its population was 8,791,894. It is bordered on the north and east by the state of New York, on the southeast and south by the Atlantic Ocean, on the west by Pennsylvania and on the southwest by Delaware...
, and Vermont
Vermont
Vermont is a state in the New England region of the northeastern United States of America. The state ranks 43rd in land area, , and 45th in total area. Its population according to the 2010 census, 630,337, is the second smallest in the country, larger only than Wyoming. It is the only New England...
. Trustco Bank is an Equal Housing Lender
Equal Housing Lender
The terms equal housing lender and equal opportunity lender are synonymous and refer to all banks insured by the Federal Deposit Insurance Corporation in the United States. Such banks are prohibited from discriminating on the basis of race, color, religion, national origin, sex, handicap, or...
and an Insured member of the Federal Deposit Insurance Corporation
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation is a United States government corporation created by the Glass–Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. , the FDIC insures deposits at...
. The company operates under the slogan, "Your Hometown Bank."
Services
The bank provide general commercial banking services to individuals, partnerships, corporations and governments of New YorkNew York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
, Florida
Florida
Florida is a state in the southeastern United States, located on the nation's Atlantic and Gulf coasts. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia and to the east by the Atlantic Ocean. With a population of 18,801,310 as measured by the 2010 census, it...
, Massachusetts
Massachusetts
The Commonwealth of Massachusetts is a state in the New England region of the northeastern United States of America. It is bordered by Rhode Island and Connecticut to the south, New York to the west, and Vermont and New Hampshire to the north; at its east lies the Atlantic Ocean. As of the 2010...
, New Jersey
New Jersey
New Jersey is a state in the Northeastern and Middle Atlantic regions of the United States. , its population was 8,791,894. It is bordered on the north and east by the state of New York, on the southeast and south by the Atlantic Ocean, on the west by Pennsylvania and on the southwest by Delaware...
and Vermont
Vermont
Vermont is a state in the New England region of the northeastern United States of America. The state ranks 43rd in land area, , and 45th in total area. Its population according to the 2010 census, 630,337, is the second smallest in the country, larger only than Wyoming. It is the only New England...
. The Group provides commercial, construction, residential mortgage, home equity lines of credit and installment loan
Installment loan
An installment loan is a loan that is repaid over time with a set number of scheduled payments. The term of loan may be as little as a few months and as long as 30 years...
s. It also accepts demand, savings
Savings account
Savings accounts are accounts maintained by retail financial institutions that pay interest but cannot be used directly as money . These accounts let customers set aside a portion of their liquid assets while earning a monetary return...
, checking accounts, money market accounts and certificates of deposit
Certificate of deposit
A certificate of Deposit is a time deposit, a financial product commonly offered to consumers in the United States by banks, thrift institutions, and credit unions....
from customers. Its commercial lending activities are focused on balancing the Company's commitment to meeting the credit needs of businesses in its market area with the necessity of managing its credit risk
Credit risk
Credit risk is an investor's risk of loss arising from a borrower who does not make payments as promised. Such an event is called a default. Other terms for credit risk are default risk and counterparty risk....
.Trustco Bank is a portfolio lender, which means it does not sell or trade any loan
Loan
A loan is a type of debt. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower....
s. Trustco Bank offers first and second mortgage
Second mortgage
A second mortgage typically refers to a secured loan that is subordinate to another loan against the same property.In real estate, a property can have multiple loans or liens against it. The loan which is registered with county or city registry first is called the first mortgage or first position...
s, and has a full service commercial lending department. Recently, Trustco has added “eStatements,” an electronic version of the monthly statement with images available online and Free Online Banking via the Trustco Bank Internet site.
Recently added to their list of services are interest-bearing checking and Free Business Checking, each having their own set of perks such as free checks and no minimum balances.
During 2007, 16 new branches were added. The Group operates 108 automatic teller machines
Automated teller machine
An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
and 107 banking offices in Albany
Albany County, New York
Albany County is a county located in the U.S. state of New York, and is part of the Albany-Schenectady-Troy Metropolitan Statistical Area. The name is from the title of the Duke of York and Albany, who became James II of England . As of the 2010 census, the population was 304,204...
