Our Mission
The mission of Trustco Bank is to be the low cost provider of high quality services to our customers in the communities we serve and return to our owners an above average return on their investment.
We Are Trustco Bank
Trustco, your Home Town Bank.
Since opening its doors in 1902 in Schenectady, New York, Trustco Bank has proudly served as the low-cost provider of high-quality banking products and services. Upholding traditional banking principles, Trustco has navigated through market changes without succumbing to fleeting trends that have led many banks to close.
In 2002, Trustco embarked on an ambitious expansion, establishing over 80 new branches across Central Florida, Massachusetts, downstate New York, New Jersey, and Vermont. Today, with more than 135 locations, including 51 in Florida, Trustco Bank remains grounded in its commitment to personalized, friendly service. Customers are always welcomed by name, reinforcing the community-oriented approach that is a hallmark of the Trustco experience.
Over 135 Branches
Specializing in residential mortgage lending, Trustco offers a diverse array of deposit and loan products, ensuring customers find solutions tailored to their needs. As of September 30, 2024, Trustco Bank proudly reported assets totaling $6.1 billion. Its remarkable commitment to profitability is highlighted by over 100 consecutive years of dividend payments to shareholders and a strong performance even through recent financial crises. Notably, in April 2018, S&P Global Intelligence recognized Trustco Bank as the 15th best-performing savings bank in the nation. The bank is publicly traded on NASDAQ under the ticker TRST.
Trustco Bank stands as more than just a financial institution; it is a steadfast partner in the community, dedicated to providing exceptional service and fostering lasting relationships. Join us as we continue to grow and serve our customers with care and commitment.
In 2021 Trustco Bank received numerous accolades and reached significant milestones:
A Letter from our President & CEO
Dear Friends,
Welcome to Trustco Bank.
These days, it seems many people are rediscovering the value of taking a conservative approach with their money. At Trustco Bank, we have been doing just that since 1902.
Our commitment to careful financial management, and high quality personal service has never wavered. We focus on providing our customers with community banking solutions that offer superior value, security, and great Home Town service.
Whether it be our branch personnel welcoming you by name or being able to easily reach a real person by telephone, Trustco offers the kind of old fashioned personal service that in today’s world is hard to find. When such services are combined with our offerings of low cost deposit and mortgage products, it is clear why Trustco is one of the highest rated and most successful banks in the country.
In these uncertain times, you can understand why so many of your friends and neighbors are moving to a Home Town bank with a history of financial strength. To learn more about our history, we've included a link to Trustco, 110 Years of Excellence.
Thank you. We look forward to building a relationship and providing you with all your future banking needs.
Sincerely,
Robert J. McCormick,
President and CEO
The History of Trustco Bank
2012
The Expansion Era
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January 2004, Robert J. McCormick is named the President and CEO. His father, Robert A. McCormick, retired after 18 years at the helm.
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April 2002 marked the beginning of Trustco Bank's Massive De Novo expansion with the opening of the Elmsford Branch in Westchester County, New York.
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Trustco Bank entered the Florida market in March 2003 with the opening of the Longwood Branch in the Greater Orlando Area.
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Over the next 10 years, Trustco Bank opened 76 new branches spread between Florida, Downstate New York, and the Capital Region.
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As of December 31, 2012, total assets were $4.3 billion, up 63% over the last 10 years.
2002
The 21st Century
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In July 2000 Trustco acquired a Savings Bank Charter, opening up new opportunities for growth - there are currently four Trustco Savings Bank branch offices in the Capital Region and Vermont
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Our Corporate Headquarters relocated to Trustco Center in Glenville during 2001
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Our current branch office total stands at 60, with plans to expand downstate and into Florida
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As of December 31, 2001 total assets were $2.6 billion, Net Income was $45.5 million and Market Capitalization was $896 million
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Robert A. McCormick our Chairman, President and Chief Executive Officer celebrated 25 years with the bank in January 2002, his 17th year as CEO
1992
The Nineties
- Trustco continued to make progress in the nineties, completing the acquisition of Home & City Savings Bank and 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
- Trustco assets topped $2.1 billion December 31, 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 our total to 53 branch locations throughout the Capital Region by the end of the decade
- Robert A. McCormick was President and Chief Executive Officer of the Bank at the close of 1992 - total assets were $1.9 billion, Net Income was $17.5 million and Market Capitalization was $222 million
1982
The Eighties
- The eighties were a time of great expansion and change - through acquisition and a new name, The Home Town commitment now expanded to the entire Capital Region
- Trustco Bank Corp NY was formed in July 1982
- Our new Operations Center on Erie Boulevard opened in 1982
- Seven Bank of New York offices were acquired in January 1984
- In 1982 our Loudon Plaza branch opened, Rotterdam Square Mall, Shoppers' World, and Newton Plaza branch offices all opened in 1989
- Schenectady Trust Company was renamed Trustco Bank New York in January 1989
