About TrustCo Bank Corp NY

TrustCo Bank Corp NY operates as the bank holding company for Trustco Bank that provides general banking services to individuals, partnerships, and corporations. Subsidiaries Trustco Bank The bank is a federal savings bank engaged in providing general banking services to individuals and business. The company has offices in Albany, Columbia, Dutchess, Greene, Montgomery, Orange, Putnam, Rensselaer, Rockland, Saratoga, Schenectady, Schoharie, Ulster, Warren, Washington, and Westchester counties of New York, Brevard, Charlotte, Flagler, Hillsborough, Indian River, Lake, Manatee, Martin, Orange, Osceola, Palm Beach, Polk, Sarasota, Seminole, and Volusia counties in Florida, Bennington County in Vermont, Berkshire County in Massachusetts and Bergen County in New Jersey. The largest part of such business consists of accepting deposits and making loans and investments. The company also lends in Essex and Fulton counties of New York, Essex, Hudson, Morris, and Passaic counties of New Jersey, Collier, Lee, Marion, Pasco, Pinellas, St. Johns, St. Lucie, and Sumter counties of Florida, where it has no branch locations. The company provides a wide range of both personal and business banking services, including a full array of deposit products for both individuals and businesses. Trustco Bank also offers trust and investment services through its Financial Services Department. The bank is supervised and regulated by the federal Office of the Comptroller of the Currency (OCC). Its deposits are insured by the Federal Deposit Insurance Corporation (FDIC) to the extent permitted by law. The bank’s subsidiary, Trustco Realty Corp., is a real estate investment trust (REIT) that was formed to acquire, hold and manage real estate mortgage assets, including residential mortgage loans and mortgage backed securities. Trustco Financial Services, the name under which Trustco Bank’s trust department operates, serves as executor of estates and trustee of personal trusts, provides asset and wealth management services, provides estate planning and related advice, provides custodial services, and acts as trustee for various types of employee benefit plans and corporate pension and profit sharing trusts. ORE Subsidiary Corp. In 1993, the company created ORE Subsidiary Corp., a New York corporation, to hold and manage certain foreclosed properties acquired by the bank. Commercial Commercial real estate loans and other commercial loans are made based primarily on the identified cash flow of the borrower and secondarily on the underlying collateral provided by the borrower. Commercial real estate collateral is generally located within the bank’s geographic territories; while collateral for non-real estate secured commercial loans is typically accounts receivable, inventory, and/or equipment. Residential Real Estate Residential real estate loans, including first mortgages, home equity loans and home equity lines of credit, are collateralized by first or second liens on one-to-four family residences generally located within the company’s market areas. Proof of ownership title, clear mortgage title, and hazard insurance coverage are normally required. Installment The company’s installment loans are primarily made up of installment loans, personal lines of credit, as well as secured and unsecured credit cards. The installment loans represent a relatively small portion of the loan portfolio and are primarily used for personal expenses and are secured by automobiles, equipment and other forms of collateral, while personal lines of credit are unsecured as are most credit card loans. Loan Portfolio As of December 31, 2022, the company’s loan portfolio included commercial loans, such as commercial real estate and other; real estate mortgage - 1 to 4 family, including first mortgages, home equity loans, and home equity lines of credit; and installment loans. Deposits As of December 31, 2022, the company’s deposits included interest bearing checking accounts; savings accounts; and time deposits and money market accounts. Investment Portfolio As of December 31, 2022, the company’s investment portfolio included U. S. government sponsored enterprises; state and political subdivisions; mortgage backed securities and collateralized mortgage obligations-residential; corporate bonds; Small Business Adminstration-guaranteed participation securities; and other. Supervision and Regulation As a savings and loan holding company, the company and its non-bank subsidiaries are supervised and regulated by the Board of Governors of the Federal Reserve System (Federal Reserve Board). The OCC is the bank’s primary federal regulator and supervises and examines the bank. Under the Home Owners’ Loan Act