, Columbia
Columbia County, New York
Columbia County is a county located in the U.S. state of New York. As of the 2010 census, the population was 63,096. The county seat is Hudson. The name comes from the Latin feminine form of the name of Christopher Columbus, which was at the time of the formation of the county a popular proposal...
, Dutchess
Dutchess County, New York
Dutchess County is a county located in the U.S. state of New York, in the state's Mid-Hudson Region of the Hudson Valley. The 2010 census lists the population as 297,488...
, Greene
Greene County, New York
Greene County is a county located in the U.S. state of New York. Its name is in honor of the American Revolutionary War general Nathanael Greene. Its county seat is Catskill...
, Montgomery
Montgomery County, New York
As of the census of 2000, there were 49,708 people, 20,038 households, and 13,104 families residing in the county. The population density was 123 people per square mile . There were 22,522 housing units at an average density of 56 per square mile...
, Rensselaer
Rensselaer County, New York
Rensselaer County is a county in the U.S. state of New York. As of the 2010 census, the population was 159,429. Its name is in honor of the family of Kiliaen van Rensselaer, the original Dutch owner of the land in the area. Its county seat is Troy...
, Rockland
Rockland County, New York
Rockland County is a suburban county 15 miles to the northwest of Manhattan and part of the New York City Metropolitan Area, in the U.S. state of New York. It is the southernmost county in New York west of the Hudson River, and the smallest county in New York outside of New York City. The...
, Saratoga
Saratoga County, New York
Saratoga County is a county located in the U.S. state of New York. As of the 2010 census, the population was 219,607. It is part of the Albany-Schenectady-Troy Metropolitan Statistical Area. The county seat is Ballston Spa...
, Schenectady
Schenectady County, New York
Schenectady County is a county located in the U.S. state of New York. As of the 2010 census, the population was 154,727. It is part of the Albany-Schenectady-Troy Metropolitan Statistical Area. The county seat is Schenectady. The name is from a Mohawk Indian word meaning "on the other side of the...
, Schoharie
Schoharie County, New York
As of the census of 2000, there were 31,582 people, 11,991 households and 8,177 families residing in the county. The population density was 51 people per square mile . There were 15,915 housing units at an average density of 26 per square mile...
, Warren
Warren County, New York
Warren County is a county in the U.S. state of New York. It is part of the Glens Falls, New York, Metropolitan Statistical Area. As of the 2010 census, the population was 65,707. It is named in honor of General Joseph Warren, an American Revolutionary War hero of the Battle of Bunker Hill...
, Washington
Washington County, New York
Washington County is a county located in the U.S. state of New York. It is part of the Glens Falls, New York, Metropolitan Statistical Area. As of the 2010 census, the population was 63,216. It was named for the Revolutionary War general George Washington...
and Westchester
Westchester County, New York
Westchester County is a county located in the U.S. state of New York. Westchester covers an area of and has a population of 949,113 according to the 2010 Census, residing in 45 municipalities...
.
In 2002, Trustco Bank branched out to central Florida
Central Florida
Central Florida is a regional designation for the area surrounding Orlando in east central Florida, United States. The area represents the third largest population concentration in Florida, after the South Florida and Tampa Bay regions, respectively....
, the first Florida branch having opened its doors in 2003 to customers in the Orlando area. They now have 43 branches in Southwest Florida
Southwest Florida
Southwest Florida is a region of Florida , United States located along its gulf coast, south of the Tampa Bay area, west of Lake Okeechobee and mostly north of the Everglades...
in Hillsborough
Hillsborough County, Florida
As of the census of 2000, there were 998,948 people, 391,357 households, and 255,164 families residing in the county. The population density was 951 people per square mile . There were 425,962 housing units at an average density of 405 per square mile...
, Lake
Lake County, Florida
Lake County is a county located in the state of Florida, United States. As of the 2000 Census, the population was 210,528. The Census Bureau estimated the population in 2008 to be 307,243. Its county seat is Tavares...
