TrustCo wraps up a year of historic celebrations and

GLENVILLE, NY, Nov. 15, 2022 (GLOBE NEWSWIRE) — On November 15, 2022, the board of directors of TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) declared a quarterly cash dividend increase of 2.9% at $0.36 per share, or $1.44 per share on an annualized basis. The dividend will be payable on January 3, 2023 to shareholders of record at the close of business on December 2, 2022.

Chairman, President and Chief Executive Officer Robert J. McCormick said, “During this year, we celebrated a number of historic milestones surrounding Trustco Bank’s 120th anniversary.^e anniversary. The company also posted successive historical results for several quarters over the same period. These achievements are the product of a carefully designed corporate strategy to amass cash in a declining interest rate environment and strategically executed to position the Company to deploy that capital into higher yielding assets when rates interest increases. We are delighted that the Company is able to not only continue, but also enhance its century-long commitment to paying a substantial dividend. Indeed, paying above average returns to our owners is part of our corporate mission statement and we are proud to fulfill this mission. This success has also fueled steady and sustained growth as we invested in new technologies and expanded our business areas.

About TrustCo Bank Corp NY

TrustCo Bank Corp NY is a $6.1 billion savings and loan holding company. Through its subsidiary, Trustco Bank, Trustco operates 144 offices in New York, New Jersey, Vermont, Massachusetts and Florida. Trustco has a tradition of over 100 years of providing high quality services, including a wide variety of deposit and loan products. In addition, Trustco Bank’s financial services department offers a full range of investment services, retirement planning, and trust and estate administration services. Trustco Bank is considered one of the most successful savings banks in the country. Common stock of TrustCo trades on the NASDAQ Global Select Market under the symbol TRST. For more information, visit www.trustcobank.com.

Forward-looking statements
All statements in this press release that are not historical are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as ” anticipate”, “intend”, “plan”, “goal”, “seek”, “believe”, “project”, “estimate”, “expect”, “strategy”, “future”, ” probable”, “may”, “should”, “will” and similar references to future developments, results or periods. TrustCo wishes to caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date they are made, and such forward-looking statements are subject to factors and uncertainties that could cause actual results for TrustCo to differ materially from those opinions, beliefs and projections expressed in such statements. Examples of these include, but not limited to: the effects of inflation and inflationary pressures and changes in monetary and fiscal policies and laws, including increases in the target federal funds rate by, and interest rate policies the Federal Reserve Board; changes and uncertainty in benchmark interest rates used to price loans and deposits; the geopolitical and macroeconomic impact of the war in Ukraine; the impact of measures taken by governmental authorities to contain the COVID-19 pandemic or deal with the impact of the pandemic on the economy; risks and uncertainties under the heading “Risk Factors” in our most recent Annual Report on Form 10-K and, if applicable, in our subsequent Quarterly Reports on Form 10-Q; other financial, operational and legal risks and uncertainties detailed from time to time in TrustCo’s cautionary statements contained in its filings with the Securities and Exchange Commission; and the effect of all of these on our operations, liquidity and capital position, and on the financial condition of our borrowers and other customers. The forward-looking statements contained in this press release represent the judgment of the management of TrustCo as of the date of this press release. TrustCo, however, disclaims any intention or obligation to update any forward-looking statements, whether as a result of future developments, new information or otherwise, except as required by law.

Subsidiary: Trustco Bank