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TrustCo Bank

Commercial bank within the United States

Trustco Bank is the sole subsidiary of Trustco Bank Corp NY, an American bank holding company based in Glenville, New York. Founded in 1902 in Schenectady, the bank now operates 146 branches across New York, Florida, Massachusetts, New Jersey, and Vermont.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 18, 2026.

Overview

1902Founded1

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Trustco Bank is the sole subsidiary of Trustco Bank Corp NY, an American bank holding company based in Glenville, New York. Founded in 1902 in Schenectady, the bank now operates 146 branches across New York, Florida, Massachusetts, New Jersey, and Vermont.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Wealth management fees brought in 45% of the revenue TrustCo Bank broke down this way in fiscal 2025.

  1. Wealth management fees$7.9M545%up 8% from 2024
  2. Interchange Income$4.5M526%down 12% from 2024
  3. Overdraft Fees$2.8M516%up 2% from 2024
  4. Other$2.3M513%up 7% from 2024
Products and services by year
Products and services202320242025
Wealth management fees$6.4M$7.2M$7.9M
Interchange Income$5.8M$5.1M$4.5M
Overdraft Fees$2.9M$2.7M$2.8M
Other$2.1M$2.2M$2.3M

Financial statements

Net income67895$61.1M in 2025+6% since 2019
0$20.0M$40.0M$60.0M$80.0M2019: $57.8M$57.8M20192020: $52.5M$52.5M2020−9%2021: $61.5M$61.5M2021+17%2022: $75.2M$75.2M2022+22%2023: $58.6M$58.6M2023−22%2024: $48.8M$48.8M2024−17%2025: $61.1M$61.1M2025+25%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Interest and fees on loans$220.8M$205.6M$187.5M
U. S. government sponsored enterprises$2.2M$3.2M$2.8M
State and political subdivisions$1.0K$1.0K$2.0K
Mortgage-backed securities and collateralized mortgage obligations-residential$6.2M$5.8M$6.1M
Corporate bonds$1.3M$1.6M$2.0M
Small Business Administration-guaranteed participation securities$296.0K$368.0K$437.0K
Other$30.0K$13.0K$10.0K
Total interest and dividends on securities available for sale$9.9M$10.9M$11.4M
Mortgage-backed securities and collateralized mortgage obligations-residential$213.0K$254.0K$296.0K
Total interest on held to maturity securities$213.0K$254.0K$296.0K
Federal Home Loan Bank stock$531.0K$604.0K$500.0K
Interest on federal funds sold and other short-term investments$27.9M$25.9M$26.6M
Total interest and dividend income$259.4M$243.3M$226.2M
Interest on deposits$89.5M$90.6M$53.4M
Interest on short-term borrowings$894.0K$791.0K$1.0M
Total interest expense$90.4M$91.4M$54.4M
Net interest income$169.0M$151.9M$171.8M
Provision for credit losses$1.6M$2.0M$1.2M
Net interest income after provision for credit losses$167.4M$149.9M$170.6M
Trustco Financial Services income$7.9M$7.2M$6.4M
Fees for services to customers$9.5M$9.9M$10.6M
Net gain on equity securities$0$1.4M$0
Other$1.6M$1.4M$1.2M
Total noninterest income$18.9M$19.8M$18.3M
Salaries and employee benefits$48.7M$48.1M$51.2M
Net occupancy expense$18.1M$17.8M$17.4M
Equipment expense$8.0M$7.9M$7.6M
Professional services$6.3M$6.7M$6.2M
Outsourced services$9.8M$10.9M$10.0M
Advertising expense$1.6M$1.8M$1.9M
FDIC and other insurance expense$4.5M$4.1M$4.3M
Other real estate expense, net$719.0K$770.0K$524.0K
Other$7.8M$7.6M$12.0M
Total noninterest expense$105.5M$105.7M$111.3M
Income before income taxes$80.8M$64.0M$77.6M
Income taxes$19.7M$15.2M$19.0M
Net income$61.1M$48.8M$58.6M
Basic (in Dollars per share)$3.26$2.57$3.08
Diluted (in Dollars per share)$3.25$2.57$3.08

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The story

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. 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.

1960s

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.

1970s

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.

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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.

2000s

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 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).