, Manatee
Manatee County, Florida
Manatee County is a county in the state of Florida. According to the 2010 census by the U.S. Census Bureau there are 322,833 people living in Manatee Country.Manatee County is part of the North Port-Bradenton-Sarasota Metropolitan Statistical Area...
, Orange
Orange County, Florida
Orange County is a county located in the U.S. state of Florida and is part of the Orlando-Kissimmee-Sanford Metropolitan Statistical Area . As of 2010 U.S. Census, the county had a population of 1,145,956....
, Osceola
Osceola County, Florida
Osceola County is a county located in the U.S. state of Florida. As of 2000, the population was 172,493. The U.S. Census Bureau 2006 estimate for the county is 244,045, making it the 17th fastest-growing county in the United States. Its county seat is Kissimmee.- History :Osceola County was...
, Polk
Polk County, Florida
Polk County is located in central Florida between the Tampa Bay and Greater Orlando metropolitan areas. The county was established by the state government in 1861 on the eve of the American Civil War and named after former United States president James K. Polk. The county seat is Bartow and its...
, Sarasota
Sarasota County, Florida
Sarasota County is a county located in the U.S. state of Florida. The U.S. Census Bureau 2008 estimate for the county was 372,057. Its county seat is Sarasota, Florida....
, Seminole
Seminole County, Florida
Seminole County is a county in the U.S. state of Florida. Located between Orlando to the south and Deland and Daytona Beach to the north, it is part of the Greater Orlando metropolitan area. Its county seat and largest city is Sanford...
and Volusia
Volusia County, Florida
Volusia County is a county located in the state of Florida. The U.S. Census Bureau 2010 official county's population was 494,593 . Its county seat is DeLand, and its most populous city is currently Deltona....
counties.
Purchase of Schenectady Bank and General Electric
On February 17, 1902, the first Trust CompanyTrust Company
Trust Company can refer to:*Trust company, a company acting as a trustee*Trust Company *Trust Company, predecessor to SunTrust Banks...
was chartered in Schenectady, formed through the purchase of the asset
Asset
In financial accounting, assets are economic resources. Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset...
s of the Schenectady Bank (c. 1832). As the credit union
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
for General Electric Corporation (GE)
General Electric
General Electric Company , or GE, is an American multinational conglomerate corporation incorporated in Schenectady, New York and headquartered in Fairfield, Connecticut, United States...
, Schenectady Trust Company opened for business on June 9, 1902 with 11 employees, and initial deposits of $762,578.11. The original buildings resided at 320 and 318 State Street in downtown Schenectady, New York
Schenectady, New York
Schenectady is a city in Schenectady County, New York, United States, of which it is the county seat. As of the 2010 census, the city had a population of 66,135...
. Charles P. Steinmetz
Charles Proteus Steinmetz
Charles Proteus Steinmetz was a German-American mathematician and electrical engineer. He fostered the development of alternating current that made possible the expansion of the electric power industry in the United States, formulating mathematical theories for engineers...
(the “Electrical Wizard”) of General Electric and Union College
Union College
Union College is a private, non-denominational liberal arts college located in Schenectady, New York, United States. Founded in 1795, it was the first institution of higher learning chartered by the New York State Board of Regents. In the 19th century, it became the "Mother of Fraternities", as...
fame was a major depositor and Samuel M. Hamill of General Electric became the first President of the Schenectady Trust Company. Total deposits at the end of the bank’s first year were over $1.5 million.
Schenectady Trust Company
By 1912, business in SchenectadySchenectady, New York
Schenectady is a city in Schenectady County, New York, United States, of which it is the county seat. As of the 2010 census, the city had a population of 66,135...
, especially GE, was booming. As many new businesses emerged at a rapid rate, many of them received their earliest financing from Schenectady Trust Company. In 1919 Schenectady Trust Company built the current structure that is now known as the Main Trustco Bank branch office at 320 State Street. Gerardus Smith was President of the Bank at the close of 1912, and total asset
Asset
In financial accounting, assets are economic resources. Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset...
s were $4.5 million.
