SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 18, 1995
(May 15, 1995)
TrustCo Bank Corp NY
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(Exact name of registrant as specified in its charter)
New York
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(State or other jurisdiction of incorporation)
0-10592 14-1630287
(Commission File Number) (IRS Employer
Identification No.)
192 Erie Boulevard, Schenectady, New York 12305
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(518) 377-3311
Item 5. Other Events
On May 15, 1995, TrustCo Bank Corp NY ("TrustCo") issued
a press release with details of the May 15, 1995, Annual
Meeting of Shareholders. On May 16, 1995, TrustCo Bank Corp NY
issued a press release announcing the 1995 first quarter cash
dividend. Attached is a copy of each press release as Exhibits
99(a) and 99(b) respectively and incorporated herein by
reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
Dated: May 18, 1995
TrustCo Bank Corp NY
(Registrant)
By: /s/Robert T. Cushing
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Robert T. Cushing
Vice President and
Chief Financial Officer
EXHIBIT INDEX
The following exhibits are filed herewith:
Reg S-K Exhibit No Description
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99(a) Press Release of May 15, 1995
regarding Annual Meeting of
Shareholders.
99(b) Press Release of May 16, 1995
declaring first quarter 1995
cash dividend.
Exhibit 99(a)
Contact: William F. Terry
Senior Vice President and Secretary
518-381-3611
FOR IMMEDIATE RELEASE:
TRUSTCO BANK CORP NY ANNUAL MEETING:
"ANOTHER RECORD YEAR FOR THE BANK"
Schenectady, New York, May 15, 1995 - Stating that "1994 was
another record year here at TrustCo," Robert A. McCormick,
TrustCo Bank Corp NY President and CEO, commenced the bank's
Annual Meeting of Shareholders. The meeting was conducted at Glen
Sanders Mansion, One Glen Avenue, Scotia.
"Everything went just about as planned," McCormick continued.
"All of the ratios that relate to earnings per share, net income,
and return on shareholder equity were right where we predicted
they would be a year ago."
McCormick stated that the bank is right on target for a net
profit
in excess of $25 million this year, and 1995 per share earnings
should be around $1.74. He predicted that 1996 net income would
be in excess of $28 million.
"It is important for management and the Board of the Company to
go
back to basics from time to time and reconfirm our acceptance of
return on equity as the most important ratio in our arsenal,"
McCormick stated. "Return on equity for 1995 will be 18%, and we
expect to keep it there going forward, unless an acquisition that
is beneficial to shareholders brings about a reason to change
it." He stressed that an 18% return stands up in any market.
Turning to TrustCo's future, McCormick explained that the bank
plans to grow from $2 billion to $3 billion over the course of
the next 6-7 years. "We expect this growth will be accomplished
through a combination of additional branches and selected
acquisitions, though there is nothing serious perking at this
moment," he said.
McCormick pointed out that the bank's efficiency level of 41% is
unquestionably world-class, and the best in the Capital Region.
He added that, "In spite of what we read in the papers, our
Capital Region is still a fine place to do business. Our past
conservative practices have served us well and there is no reason
to change them. The simple retail product mix we provide,
accompanied by a strong commercial capacity, seem to be the best
menu for the future."
In closing, McCormick said "I look forward to a future that is as
productive as our past."
TrustCo Bank Corp NY is a $2 billion bank holding company, and
through its subsidiary bank, Trustco Bank, National Association,
operates 45 bank offices in Albany, Columbia, Greene, Rensselaer,
Saratoga, Schenectady, Warren and Washington counties. In
addition, the bank operates a full service Trust Department and
has $634 million of assets under management. The common shares
of the Company are traded on NASDAQ - National Market System,
under the ticker symbol TRST.
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Exhibit 99(b)
Contact: William F. Terry
Senior Vice President and Secretary
518-381-3611
FOR IMMEDIATE RELEASE:
TRUSTCO DECLARES DIVIDEND
Schenectady, New York - May 16, 1995
On May 16, 1995 the Board of Directors of the Company
declared a quarterly dividend of $0.275 per share, payable
July 3, 1995, to the shareholders of record at the close of
business on June 9, 1995.
TrustCo is a $2 billion bank holding company and through its
subsidiary, Trustco Bank New York, operates 45 banking
offices in Albany, Columbia, Greene, Rensselaer, Saratoga,
Schenectady, Warren, and Washington counties. The common
shares of the Company are traded on NASDAQ - National
Market System, under the ticker symbol - TRST.
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