From Wikipedia’s article on Trustco Bank, shared under CC BY-SA 4.0.4

Leadership

Who has led TrustCo Bank, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (25)

Products and brands

  • financial services

Listed on Wikidata.1

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, Trustco has added an electronic version of the monthly statement with images available online and free online banking via their internet site.

Recently 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, Ulster, 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 have 51 branches in Florida in Brevard, Hillsborough, Lake, Manatee, Orange, Osceola, Polk, Sarasota, Seminole and Volusia counties.

From Wikipedia’s article on Trustco Bank, shared under CC BY-SA 4.0.4

Timeline

  1. Jan 5, 2006New chief executive Robert J. McCormick becomes CEO13
  2. 1902Founded Founded1

Filings

474 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 83 major events, 288 insider forms, 17 large holders, 66 other. The latest 20:

  1. Oct 13, 20268-K EDGAR
  2. Sep 24, 20263 EDGAR
  3. Sep 24, 20263 EDGAR
  4. Sep 16, 20268-K EDGAR
  5. Sep 3, 20264 EDGAR
  6. Aug 18, 20268-K EDGAR
  7. Aug 14, 20264 EDGAR
  8. Aug 14, 20264 EDGAR
  9. Aug 14, 202613F-NT EDGAR
  10. Aug 14, 202613F-HR EDGAR
  11. Aug 10, 202610-Q EDGAR
  12. Jul 28, 2026SCHEDULE 13D EDGAR
  13. Jul 21, 20268-K EDGAR
  14. Jul 10, 20268-K EDGAR
  15. Jun 8, 20264 EDGAR
  16. May 22, 2026S-3ASR EDGAR
  17. May 22, 2026S-8 EDGAR
  18. May 20, 20268-K EDGAR
  19. May 20, 20268-K EDGAR
  20. May 13, 202613F-NT EDGAR

The 474 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 17 such filings since October 2021, the latest 10:

  1. Jul 28, 2026SCHEDULE 13D
  2. May 12, 2026SCHEDULE 13G
  3. Apr 30, 2026SCHEDULE 13G
  4. Mar 27, 2026SCHEDULE 13G/A
  5. Feb 10, 2026SCHEDULE 13G
  6. Feb 13, 2025SCHEDULE 13G/A
  7. Feb 13, 2025SCHEDULE 13G
  8. Feb 13, 2024SC 13G/A
  9. Feb 9, 2024SC 13G/A
  10. Jan 23, 2024SC 13G/A

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.2,517,431$138.2M0.0%−48,932
Dimensional Fund Advisors LP1,140,201$62.6M0.0%+2,697
Systematic Financial Management LP1,101,023$60.5M1.2%−64,110
State Street Corp922,845$51.0M0.0%+31,763
HoldCo Asset Management, LP872,744$47.9M3.1%No change
Vanguard Capital Management LLC749,594$41.2M0.0%−69,519
American Century Companies Inc609,410$33.5M0.0%+44,497
Geode Capital Management, LLC516,614$28.4M0.0%+17,989
Vanguard Portfolio Management LLC386,844$21.2M0.0%+14,146
Invesco Ltd.296,934$16.3M0.0%+10,776
Hotchkis & Wiley Capital Management LLC278,369$15.3M0.0%−13,000
Arrowstreet Capital, Limited Partnership230,179$12.6M0.0%+860
Two Sigma Investments, LP204,630$11.2M0.0%−15,701
Northern Trust Corp204,303$11.2M0.0%+7,185
Charles Schwab Investment Management Inc168,265$9.2M0.0%−733
Bank of New York Mellon Corp161,264$8.9M0.0%−4,027
Gabelli Funds LLC149,943$8.2M0.1%−1,500
Morgan Stanley145,741$8.0M0.0%−2,094
Goldman Sachs Group Inc137,588$7.6M0.0%−43,655
Bridgeway Capital Management, LLC124,552$6.8M0.1%−1,800
Aqr Capital Management LLC119,647$6.6M0.0%−9,576
Vanguard Fiduciary Trust Co116,900$6.4M0.0%+1,171
UBS Group AG103,903$5.7M0.0%−30,822
Trustco Bank Corp N Y93,341$5.1M3.7%+778
First Trust Advisors LP92,174$5.1M0.0%+5,074

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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