The Roaring Twenties
The Mont Pleasant branch office opened in 1924. In 1925, Proctor’s Theatre, Erie Boulevard and the Western Gateway Bridge opened more culture, tourism and commerce to Schenectady. The third branch, the Brandywine office, was opened in 1928. In the late twenties Schenectady’s building boom took place and Schenectady Trust provided mortgage loanMortgage loan
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan...
s. At the close of 1922, H.B. Boardman was President of the Bank, and total asset
Asset
In financial accounting, assets are economic resources. Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset...
s were $12.1 million.
The Depression and World War II
Even though the thirties saw the economy come to a virtual standstill, Schenectady Trust continued to pay out dividendDividend
Dividends are payments made by a corporation to its shareholder members. It is the portion of corporate profits paid out to stockholders. When a corporation earns a profit or surplus, that money can be put to two uses: it can either be re-invested in the business , or it can be distributed to...
s to shareholder
Shareholder
A shareholder or stockholder is an individual or institution that legally owns one or more shares of stock in a public or private corporation. Shareholders own the stock, but not the corporation itself ....
s, making a consistent record of paying dividends since 1904. At the end of 1932, H.B. Boardman was still President of the Bank, and total asset
Asset
In financial accounting, assets are economic resources. Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset...
s were $16.7 million. The forties threw the nation into World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
, Schenectady Trust put plans in motion to provide direct auto financing for the increasing mobile population. By 1946, the Union Street Branch was open. At the end of 1942, Edward T. Rice was Chairman of the Board and Laurence G. Magner was President of the Bank; total asset
Asset
In financial accounting, assets are economic resources. Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset...
s were $34.9 million. In 1947, Schenectady Trust acquired Union National Bank, which opened in 1891. Modernization of the Main Branch and State Street Branch began.
Post War Era
In response to the 1954 opening of the New York State ThruwayNew York State Thruway
The New York State Thruway is a system of limited-access highways located within the state of New York in the United States. The system, known officially as the Governor Thomas E. Dewey Thruway for former New York Governor Thomas E. Dewey, is operated by the New York State Thruway Authority and...
, Schenectady Trust expanded with branches into the suburbs to accommodate the growing population. By 1956, the Mayfair Branch office in Glenville
Glenville, Schenectady County, New York
Glenville is a town in Schenectady County, New York, United States. It was incorporated in 1821. As of the 2000 census, the town population was 28,183....
and the Sheridan Plaza Branch office were opened. The Union Street Branch office was moved into its present location during the fifties. Ralph H. Rue was President of the bank at the end of 1952 and total asset
Asset
In financial accounting, assets are economic resources. Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset...
s were $74.2 million.
1960s
Though the local Schenectady economy began the decade with a slowdown, employment ended on an upswing at Schenectady Trust as they continued to grow with the community. Four more Branch offices were opened during the time: RotterdamRotterdam (town), New York
Rotterdam is a town in Schenectady County, New York, United States. The population was 28,316 at the 2000 census.The town of Rotterdam is in the south-central part of the county. It was founded by Dutch settlers, who named it after the port of Rotterdam in the Netherlands, where many emigrants last...
in 1965, the Trust Division in March 1968 and in June, 1968 Clifton Park
Clifton Park, New York
Clifton Park is a town in Saratoga County, New York, United States. According to the United States Census Bureau, the 2009 population estimate for Clifton Park was 36,469. The name is derived from an early land patent...
and Plaza Seven were opened. In 1965, the financial computer center of Eastern New York was organized as a joint electronic data processing center by Schenectady Trust and eight other area banks. At the end of 1962, Ralph H. Rue was still President of the Bank, and total asset
Asset
In financial accounting, assets are economic resources. Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset...
s were $100.2 million.
1970s
In spite of inflationInflation
In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money – a...
, the seventies showed growth in the Schenectady area—that growth was reflected in the Bank’s services and prompted additional Branch office openings. New services were introduced during this period: Personal Line of Credit
Line of credit
A line of credit is any credit source extended to a government, business or individual by a bank or other financial institution. A line of credit may take several forms, such as overdraft protection, demand loan, special purpose, export packing credit, term loan, discounting, purchase of...
