TrustCo dividend offers stability in a volatile environment

Rhea-AI Summary

The Board of Directors of TrustCo Bank Corp NY (TRST) announced a quarterly cash dividend of $0.36 per share on February 21, 2023, translating to $1.44 annually. The dividend will be paid on April 3, 2023, to shareholders recorded by March 3, 2023. CEO Robert J. McCormick emphasized that this distribution reflects the bank's record success in 2022, asserting TrustCo's tradition of consistent dividends amidst market volatility. TrustCo operates 143 offices across several states and is recognized as one of the top-performing savings banks in the country.

Positive

• Quarterly cash dividend of $0.36 per share demonstrates financial strength and shareholder return.
• Annualized dividend equates to $1.44, projecting confidence in future earnings.

Negative

• None.

GLENVILLE, N.Y., Feb. 22, 2023 (GLOBE NEWSWIRE) -- The Board of Directors of TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) on February 21, 2023 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 April 3, 2023 to shareholders of record at the close of business on March 3, 2023.

Chairman, President, and Chief Executive Officer Robert J. McCormick said: “The distribution of profits announced today is the product of our record success in 2022. TrustCo has a long and proud tradition of paying quarterly dividends to our owners. Our dependable distribution is a particularly welcome contrast to the volatile environment many investors are attempting to navigate. As an investment, and as a depository, your Home Town Bank provides security in the face of uncertainty.”

About TrustCo Bank Corp NY

TrustCo Bank Corp NY is a $6.0 billion savings and loan holding company. Through its subsidiary, Trustco Bank, Trustco operates 143 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 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.

Subsidiary: Trustco Bank

Contact:	Robert M. Leonard
	Executive Vice President
	(518) 381-3693

 

FAQ

What is the dividend amount declared by TrustCo Bank Corp NY (TRST)?

TrustCo Bank Corp NY declared a quarterly cash dividend of $0.36 per share.

When will TrustCo's dividend be paid?

The dividend will be payable on April 3, 2023.

What is the record date for the dividend payment from TrustCo (TRST)?

The record date for the dividend payment is March 3, 2023.

How does TrustCo Bank Corp NY (TRST) perform in terms of dividends?

TrustCo Bank has a proud tradition of paying quarterly dividends, highlighting its financial stability.