Trustco Bank Announces Management Changes – Leonard, Curley, and Others Assume New Roles
TrustCo Bank Corp NY (Nasdaq: TRST) has announced significant management changes, elevating several long-serving executives to new roles. Robert M. Leonard has been appointed Chief Operating Officer, while Kevin M. Curley becomes Chief Banking Officer. Other key promotions include Carly Batista as Chief Operations Officer, Michael Ewell as Chief Risk Officer, J.R. George as Chief Retail Banking Officer, and Michelle Simmonds as Chief Lending Officer.
Michael Hall, the company's General Counsel, will now oversee Investor Relations. These changes aim to leverage the bank's experienced leadership team to drive growth and enhance customer service. The restructuring comes as two long-serving executives, Scot R. Salvador and Eric W. Schreck, prepare to retire at the end of the year.
- Promotion of experienced internal executives to key leadership positions
- Restructuring aimed at enhancing organizational efficiency and customer service
- Deep bench of talent with long tenures at the company
- Potential for fresh ideas and perspectives from newly promoted leaders
- Retirement of two long-serving executives may lead to loss of institutional knowledge
- Potential disruption during leadership transition period
GLENVILLE, N.Y., July 16, 2024 (GLOBE NEWSWIRE) -- Robert J. McCormick, Chairman, President, and Chief Executive Officer of TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) and Trustco Bank, a subsidiary of TrustCo, announced the appointment of Executive Vice President Robert M. Leonard as Chief Operating Officer of TrustCo and Trustco Bank. Executive Vice President Kevin M. Curley has been named Chief Banking Officer. The following changes also have been made:
Carly Batista is now Senior Vice President and Chief Operations Officer
Michael Ewell is now Senior Vice President and Chief Risk Officer
J.R. George is now Senior Vice President and Chief Retail Banking Officer
Michelle Simmonds is now Senior Vice President and Chief Lending Officer
Mr. McCormick also announced that Michael Hall, the company’s General Counsel and Corporate Secretary, will formally assume responsibility for Investor Relations of TrustCo. Mr. Hall will report directly to the Chief Executive Officer.
Mr. Leonard began his career with Trustco Bank in 1986 and has held a number of positions with the bank and its parent company, most recently serving as Chief Risk Officer since 2016. Mr. Curley also has a long tenure with company, having started in 1990. He too has served in many roles at the company, most recently as Head of Retail Banking, having assumed that role in 2022. Michael Hall joined the company in 2015 after previously serving as one of the bank’s outside attorneys for several years.
Carly Batista has been with Trustco Bank since 2004. Ms. Batista previously has been responsible for overseeing the bank’s considerable branch network and also has overseen its foundational retail banking operation. She will now oversee the bank’s operations functions and its Planning and Systems Department. Michael Ewell has been with the bank since 2001 and most recently served as its Chief Compliance Officer and Chief Information Security Officer. He will continue to oversee the compliance and information security functions and will assume responsibility for the risk function. Mr. George has been with the company since 1999. He has overseen numerous areas of the bank and most recently has led the Marketing and Planning and Systems Departments. He will assume oversight of the bank’s entire branch network and continue in his role overseeing marketing. Michelle Simmonds has been with the bank since 1996. Ms. Simmonds likewise is of long tenure, having overseen the Facilities and Retail Lending Departments, among others. She will assume responsibility for overseeing all of the bank’s lending operations.
Trustco Bank also has promoted Lesly Jean-Louis to Vice President of Operations, focused on customer experience. Additionally, Stacy Marble has been promoted to Vice President of Operations, focused on technology. Mr. Jean-Louis and Ms. Marble work from the bank’s regional headquarters in Longwood, Florida. Trustco Bank has 52 branches in the Sunshine State.
Chairman McCormick said: “Years of hard and dedicated work have positioned Trustco Bank with a deep bench of highly talented and richly experienced leaders. I could not be more pleased to enhance our organization by elevating all of these talented bankers. Our customers, the communities we serve, and our holding company’s shareholders all stand to reap considerable benefit from these changes. I am excited to see the positive impact of the fresh ideas and perspectives that will flow from these promotions.”
Earlier this year, the Company announced that Executive Vice President and Head of Commercial Loans, Scot R. Salvador, will retire at the end of this year. Mr. Salvador joined Trustco Bank in 1995 and held many positions with the company over a distinguished career. Executive Vice President and Florida Regional President Eric W. Schreck also will retire at the end of this year. Mr. Schreck has been with the company since 1989. Additional leadership changes at Trustco Bank are expected in connection with Mr. Schreck’s retirement.
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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: volatility in financial markets and the soundness of other financial institutions; U.S. government shutdowns, credit rating downgrades, or failure to increase the debt ceiling; changes in interest rates; the effects of inflation and inflationary pressures and changes in monetary and fiscal policies and laws, including changes in the Federal funds target rate by, and interest rate policies of, the Federal Reserve Board; ongoing armed conflicts (including the Russia/Ukraine conflict and the conflict in Israel and surrounding areas); 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.
| Contact: | Robert M. Leonard |
| Executive Vice President | |
| (518) 381-3693 |
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