, Statement Savings and Bank Americard (now VISA). Along with the new services, new Branches were opened in Niskayuna, Colonie and Guilderland
Guilderland, New York
Guilderland is a town in Albany County, New York, United States. In the 2010 census, the town had a population of 35,303. The town is named for the Gelderland province in the Netherlands....
. In 1973 the Main Branch interior was again enlarged and renovated, and the lot at the rear of the bank (former location of Redmond gas station) was purchased for parking and allowed access to Erie Boulevard. Toward the very end of the seventies, additional properties on Erie Boulevard were purchased that would later become the Trust Operations Building. At the end of 1972, H. Gladstone McKeon was President of the Bank and total asset
Asset
In financial accounting, assets are economic resources. Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset...
s were $151 million.
1980s and Formation of TrustCo Bank Corp NY
The bank continued to expand in the 80s as they now extended to the entire Capital RegionCapital District
New York's Capital District, also known as the Capital Region, is a region in upstate New York that generally refers to the four counties surrounding Albany, the capital of the state: Albany County, Schenectady County, Rensselaer County, and Saratoga County...
. In July 1982, TrustCo Bank Corp NY was formed and a new Operations Center opened on Erie Boulevard in 1982 to handle the acquisition of seven Bank of New York
Bank of New York
The Bank of New York was a global financial services company established in 1784 by the American Founding Father Alexander Hamilton. It existed until its merger with the Mellon Financial Corporation on July 2, 2007...
offices, which occurred in January 1984. Schenectady
Schenectady, New York
Schenectady is a city in Schenectady County, New York, United States, of which it is the county seat. As of the 2010 census, the city had a population of 66,135...
Trust Company was renamed Trustco Bank New York in January 1989.
By the end of 1982, Harry E. Whittingham, Jr. was Chairman and Chief Executive Officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
, and Robert A. McCormick was President and Chief Operation Officer
Chief operating officer
A Chief Operating Officer or Director of Operations can be one of the highest-ranking executives in an organization and comprises part of the "C-Suite"...
of the Bank. Total assets were $301.4 million, net income
Net income
Net income is the residual income of a firm after adding total revenue and gains and subtracting all expenses and losses for the reporting period. Net income can be distributed among holders of common stock as a dividend or held by the firm as an addition to retained earnings...
was $2.9 million and market capitalization
Market capitalization
Market capitalization is a measurement of the value of the ownership interest that shareholders hold in a business enterprise. It is equal to the share price times the number of shares outstanding of a publicly traded company...
was $17 million.
Acquisition of Home & City Savings Bank
Trustco acquired Home & City Savings Bank and a three-story expansion of the Erie Boulevard Trust Operations Building in 1991. In May 1992, Trustco Bank sponsored and hosted a Block PartyBlock party
A block party is a large public party in which many members of a single neighbourhood congregate, either to observe an event of some importance or simply for mutual enjoyment. The name comes from the form of the party, which often involves closing an entire city block to vehicle traffic...
on Erie Boulevard to celebrate the 90th Anniversary of the Bank and its $2.1 billion in assets by the end of 1995. The nineties also saw new Branch openings in Glens Falls
Glens Falls, New York
Glens Falls is a city in Warren County, New York, United States. Glens Falls Metropolitan Statistical Area. The population was 14,700 at the 2010 census...
, Queensbury
Queensbury, New York
Queensbury is a town in and the county seat of Warren County, New York, United States. The town is located in the southeastern part of the county. The population was 25,441 at the 2000 census. The town is named in honor of Queen Charlotte, the consort of George III of Great Britain and Ireland. It...
, Wilton Mall
Wilton, New York
Wilton is a town in Saratoga County, New York, United States. The population was 12,511 at the 2000 census.The Town of Wilton is in the northeastern part of the county, northeast of Saratoga Springs, which it borders.-History:...
and Clifton Park
Clifton Park, New York
Clifton Park is a town in Saratoga County, New York, United States. According to the United States Census Bureau, the 2009 population estimate for Clifton Park was 36,469. The name is derived from an early land patent...