- Harry E. Whittingham, Jr. was Chairman and Chief Executive Officer, and Robert A. McCormick was President and Chief Operation Officer of the Bank at the end of 1982 - total assets were $301.4 million, Net Income was $2.9 million and Market Capitalization was $17 million
1972
The Seventies
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In spite of inflation, the seventies showed growth in the Schenectady area - the growth was reflected in the bank's services and prompted additional branch office openings
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New services were introduced during this period: Personal Line of Credit, Statement Savings and Bank Americard (now VISA)
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Branch offices were opened in Niskayuna, Colonie and Guilderland
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In 1973 our Main office interior was again enlarged and renovated - plus the lot at the rear of the bank (the former Redmond gas station) was purchased for parking and access to Erie Boulevard
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In 1979 additional properties on Erie Boulevard were purchased that would later become the Trust Operations Building
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H. Gladstone McKeon was President of the Bank at the close of 1972, and total assets were $151 million
1962
Space Age
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The sixties started with the first communications satellite, Echo, orbiting earth and ended with the first man landing on the moon
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The local economy started with a slowdown, but employment ended on a upswing with Schenectady Trust once again growing with the community
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Four more branch offices were opened during this time: Rotterdam in 1965, our Trust Division in March of 1968, and in June, 1968 Clifton Park and Plaza Seven opened
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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
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Ralph H. Rue was still President of the Bank at the end of 1962, and total assets were $100.2 million
1952
Post War Era
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It was a decade of firsts: transistors, color TV, frozen dinners and the beginning of the migration to the suburbs; the 48 states became 50 as our communities continued to grow
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The New York State Thruway opened in 1954
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Schenectady Trust responded to the growing population by expanding into the suburbs
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By 1956 our Mayfair branch office in Glenville and our Sheridan Plaza branch office were opened
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Our Union Street branch office was moved to its present location during this decade
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Downtown sidewalks were full of bustling shoppers and the Main branch of Schenectady Trust was filled to capacity every Friday (payday) at noontime
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Ralph H. Rue was President of the Bank at the end of 1952 and total assets were $74.2 million
1942
Swing Era
- The forties began with our nation thrown into war, with both national and personal sacrifice and rationing - but ended with a tremendous expansion in technology and a new era of personal conveniences
- Schenectady viewers were among the first to experience the new medium of TV - WRGB (owned by GE) increased its television program schedule to nine hours a week
- Schenectady Trust put plans in motion to provide direct auto financing for an increasingly mobile population
- Our Union Street branch office was opened in 1946
- Union National Bank (c.1891) was absorbed by Schenectady Trust in 1947, and modernization of our Main branch on State Street began
- Edward T. Rice was Chairman of the Board and Laurence G. Magner was President of the Bank at the end of 1942; total assets were $34.9 million
1932
Depression Era
- Even though the thirties saw the economy come to a virtual standstill - Schenectady Trust never missed a year of paying dividends to our shareholders - we have paid dividends to shareholders every year since 1904
- In 1936 the State Armory opened on Washington Avenue
- In 1938 new WGY studios opened at Rice Road and Washington Avenue
- H. B. Boardman was still President of the Bank at the end of 1932, and total assets were $16.7 million
1922
Roaring Twenties
- Even though the thirties saw the economy come to a virtual standstill - Schenectady Trust never missed a year of paying dividends to our shareholders - we have paid dividends to shareholders every year since 1904
- In 1936 the State Armory opened on Washington Avenue
- In 1938 new WGY studios opened at Rice Road and Washington Avenue
- H. B. Boardman was still President of the Bank at the end of 1932, and total assets were $16.7 million
1912
Our 2nd Decade
- Business in Schenectady was booming; GE became internationally known; new businesses were starting at a rapid rate and many of them received their earliest financing from Schenectady Trust Company
- Products that read "Made in Schenectady" were distributed all over the world
- The Erie Canal closed in 1915 and the Barge Canal began operation in 1916
- In 1919 Schenectady Trust Company built the current structure that is now known as the Main 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
1902
Our Beginning
- The year was 1902 - the American Industrial Revolution had hit its stride; trolley cars competed with the horse & buggy downtown, and water was still flowing through the section of the Erie Canal that would later become Erie Boulevard
- On February 17, 1902 the first Trust Company was chartered in Schenectady - formed through the purchase of assets of the Schenectady Bank (c.1832)
- Schenectady Trust Company opened for business on June 9, 1902 with 11 employees, and initial deposits of $762,578.11
- Charles P. Steinmetz (the "Electrical Wizard") of General Electric and Union College fame was a depositor
- Samuel M. Hamill of General Electric became the first President of the Schenectady Trust Company, and total deposits at the end of our first year were over $1.5 million
