TrustCo Bank

Last updated
TrustCo Bank Corp. NY
Type Public
Nasdaq:  TRST
S&P 600 Component
Industry Banking
Founded Upstate New York, (1902)
Number of locations
148 Branches:
• 88 New York
• 53 Florida
• 4 Massachusetts
• 2 New Jersey
• 1 Vermont
Area served
New York, Florida, Massachusetts, New Jersey and Vermont
Key people
Robert J. McCormick, President, Chief Executive Officer
Robert T. Cushing, Executive Vice President, Chief Financial Officer
Scot R. Salvador, Executive Vice President, Chief Banking Officer
Eric W. Schreck, Senior Vice President, Florida Regional President
Products Financial services

Personal Financial Services:
• 1st Mortgage
Home Equity Loans
Home Equity Lines of Credit
Credit Cards

Commercial Financial Services:
Loan Alternatives
Employee Benefits
Overdraft Protection
$28.12 million USD (2009)
Website Official website

Trustco Bank (abbreviation of TrustCo Bank Corp. NY) is a commercial bank within the United States. Trustco was founded in Schenectady, New York in 1902 and is headquartered in Glenville, New York. Trustco has 145 branches spread among New York, Florida, Massachusetts, New Jersey, and Vermont. Trustco Bank is an Equal Housing Lender and an Insured member of the Federal Deposit Insurance Corporation. The company operates under the slogan, "Your Home Town Bank."



The bank provides general commercial banking services to individuals, partnerships, corporations and governments of New York, Florida, Massachusetts, New Jersey and Vermont. The Group provides commercial, construction, residential mortgage, home equity lines of credit and installment loans. It also accepts demand, savings, checking accounts, money market accounts and certificates of deposit from customers. Its commercial lending activities are focused on balancing the Company's commitment to meeting the credit needs of businesses in its market area with the necessity of managing its credit risk. Trustco Bank is a portfolio lender, which means it does not sell or trade any loans. Trustco Bank offers first and second mortgages, and has a full service commercial lending department. Recently,[ when? ] Trustco has added an electronic version of the monthly statement with images available online and free online banking via their internet site.

Recently[ when? ] added to their list of services are interest-bearing checking and free business checking, each having their own set of perks such as free checks and no minimum balances.

During 2007, 16 new branches were added. The Group operates 108 automatic teller machines and 107 banking offices in Albany, Columbia, Dutchess, Greene, Montgomery, Rensselaer, Rockland, Saratoga, Schenectady, Schoharie, Warren, Washington and Westchester.

In 2002, Trustco Bank branched out to central Florida, the first Florida branch having opened its doors in 2003 to customers in the Orlando area. They now[ when? ] have 51 branches in Florida in Brevard, Hillsborough, Lake, Manatee, Orange, Osceola, Polk, Sarasota, Seminole and Volusia counties.


Purchase of Schenectady Bank and General Electric

On February 17, 1902, the first trust company was chartered in Schenectady, formed through the purchase of the assets of the Schenectady Bank (c. 1832). As the credit union for General Electric Corporation, Schenectady Trust Company opened for business on June 9, 1902, with 11 employees, and initial deposits of $762,578.11[ citation needed ]. The original buildings resided at 320 and 318 State Street in downtown Schenectady, New York. Charles P. Steinmetz (the “Electrical Wizard”) of General Electric and Union College fame was a major depositor and Samuel M. Hamill of General Electric became the first President of the Schenectady Trust Company. Total deposits at the end of the bank's first year were over $1.5 million.

Schenectady Trust Company

By 1912, business in Schenectady, especially General Electric, was booming. As many new businesses emerged at a rapid rate, many of them received their earliest financing from Schenectady Trust Company. In 1919 Schenectady Trust Company built the structure that is now known as the Main Trustco Bank branch office at 320 State Street. Gerardus Smith was president of the bank at the close of 1912, and total assets were $4.5 million.

The Roaring Twenties

The Mont Pleasant branch office opened in 1924. In 1925, Proctor's Theatre, Erie Boulevard and the Western Gateway Bridge opened more culture, tourism and commerce to Schenectady. The third branch, the Brandywine office, was opened in 1928. In the late twenties Schenectady's building boom took place and Schenectady Trust provided mortgage loans. At the close of 1922, H.B. Boardman was President of the Bank, and total assets were $12.1 million.