—which along with the former Home & City offices brought the total Branch locations to 53 throughout the Capital Region
Capital District
New York's Capital District, also known as the Capital Region, is a region in upstate New York that generally refers to the four counties surrounding Albany, the capital of the state: Albany County, Schenectady County, Rensselaer County, and Saratoga County...
by the end of the decade. At the end of 1992, Robert A. McCormick was President and Chief Executive Officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
of the Bank, total asset
Asset
In financial accounting, assets are economic resources. Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset...
s were $1.9 billion, net income
Net income
Net income is the residual income of a firm after adding total revenue and gains and subtracting all expenses and losses for the reporting period. Net income can be distributed among holders of common stock as a dividend or held by the firm as an addition to retained earnings...
was $17.5 million and market capitalization
Market capitalization
Market capitalization is a measurement of the value of the ownership interest that shareholders hold in a business enterprise. It is equal to the share price times the number of shares outstanding of a publicly traded company...
was $222 million.
2000s
In July 2000 Trustco acquired a Savings Bank Charter and subsequently acquired Landmark Financial Corp. and its subsidiarySubsidiary
A subsidiary company, subsidiary, or daughter company is a company that is completely or partly owned and wholly controlled by another company that owns more than half of the subsidiary's stock. The subsidiary can be a company, corporation, or limited liability company. In some cases it is a...
, Landmark Community Bank, which was completed on July 28, 2000. Further expansion was made possible by an accompanying federal thrift charter. The Trustco Bank corporate headquarters relocated to Trustco Center in Glenville
Glenville, Schenectady County, New York
Glenville is a town in Schenectady County, New York, United States. It was incorporated in 1821. As of the 2000 census, the town population was 28,183....
during 2001. The total number of Branch offices tops out at 60, with plans to expand downstate and into Florida
Florida
Florida is a state in the southeastern United States, located on the nation's Atlantic and Gulf coasts. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia and to the east by the Atlantic Ocean. With a population of 18,801,310 as measured by the 2010 census, it...
. As of December 31, 2001 total asset
Asset
In financial accounting, assets are economic resources. Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset...
s were $2.6 billion, net income
Net income
Net income is the residual income of a firm after adding total revenue and gains and subtracting all expenses and losses for the reporting period. Net income can be distributed among holders of common stock as a dividend or held by the firm as an addition to retained earnings...
was $45.5 million and market capitalization
Market capitalization
Market capitalization is a measurement of the value of the ownership interest that shareholders hold in a business enterprise. It is equal to the share price times the number of shares outstanding of a publicly traded company...
was $896 million. Robert A. McCormick, Chairman, President and Chief Executive Officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
, celebrated 25 years with the Bank in January 2002, 17 of those years serving as CEO. Despite a poor economy and bank bailouts, Trustco expanded into Downstate New York as well as into Florida
Florida
Florida is a state in the southeastern United States, located on the nation's Atlantic and Gulf coasts. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia and to the east by the Atlantic Ocean. With a population of 18,801,310 as measured by the 2010 census, it...
between 2002 and 2009 (36 in Central Florida
Central Florida
Central Florida is a regional designation for the area surrounding Orlando in east central Florida, United States. The area represents the third largest population concentration in Florida, after the South Florida and Tampa Bay regions, respectively....
and five in other areas of the state). Two Branch openings occurred in the first quarter of 2010 in Sun City Center
Greater Sun Center, Florida
Greater Sun Center, known more commonly as Sun City Center, is an unincorporated census-designated place located in southern Hillsborough County, Florida, United States. It is located south of Tampa and north of Sarasota on I-75. As of the 2000 census, the population was 16,321...
and Lady Lake, Florida
Lady Lake, Florida
Lady Lake is a town in Lake County, Florida, United States. The population was 11,828 at the 2000 census. As of 2005, the population recorded by the U.S. Census Bureau is 13,244...
