With Steadfast Reliability; TrustCo Reports Quarterly Dividend of $0.36 per Share

Rhea-AI Summary

The Board of Directors of TrustCo Bank Corp NY (Nasdaq: TRST) declared a quarterly cash dividend of $0.36 per share, translating to an annualized dividend of $1.44 per share. This dividend will be payable on July 1, 2024, to shareholders recorded by June 7, 2024. TrustCo has maintained a consistent dividend payout every quarter since 1904. Chairman, President, and CEO Robert J. McCormick emphasized the company's commitment to reliability and consistent shareholder returns, highlighting the operational stability and careful management supporting these payouts.

Positive

• Declared a quarterly dividend of $0.36 per share, annualizing to $1.44 per share.
• Dividend continuity since 1904, showing long-term reliability.
• Dividend payout signifies strong operational stability and careful management.

Negative

• No mention of revenue growth or profitability metrics, possibly indicating stagnant financial performance.
• Dividend yield alone may not attract growth-focused investors seeking capital appreciation.
• Potential for shareholder dilution if future financial performance requires raising capital.

GLENVILLE, N.Y., May 21, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) on May 21, 2024, 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 July 1, 2024 to shareholders of record at the close of business on June 7, 2024.

Chairman, President, and Chief Executive Officer Robert J. McCormick said: “In uncertain times, reliability is a virtue. TrustCo shareholders know that the Company has paid a dividend every quarter since 1904. We are very pleased that our operations and careful management continue to support our long-standing tradition of making meaningful distributions to our shareholders.”

About TrustCo Bank Corp NY

TrustCo Bank Corp NY is a $6.2 billion savings and loan holding company. Through its subsidiary, Trustco Bank, Trustco operates 139 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 Wealth Management 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 date for the TrustCo (TRST) quarterly dividend payout?

The quarterly dividend payout is scheduled for July 1, 2024.

How much is TrustCo's (TRST) quarterly dividend declared on May 21, 2024?

TrustCo declared a quarterly dividend of $0.36 per share.

When is the record date for TrustCo's (TRST) quarterly dividend?

The record date for the quarterly dividend is June 7, 2024.

How long has TrustCo (TRST) been paying dividends?

TrustCo has been paying dividends every quarter since 1904.

What is the annualized dividend per share for TrustCo (TRST) in 2024?

The annualized dividend per share is $1.44.