The Depression and World War II

Even though the thirties saw the economy come to a virtual standstill, Schenectady Trust continued to pay out dividends to shareholders, making a consistent record of paying dividends since 1904. At the end of 1932, H.B. Boardman was still President of the Bank, and total assets were $16.7 million. The forties threw the nation into World War II, Schenectady Trust put plans in motion to provide direct auto financing for the increasing mobile population. By 1946, the Union Street Branch was open. At the end of 1942, Edward T. Rice was Chairman of the Board and Laurence G. Magner was President of the Bank; total assets were $34.9 million. In 1947, Schenectady Trust acquired Union National Bank, which opened in 1891. Modernization of the Main Branch and State Street Branch began.

Post War Era

In response to the 1954 opening of the New York State Thruway, Schenectady Trust expanded with branches into the suburbs to accommodate the growing population. By 1956, the Mayfair Branch office in Glenville and the Sheridan Plaza Branch office were opened. The Union Street Branch office was moved into its present location during the fifties. Ralph H. Rue was President of the bank at the end of 1952 and total assets were $74.2 million.


Though the local Schenectady economy began the decade with a slowdown, employment ended on an upswing at Schenectady Trust as they continued to grow with the community. Four more Branch offices were opened during the time: Rotterdam in 1965, the Trust Division in March 1968 and in June, 1968 Clifton Park and Plaza Seven were opened. In 1965, the financial computer center of Eastern New York was organized as a joint electronic data processing center by Schenectady Trust and eight other area banks. At the end of 1962, Ralph H. Rue was still President of the Bank, and total assets were $100.2 million.


In spite of inflation, the seventies showed growth in the Schenectady area—that growth was reflected in the Bank's services and prompted additional Branch office openings. New services were introduced during this period: Personal Line of Credit, Statement Savings and Bank Americard (now VISA). Along with the new services, new Branches were opened in Niskayuna, Colonie and Guilderland. In 1973 the Main Branch interior was again enlarged and renovated, and the lot at the rear of the bank (former location of Redmond gas station) was purchased for parking and allowed access to Erie Boulevard. Toward the very end of the seventies, additional properties on Erie Boulevard were purchased that would later become the Trust Operations Building. At the end of 1972, H. Gladstone McKeon was President of the Bank and total assets were $151 million.

1980s and Formation of TrustCo Bank Corp NY

The bank continued to expand in the 1980s as they extended to the entire Capital Region. In July 1982, TrustCo Bank Corp NY was formed and a new Operations Center opened on Erie Boulevard in 1982 to handle the acquisition of seven Bank of New York offices, which occurred in January 1984. Schenectady Trust Company was renamed Trustco Bank New York in January 1989.

By the end of 1982, Harry E. Whittingham, Jr. was chairman and chief executive officer, and Robert A. McCormick was president and chief operation officer of the bank. Total assets were $301.4 million, net income was $2.9 million and market capitalization was $17 million.

Acquisition of Home & City Savings Bank

Trustco acquired Home & City Savings Bank and a three-story expansion of the Erie Boulevard Trust Operations Building in 1991. In May 1992, Trustco Bank sponsored and hosted a Block party on Erie Boulevard to celebrate the 90th Anniversary of the Bank and its $2.1 billion in assets by the end of 1995. The nineties also saw new Branch openings in Glens Falls, Queensbury, Wilton Mall and Clifton Park—which along with the former Home & City offices brought the total Branch locations to 53 throughout the Capital Region by the end of the decade. At the end of 1992, Robert A. McCormick was president and chief executive officer of the Bank, total assets were $1.9 billion, net income was $17.5 million and market capitalization was $222 million.


In July 2000 Trustco acquired a Savings Bank Charter and subsequently acquired Landmark Financial Corp. and its subsidiary, Landmark Community Bank, which was completed on July 28, 2000. Further expansion was made possible by an accompanying federal thrift charter. The Trustco Bank corporate headquarters relocated to Trustco Center in Glenville during 2001. The total number of Branch offices tops out at 60, with plans to expand downstate and into Florida. As of December 31, 2001 total assets were $2.6 billion, net income was $45.5 million and market capitalization was $896 million. Robert A. McCormick, chairman, president and chief executive officer, celebrated 25 years with the Bank in January 2002, 17 of those years serving as CEO. Despite a poor economy and bank bailouts, Trustco expanded into Downstate New York as well as into Florida between 2002 and 2009 (36 in Central Florida and five in other areas of the state). Two Branch openings occurred in the first quarter of 2010 in Sun City Center and Lady Lake, Florida. By March 2010, Trustco Bank had 134 branch locations in five states (New York, New Jersey, Massachusetts, Vermont and Florida).