. By March 2010, Trustco Bank had 134 branch locations in five states (New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
, New Jersey
New Jersey
New Jersey is a state in the Northeastern and Middle Atlantic regions of the United States. , its population was 8,791,894. It is bordered on the north and east by the state of New York, on the southeast and south by the Atlantic Ocean, on the west by Pennsylvania and on the southwest by Delaware...
, Massachusetts
Massachusetts
The Commonwealth of Massachusetts is a state in the New England region of the northeastern United States of America. It is bordered by Rhode Island and Connecticut to the south, New York to the west, and Vermont and New Hampshire to the north; at its east lies the Atlantic Ocean. As of the 2010...
, Vermont
Vermont
Vermont is a state in the New England region of the northeastern United States of America. The state ranks 43rd in land area, , and 45th in total area. Its population according to the 2010 census, 630,337, is the second smallest in the country, larger only than Wyoming. It is the only New England...
and Florida
Florida
Florida is a state in the southeastern United States, located on the nation's Atlantic and Gulf coasts. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia and to the east by the Atlantic Ocean. With a population of 18,801,310 as measured by the 2010 census, it...
).
Community Involvements
As Trustco opens additional branches in new markets, they host grand opening events, as well as become a “Home Town Bank” by participating in and sponsoring local and community-centric events. Trustco Bank is a sponsor of the annual celebration, Red, Hot & Boom, a July Fourth celebration at Crane’s Roost Park in the Uptown Altamonte area of Altamonte Springs, FloridaAltamonte Springs, Florida
Altamonte Springs is a city in Seminole county in the U.S. state of Florida, which had a population of 41,496 at the 2010 census. Located primarily in Seminole County, the city is in the northern suburbs of the Orlando–Kissimmee-Sanford Metropolitan Statistical Area, which the United States...
. Florida Collegiate Summer League
Florida Collegiate Summer League
The Florida Collegiate Summer League is a six-team wood bat collegiate summer baseball league located in the central Florida region of the southeastern United States. The league was founded in the fall of 2003 and began play in the summer of 2004...
, a wood bat baseball league with five teams in Central Florida
Central Florida
Central Florida is a regional designation for the area surrounding Orlando in east central Florida, United States. The area represents the third largest population concentration in Florida, after the South Florida and Tampa Bay regions, respectively....
, is a recipient of a seasonal Trustco Bank sponsorship. Further, Holiday in the Park at Lake Eola
Lake Eola Park
Lake Eola Park is located at in Downtown Orlando, Florida. Lake Eola is the main feature of the park. Also located in the park is the Walt Disney Amphitheater, which hosts many community events and various performances year round. On the east side of the park is a Chinese pagoda, a Confederate...
in Downtown Orlando
Downtown Orlando
Downtown Orlando is the historic core and central business district of Orlando, Florida, United States. It is bordered by East Marks St in the north, Mills Ave in the east, Orange Blossom Trail in the west, and Kaley Ave in the south...
is an annual sponsorship event that Trustco participated in December 2008 and 2009. In New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
, Trustco has sponsored the Clifton Park
Clifton Park, New York
Clifton Park is a town in Saratoga County, New York, United States. According to the United States Census Bureau, the 2009 population estimate for Clifton Park was 36,469. The name is derived from an early land patent...
4 July Parade that runs all the way from the Shenendehowa High School campus
Shenendehowa High School
Shenendehowa High School is a public high school located in Clifton Park, New York, part of New York's Capital Region. It is part of the Shenendehowa Central School District and serves the district's 9th through 12th graders. Students are divided between two buildings by their grade level. Both...
to Clifton Common. Giving back to their Schenectady
Schenectady, New York
Schenectady is a city in Schenectady County, New York, United States, of which it is the county seat. As of the 2010 census, the city had a population of 66,135...
roots, Truscto Bank also sponsors the Tri-City ValleyCats, a minor league baseball team named after the Tri-Cities - Troy
Troy, New York
Troy is a city in the US State of New York and the seat of Rensselaer County. Troy is located on the western edge of Rensselaer County and on the eastern bank of the Hudson River. Troy has close ties to the nearby cities of Albany and Schenectady, forming a region popularly called the Capital...