of 1934 and OCC regulations, the bank must obtain prior OCC approval for acquisitions, and its business operations and activities are restricted. Because the FDIC provides deposit insurance to the bank, the bank is also subject to its supervision and regulation even though the FDIC is not the bank’s primary federal regulator. The activities of savings and loan holding companies are governed, and limited, by the Home Owners’ Loan Act and the Federal Reserve Board’s regulations. In general, the company’s activities are limited to those permissible for multiple savings and loan holding companies (that is, savings and loan holding companies owning more than one savings association subsidiary) as of March 5, 1987, activities permitted for bank holding companies as of November 12, 1999, and activities permissible for financial holding companies. Activities permitted to multiple savings and loan holding companies include certain real estate investment activities, and other activities permitted to bank holding companies under the Bank Holding Company Act. The company’s common stock is registered with the Securities and Exchange Commission (SEC) under Section 12(b) of the Securities Exchange Act of 1934, and the company is subject to restrictions, reporting requirements and review procedures under federal securities laws and regulations. The company is also subject to the rules and reporting requirements of The NASDAQ Stock Market LLC, on which its common stock is traded. Deposits of the bank are insured by the Deposit Insurance Fund (DIF) of the FDIC, and the bank is subject to deposit insurance assessments to maintain the DIF. The bank is required to pay assessments to the OCC to fund the agency’s operations. The general assessments, paid on a semi-annual basis, is computed upon its total assets, including consolidated subsidiaries, as reported in the bank’s latest quarterly financial report. As a savings institution regulated by the OCC, the bank must be a qualified thrift lender under either the Qualified Thrift Lender (QTL) test under the Home Owners’ Loan Act or the Internal Revenue Code’s Domestic Building and Loan Association (DBLA) test to avoid certain restrictions on its and the company’s operations and activities. The bank’s transactions with affiliates (generally, any company that controls or is under common control with the bank, including the company) is limited by Sections 23A and 23B of the Federal Reserve Act and the Federal Reserve Board’s implementing Regulation W. Under these laws, the aggregate amount of covered transactions between the bank and any one affiliate is limited to 10% of the bank’s capital stock and surplus, and the aggregate amount of covered transactions by the bank with all of its affiliates is limited to 20% of capital stock and surplus. The Federal Reserve Board and the OCC have extensive enforcement authority over savings institutions and their holding companies, including the bank and the company. In addition to the other laws and regulations, the bank is subject to consumer laws and regulations designed to protect consumers in transactions with financial institutions. These laws and regulations include among others, the Truth in Lending Act, the Truth in Savings Act, the Electronic Funds Transfer Act, the Expedited Funds Availability Act, the Equal Credit Opportunity Act, the Fair Housing Act, the Fair Credit Reporting Act and the Real Estate Settlement Procedures Act. These laws and regulations mandate certain disclosure requirements and regulate the manner in which financial institutions must deal with customers when taking deposits from, making loans to, or engaging in other types of transactions with, such customers. The bank is subject to the Bank Secrecy Act (BSA) and other anti-money laundering provisions and requirements, which generally require that it implement a comprehensive customer identification program and an anti-money laundering program and procedures. The company has in place a Bank Secrecy Act compliance program, and it engages in very few transactions of any kind with foreign financial institutions or foreign persons. The Anti-Money Laundering Act of 2020 (AMLA), which amends the Bank Secrecy Act of 1970, was enacted in January 2021. The bank is a member of Federal Home Loan Bank (FHLB) of New York, which is one of 11 regional FHLBs that serve as reserve or central banks for their members. The bank is also required to purchase and maintain stock in the FHLB of New York at or above levels specified in the FHLB of New York capital plan. The bank was rated satisfactory in its last Community Reinvestment Act (CRA) examination. History TrustCo Bank Corp NY was founded in 1902. The company was incorporated in 1981.