Community involvements

As Trustco opens additional branches in new markets, they host grand opening events, as well as become a “Home Town Bank” by participating in and sponsoring local and community-centric events. Trustco Bank is a sponsor of the annual celebration, Red, Hot & Boom, a July Fourth celebration at Crane's Roost Park in the Uptown Altamonte area of Altamonte Springs, Florida. Florida Collegiate Summer League, a wood bat baseball league with five teams in Central Florida, is a recipient of a seasonal Trustco Bank sponsorship. Further, Holiday in the Park at Lake Eola in Downtown Orlando is an annual sponsorship event that Trustco participated in December 2008 and 2009. In New York, Trustco has sponsored the Clifton Park Fourth of July Parade that runs all the way from the Shenendehowa High School campus to Clifton Common. Giving back to their Schenectady roots, Truscto Bank also sponsors the Tri-City ValleyCats, a minor league baseball team named after the Tri-Cities – Troy, Albany and Schenectady – that make up New York state's Capital District.

Green initiatives

Trustco has incorporated green initiatives into its service offerings with online banking capabilities, as well as the marketing and promotions materials. In the spring of 2009, Trustco Bank sent out postcards on actual “seed paper,” encouraging deposits from new customers as well as put the wild-flower-growing mailer in the ground. Additionally, Trustco Bank created promotions centered on several local supermarkets and offered recyclable/reusable shopping totes and $50 gift cards, to keep the money and other natural resources, in the local community.

Awards and accolades

Trustco Bank was named a Bauer Financial recommended bank. Bank Director magazine named TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) as one of America's top banks. In its 1st Quarter 2009 edition the magazine named Trustco number 21 of the top 150 performers in the banking industry. TrustCo ranked 21st for the 2008 calendar year based on an objective analysis of profitability, capital strength and asset quality. Trustco has been nationally ranked three years in a row by highly respected financial reporting agencies.

Related Research Articles

Banking in the United States Overview of the U.S. financial system

Banking in the United States began by the 1780s along with the country's founding and has developed into highly influential and complex system of banking and financial services. Anchored by New York City and Wall Street, it is centered on various financial services namely private banking, asset management, and deposit security.

Washington Mutual, Inc—abbreviated to WaMu—was a savings bank holding company and the former owner of WaMu Bank, which was the United States' largest savings and loan association until its collapse in 2008.

Chemical Bank was a bank with headquarters in New York City from 1824 until 1996. At the end of 1995, Chemical was the third-largest bank in the U.S., with about $182.9 billion in assets and more than 39,000 employees around the world.

The savings and loan crisis of the 1980s and 1990s was the failure of 1,043 out of the 3,234 savings and loan associations (S&Ls) in the United States from 1986 to 1995. An S&L or "thrift" is a financial institution that accepts savings deposits and makes mortgage, car and other personal loans to individual members.

National City Corporation was a regional bank holding company based in Cleveland, Ohio, USA, founded in 1845; it was once one of the ten largest banks in America in terms of deposits, mortgages and home equity lines of credit. Subsidiary National City Mortgage is credited for doing the first mortgage in America. The company operated through an extensive banking network primarily in Ohio, Illinois, Indiana, Kentucky, Michigan, Missouri, Pennsylvania, Florida, and Wisconsin, and also served customers in selected markets nationally. Its core businesses included commercial and retail banking, mortgage financing and servicing, consumer finance, and asset management. The bank reached out to customers primarily through mass advertising and offered comprehensive banking services online. In its last years, the company was commonly known in the media by the abbreviated NatCity, with its investment banking arm even bearing the official name NatCity Investments.

TD Banknorth, formerly Banknorth, was a wholly owned subsidiary of the Toronto-Dominion Bank which conducted banking and insurance activities, primarily serving the northeastern area of the United States, headquartered in Portland, Maine. The bank became TD Bank, N.A. on May 31, 2008.