, Albany
Albany, New York
Albany is the capital city of the U.S. state of New York, the seat of Albany County, and the central city of New York's Capital District. Roughly north of New York City, Albany sits on the west bank of the Hudson River, about south of its confluence with the Mohawk River...
and Schenectady
Schenectady, New York
Schenectady is a city in Schenectady County, New York, United States, of which it is the county seat. As of the 2010 census, the city had a population of 66,135...
- that make up New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
state's Capital District
Capital District
New York's Capital District, also known as the Capital Region, is a region in upstate New York that generally refers to the four counties surrounding Albany, the capital of the state: Albany County, Schenectady County, Rensselaer County, and Saratoga County...
.
Green Initiatives
Trustco has incorporated green initiatives into its service offerings with online bankingOnline banking
Online banking allows customers to conduct financial transactions on a secure website operated by their retail or virtual bank, credit union or building society.-Features:...
capabilities, as well as the marketing
Marketing
Marketing is the process used to determine what products or services may be of interest to customers, and the strategy to use in sales, communications and business development. It generates the strategy that underlies sales techniques, business communication, and business developments...
and promotions materials
Promotion (marketing)
Promotion is one of the four elements of marketing mix . It is the communication link between sellers and buyers for the purpose of influencing, informing, or persuading a potential buyer's purchasing decision....
. In the spring of 2009, Trustco Bank sent out postcards on actual “seed paper,” encouraging deposits from new customers as well as put the wild-flower-growing mailer in the ground. Additionally, Trustco Bank created promotions centered on several local supermarkets and offered recyclable/reusable shopping totes
Reusable shopping bag
A reusable shopping bag, sometimes called bag for life is a type of shopping bag which can be reused several times: this is an alternative of single use paper or plastic bags...
and $50 gift cards, to keep the money and other natural resources, in the local community.
Awards and Accolades
Trustco Bank was named a Bauer Financial recommended bank. Bank Director magazine named TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) as one of America’s top banks. In its 1st Quarter 2009 edition the magazine named Trustco number 21 of the top 150 performers in the banking industry. TrustCo ranked 21st for the 2008 calendar year based on an objective analysis of profitabilityProfit (accounting)
In accounting, profit can be considered to be the difference between the purchase price and the costs of bringing to market whatever it is that is accounted as an enterprise in terms of the component costs of delivered goods and/or services and any operating or other expenses.-Definition:There are...
, capital strength
Tier 1 capital
Tier 1 capital is the core measure of a bank's financial strength from a regulator's point of view. It is composed of core capital, which consists primarily of common stock and disclosed reserves , but may also include non-redeemable non-cumulative preferred stock...
and asset quality
Asset quality
Asset quality an evaluation of an asset to measure the credit risk associated with it.-Description:Asset quality is related to the left-hand side of the bank balance sheet. Bank managers are concerned with the quality of their loans since that provides earnings for the bank...
. Trustco has been nationally ranked three years in a row by highly respected financial reporting agencies.
- Bank Director magazine ranks Trustco Bank as one of the top 30 Banks in the country.Bank Director Magazine, 1st Quarter 2010.
- ABA Banking JournalAmerican Bankers AssociationThe American Bankers Association is an industry trade group and professional association representing the United States' banking industry...
names Trustco Bank 8th nationally.ABA Banking Journal, May 2009. - SNL Thrift Investor (a publication by SNL FinancialSNL FinancialSNL Financial LC is a financial information firm headquartered in Charlottesville, Virginia. SNL collects, standardizes and publishes corporate, financial, market and M&A data, plus news and analysis, on more than 4,000 public companies and over 50,000 private companies in these industries:...
) ranks Trustco Bank top ten in the country.SNL Thrift Investor, May 2009. - Trustco Bank received Audit Integrity Award - placed top 1% of 8,000 publicly traded companiesPublic companyThis is not the same as a Government-owned corporation.A public company or publicly traded company is a limited liability company that offers its securities for sale to the general public, typically through a stock exchange, or through market makers operating in over the counter markets...
. - Trustco Bank named 4th best bank in the country by U.S. Banker magazine.