TrustCo Bank Corp NY is a savings and loan holding company having its principal
place of business at 5 Sarnowski Drive, Glenville, New York 12302. TrustCo was
incorporated under the laws of New York in 1981 to be the parent holding company
of The Schenectady Trust Company, which subsequently was renamed to Trustco
Bank New York and, later, to Trustco Bank, National Association. The Company’s
principal subsidiary, Trustco Bank, is the successor by merger to Trustco Bank,
National Association.
Trustco Bank is a federal savings bank engaged in providing general banking
services to individuals, partnerships, and corporations. At year end 2015, the
Bank operated 156 automatic teller machines and 146 banking offices in Albany,
Columbia, Dutchess, Greene, Montgomery, Orange, Rensselaer, Rockland, Saratoga,
Schenectady, Schoharie, Ulster, Warren, Washington and Westchester counties
of New York, Brevard, Charlotte, Hillsborough, 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 Bank provides a wide range of both personal
and business banking services. The Bank is supervised and regulated by the federal
Office of the Comptroller of the Currency (“OCC”) and is a member
of the Federal Reserve System. 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
(or “REIT”) that was formed to acquire, hold and manage real estate
mortgage assets, including residential mortgage loans and mortgage backed securities.
The income earned on these assets, net of expenses, is distributed in the form
of dividends. Under current New York State tax law, 60% of the dividends received
by the Bank from Trustco Realty Corp. are excluded from total taxable income
for New York State income tax purposes.
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.