Old National Bank American Regional Bank

Old National Bank is an American regional bank with nearly 200 retail branches operated by Old National Bancorp and based in Evansville, Indiana. With assets at $23.0 billion and 162 banking centers, Old National Bancorp is the largest financial services bank holding company headquartered in Indiana and one of the top 100 banking companies in the U.S. Its primary banking footprint is in Indiana, Kentucky, Michigan, Minnesota, and Wisconsin.

Great Western Bank was a large retail bank that operated primarily in the Western United States. Great Western's headquarters were in Chatsworth, California. At one time, Great Western was one of the largest savings and loan in the nation, second only to Home Savings of America. The bank was acquired by Washington Mutual in 1997 for $6.8 billion.

H.F. Ahmanson & Co. was a California holding company named after millionaire Howard F. Ahmanson Sr. It was best known as the parent of Home Savings of America, once one of the largest savings and loan associations in the United States.

R & G Financial Corporation Former financial holding company in Puerto Rico

The R & G Financial Corporation was a financial holding company located in San Juan, Puerto Rico. On April 30, 2010, its bank failed and its deposits and assets were seized by the Federal Deposit Insurance Corporation (FDIC). Its deposits and assets were subsequently sold to Scotiabank. On May 14, R & G Financial Corporation filed for Chapter 11 bankruptcy.

Apple Bank for Savings is a savings bank headquartered in Manhasset, New York and operating in the New York metropolitan area.

First Niagara Bank was a Federal Deposit Insurance Corporation-insured regional banking corporation headquartered in Buffalo, New York. Its parent company, First Niagara Financial Group, Inc. was the 44th-largest bank in the United States with assets of over $37.1 billion as of June 30, 2013. Their slogan is "Do Great Things"

Western Savings and Loan was an American financial institution founded by the Driggs family.

Philippine Business Bank is a Filipino savings bank which focuses on corporate and small and medium enterprises markets. It provides banking services and products including cash management, retail and corporate lending, deposit products, international trade finance, treasury and trust products.

Old Stone Bank

Old Stone Bank was a popular Rhode Island banking institution that was founded in Providence in 1819 as a mutual savings bank that was called Providence Institution for Savings.

Bank United Corporation, headquartered in Houston, Texas, was a broad-based financial services provider and the largest publicly traded depository institution headquartered in Texas before its merger with Washington Mutual in 2001. Bank United Corp. conducted its business through its wholly owned subsidiary, Bank United, a federally chartered savings bank. The company operated a 155-branch community banking network in Texas, including 77 in the Dallas/Fort Worth Metroplex, 66 in the greater Houston area, five in Midland, four in Austin, and three in San Antonio; operated 19 SBA lending offices in 14 states; was a national middle market commercial bank with 23 regional offices in 16 states; originated mortgage loans through 11 wholesale offices in 10 states; operated a national mortgage servicing business serving approximately 324,000 customers, and managed an investment portfolio. As of June 30, 2000, Bank United Corp. had assets of $18.2 billion, deposits of $8.8 billion, and stockholder's equity of $823 million.

First Bank System was a Minneapolis, Minnesota-based regional bank holding company that operated from 1864 to 1997. What was once First Bank forms the core of today's U.S. Bancorp; First Bank merged with the old U.S. Bancorp in 1997 and took the U.S. Bancorp name.

Citystate Savings Bank is a publicly listed thrift bank listed in the Philippine Stock Exchange. The bank was a partnership between a group of Filipino businessmen led by Ambassador Antonio Cabangon Chua and a Singaporean investment holding company. It was granted the thrift bank license by the Monetary Board of Bangko Sentral ng Pilipinas in 1997. City State offers banking services, such as deposit products and services, cash management, onsite/offsite ATM facilities, corporate and retail banking, and treasury services. The bank caters to the needs of corporate, middle market and retail clients. The bank operates a total of 24 branches nationwide and employs 276 employees at the end of 2009. As of December 27, 2010, Citystate has a total market capitalization of P2.03 billion and share price of P28.00.

CenTrust Bank, A State Savings Bank was a Miami, Florida-based savings and loan. Its failure in 1990 was one of the largest and costliest failures of the savings and loan crisis.

American Savings and Loan Association was an American savings and loan based in Stockton, California. It was the largest thrift failure and the federal government's costliest resolution during the savings and loan crisis at an estimated cost of $5.4 billion.