TrustCo Bank Corp NY Announces Million Share Stock Repurchase Plan
TrustCo Bank Corp NY (Nasdaq: TRST) has announced a significant stock repurchase program approved by its Board of Directors. The program authorizes the repurchase of up to 1,000,000 shares of common stock, representing approximately 5% of current outstanding shares.
The repurchases can be executed through open market transactions, private dealings, block trades, or via Rule 10b5-1 trading plans. The program will span approximately twelve months, with management conducting purchases at their discretion based on stock prices, market conditions, and alternative capital uses.
Chairman, President, and CEO Robert J. McCormick described this as a 'bold move to strategically deploy capital,' viewing it as an opportunity for value enhancement if the stock is undervalued relative to business strength. The company maintains flexibility to suspend, modify, or terminate the program based on market conditions and other factors.
TrustCo Bank Corp NY (Nasdaq: TRST) ha annunciato un significativo programma di riacquisto di azioni approvato dal suo Consiglio di Amministrazione. Il programma autorizza il riacquisto di fino a 1.000.000 azioni ordinarie, che rappresentano circa il 5% delle azioni attualmente in circolazione.
I riacquisti possono essere effettuati attraverso transazioni nel mercato aperto, trattative private, operazioni in blocco o tramite piani di trading secondo la Regola 10b5-1. Il programma durerà circa dodici mesi, con la direzione che condurrà gli acquisti a propria discrezione in base ai prezzi delle azioni, alle condizioni di mercato e ad altre esigenze di capitale.
Il Presidente, Amministratore Delegato e CEO Robert J. McCormick ha descritto questa iniziativa come una 'mossa audace per impiegare strategicamente il capitale', vedendola come un'opportunità per migliorare il valore se le azioni sono sottovalutate rispetto alla solidità dell'azienda. L'azienda mantiene la flessibilità di sospendere, modificare o terminare il programma in base alle condizioni di mercato e ad altri fattori.
TrustCo Bank Corp NY (Nasdaq: TRST) ha anunciado un programa significativo de recompra de acciones aprobado por su Junta Directiva. El programa autoriza la recompra de hasta 1.000.000 acciones ordinarias, que representan aproximadamente el 5% de las acciones actualmente en circulación.
Las recompras se pueden llevar a cabo a través de transacciones en el mercado abierto, negociaciones privadas, operaciones en bloque o mediante planes de negociación de la Regla 10b5-1. El programa durará aproximadamente doce meses, con la dirección realizando compras a su discreción en función de los precios de las acciones, las condiciones del mercado y otros usos de capital.
El Presidente y CEO Robert J. McCormick describió esto como un 'movimiento audaz para desplegar capital estratégicamente', viéndolo como una oportunidad para mejorar el valor si las acciones están subvaluadas en relación con la fortaleza del negocio. La empresa mantiene la flexibilidad para suspender, modificar o terminar el programa según las condiciones del mercado y otros factores.
TrustCo Bank Corp NY (Nasdaq: TRST)는 이사회에서 승인한 중요한 자사주 매입 프로그램을 발표했습니다. 이 프로그램은 최대 1,000,000주의 보통주 매입을 허가하며, 이는 현재 발행된 주식의 약 5%에 해당합니다.
자사주 매입은 공개 시장 거래, 사적 거래, 블록 거래 또는 Rule 10b5-1 거래 계획을 통해 실행될 수 있습니다. 이 프로그램은 약 12개월 동안 진행되며, 경영진은 주가, 시장 상황 및 다른 자본 사용을 고려하여 자의적으로 매입을 수행할 것입니다.
회장, 사장 및 CEO인 Robert J. McCormick는 이를 '자본을 전략적으로 배치하기 위한 대담한 조치'로 묘사하며, 주식이 사업의 강도에 비해 저평가된 경우 가치 향상의 기회로 보고 있습니다. 회사는 시장 상황 및 기타 요인에 따라 프로그램을 중단, 수정 또는 종료할 수 있는 유연성을 유지합니다.
TrustCo Bank Corp NY (Nasdaq: TRST) a annoncé un programme significatif de rachat d'actions approuvé par son conseil d'administration. Le programme autorise le rachat de jusqu'à 1.000.000 actions ordinaires, représentant environ 5% des actions actuellement en circulation.
Les rachats peuvent être effectués par le biais de transactions sur le marché ouvert, de transactions privées, de transactions en bloc ou via des plans de trading conformément à la règle 10b5-1. Le programme s'étendra sur environ douze mois, la direction procédant aux achats à sa discrétion en fonction des prix des actions, des conditions du marché et d'autres utilisations du capital.
Le président, directeur général et PDG Robert J. McCormick a décrit cela comme un 'coup audacieux pour déployer stratégiquement du capital', le considérant comme une opportunité d'amélioration de la valeur si l'action est sous-évaluée par rapport à la solidité de l'entreprise. L'entreprise conserve la flexibilité de suspendre, modifier ou mettre fin au programme en fonction des conditions du marché et d'autres facteurs.
TrustCo Bank Corp NY (Nasdaq: TRST) hat ein bedeutendes Aktienrückkaufprogramm angekündigt, das von seinem Vorstand genehmigt wurde. Das Programm autorisiert den Rückkauf von bis zu 1.000.000 Aktien des Stammkapitals, was ungefähr 5% der derzeit ausstehenden Aktien entspricht.
Die Rückkäufe können durch Transaktionen am offenen Markt, private Geschäfte, Blockgeschäfte oder über Handelspläne gemäß Regel 10b5-1 durchgeführt werden. Das Programm wird etwa zwölf Monate dauern, wobei das Management die Käufe nach eigenem Ermessen basierend auf Aktienkursen, Marktbedingungen und alternativen Kapitalverwendungen durchführen wird.
Der Vorsitzende, Präsident und CEO Robert J. McCormick beschrieb dies als einen 'kühn Schritt zur strategischen Kapitalverwendung', und sieht es als eine Gelegenheit zur Wertsteigerung, wenn die Aktie im Vergleich zur Stärke des Unternehmens unterbewertet ist. Das Unternehmen behält sich die Flexibilität vor, das Programm je nach Marktbedingungen und anderen Faktoren auszusetzen, zu ändern oder zu beenden.
- Authorization to repurchase 5% of outstanding shares indicates strong capital position
- Share buyback program could enhance shareholder value if stock is undervalued
- Flexible 12-month execution period allows optimal timing of purchases
- Capital allocation to buybacks may limit funds for other growth opportunities
- No guaranteed price or quantity of shares to be repurchased
- Program can be suspended or terminated at any time
GLENVILLE, N.Y., March 18, 2025 (GLOBE NEWSWIRE) -- TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) (the “Company” or “TrustCo”) today announced that its Board of Directors has approved a stock repurchase program. Under the stock repurchase program, TrustCo may repurchase up to 1,000,000 shares of its common stock, or approximately
Chairman, President, and Chief Executive Officer Robert J. McCormick said “We are very pleased to announce this bold move to strategically deploy capital. The repurchase program announced today authorizes the acquisition of up to five percent of the Company’s outstanding shares. We believe that this repurchase program represents a meaningful opportunity for value enhancement to the extent that our stock is undervalued relative to the strength of our business.”
Repurchases will be made at management’s discretion over the next approximately 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
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. 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 in such statements. Examples of these include, but are not limited to: the effects of inflationary pressures and changes in monetary and fiscal policies and laws, including increases or decreases 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; instability in global economic conditions and geopolitical matters; U.S. government shutdowns, credit rating downgrades, or failure to increase the debt ceiling; 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 or other securities filings; 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 |
FAQ
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