TrustCo Announces the Addition of Alejandro “Alex” M. Sanchez to the Board of Directors

Rhea-AI Summary

On October 18, 2022, TrustCo Bank Corp NY (Nasdaq: TRST) announced the election of Alejandro “Alex” M. Sanchez to its Board of Directors. Sanchez, a veteran with a juris doctor degree and extensive background in the banking sector, currently serves as the President and CEO of the Florida Bankers Association. He will also be part of the Audit, Compensation, Compliance, Fiduciary, Nominating and Corporate Governance, and Risk Committees. Chairman Robert J. McCormick emphasized that Sanchez's expertise will significantly benefit shareholders, enriching board discussions.

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• Alex Sanchez brings significant experience in the banking industry and regulatory environments.
• His appointment to multiple key committees may enhance governance and risk management.

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• None.

GLENVILLE, N.Y., Oct. 18, 2022 (GLOBE NEWSWIRE) -- On October 18, 2022, TrustCo Bank Corp NY (the “Company”) (Nasdaq: TRST) announced that Alejandro “Alex” M. Sanchez was elected to the Board of Directors of the Company and its subsidiary, Trustco Bank.

Mr. Sanchez is the President and Chief Executive Officer of the Florida Bankers Association, has previous public company and non-profit board experience, has served on federal boards and agencies under several US Presidents, has had gubernatorial appointments in Florida, has a juris doctor degree, and is a US Air Force veteran.

Mr. Sanchez was appointed to the Audit, Compensation, Compliance, Fiduciary, Nominating and Corporate Governance, and Risk Committees of the board of directors of the Company.

Making the announcement were Chairman, President, and Chief Executive Officer Robert J. McCormick and Lead Independent Director Dennis DeGennaro. Mr. McCormick said “We are very pleased to have Mr. Sanchez join our board. His national reputation as a tireless advocate for the banking industry and deep understanding of the regulatory and political environments in which we operate will bring meaningful value to our shareholders and elevate our board discourse.”

TrustCo Bank Corp NY is a $6.2 billion savings and loan holding company and through its subsidiary, Trustco Bank, operated 144 offices in New York, New Jersey, Vermont, Massachusetts, and Florida at June 30, 2022.

In addition, the Bank’s Financial Services Department offers a full range of investment services, retirement planning and trust and estate administration services. The common shares of TrustCo are traded on the NASDAQ Global Select Market under the symbol TRST.

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 periods. Such forward-looking statements are subject to factors that could cause actual results to differ materially for TrustCo from those discussed. TrustCo wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. There are a number of risks, uncertainties and assumptions that could cause actual results to differ materially from the forward-looking statements made herein, including the risks and uncertainties described in TrustCo’s filings with the Securities and Exchange Commission. These forward-looking statements represent TrustCo’s judgment as of the date of this release. TrustCo disclaims, however, any intent or obligation to update these 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

FAQ

Who is Alejandro Sanchez and what is his role at TrustCo Bank?

Alejandro Sanchez is the newly elected Board member and will serve on various committees, bringing extensive banking industry experience.

What impact could Alejandro Sanchez's appointment have on TrustCo Bank?

His expertise in banking and regulatory affairs may enhance governance and provide strategic insights for the company.

When was Alejandro Sanchez elected to the Board of TrustCo Bank Corp?

Alejandro Sanchez was elected to the Board on October 18, 2022.

What committees will Alejandro Sanchez be part of at TrustCo Bank?

He will serve on the Audit, Compensation, Compliance, Fiduciary, Nominating and Corporate Governance, and Risk Committees.

What is the significance of Sanchez's appointment for TrustCo Bank shareholders?

Sanchez's experience is expected to add value to shareholders by improving board discussions and strategic oversight.