Corporate Sustainability

Dear fellow TrustCo Shareholder: 

I am very pleased to announce that the proposed reverse stock split of TrustCo Bank Corp NY common stock was approved at the Annual Meeting held yesterday. The result of this will be that every five shares of existing stock will combine into a single share. We expect that this will result in a correspondingly higher share price. We anticipate that the reverse split will be effective as of May 28, 2021.

This is great news for the company. We expect that the reverse split will better position us in the stock market with a share price that we believe will be attractive to a broader pool of investors. Additional details will follow.

The shareholders also resoundingly approved the recommended slate of directors and the advisory vote on executive compensation. Finally, the company's independent auditors Crowe, LLP received a strong vote of confidence.

As always, we are very grateful for the trust you, our owners, place in our management team. We are excited for the reverse stock split and for the many great things that are happening at Trustco Bank, particularly our efforts with respect to corporate sustainability and diversity, equity, and inclusion. You can find out more about these important initiatives by scrolling down on this page.

Very truly yours,

Robert J. McCormick Chairman
President and Chief Executive Officer 

The Chairman, President, and CEO of TrustCo Bank Corp NY and its subsidiary, Trustco Bank, Robert J. McCormick, explained in a letter to shareholders TrustCo's perspective on corporate sustainability:

Investors increasingly are focused upon corporate sustainability. This means different things to different people, but for us, the meaning is clear and the state of our achievement of it is readily ascertained. Beginning in 1902, Trustco Bank built a venerable financial institution on a foundation of quality banking products delivered at a fair price. Upon that solid foundation, and with the support of investors like yourselves, we constructed and refined an efficient and modern bank that remains committed to the same bedrock principles. In other words, the means and methods have changed, but the heart of what we do has not. By any definition, it is fair to call that sustainability.

To be specific on means and methods, we have improved and enhanced our technology from the platform through which we originate loans, to the teller platforms in our branches where we take deposits, to the mobile devices that enable our customers to easily integrate banking into their busy daily lives. Importantly, all of this has been done with keen focus on data protection. We have adapted the way we do business in order to sustain the core franchise.

Of course, the effort is dynamic and the real-world attainment of it is realized only through the implementation of fresh ideas. What follows are some examples of the things that TrustCo does every day to bolster its sustainability and, in the process, drive long-term shareholder value. If you have questions or comments about the information provided, or the company's efforts in this regard, please contact General Counsel and Corporate Secretary, Michael Hall, at [email protected].

ESG Board Oversight

The charter of the Nominating and Corporate Governance Committee, a standing committee of the board of directors, has been updated to document the Committee’s oversight of environmental, social, and governance (“ESG”) matters.  Specifically, the Committee:

• oversees the Company’s ESG program, activities, and related policies, operational controls, and disclosures;
• receives updates about such matters as needed, but at least quarterly;

Operationally, management has designated the Chief Risk Officer, Robert M. Leonard, as the company’s lead in charge of ESG-related matters.  The CRO is supported in this regard by General Counsel and Corporate Secretary Michael Hall, and Assistant Vice President Lauren A. Maxwell, an American Bankers Association Certified Trust and Financial Advisor.  The Committee is Chaired by Independent Director Lisa M. Lucarelli.  Mr. Leonard reports directly to Chairman, President, and CEO Robert J. McCormick.

On February 17, 2021, TrustCo Bank Corp NY Nominating and Corporate Governance Chair, Lisa Lucarelli, participated in Director Dialogue Day with BlackRock Investment Stewardship. Ms. Lucarelli was joined in the session by Board Chairman and CEO Robert J. McCormick, Chief Risk Officer Robert M. Leonard, and General Counsel and Corporate Secretary Michael Hall. The group gained valuable insight from BlackRock Americas Head of Investment Stewardship Ray Cameron, BlackRock Global Head of Investment Stewardship Sandy Boss, and BlackRock Founder, Chairman, and CEO Larry Fink.

Combatting Climate Change

Trustco Bank continues to take proactive steps to combat climate change risk throughout our various geographic regions, including in the state of Florida. We have strong controls in place and consistent compliance oversight to ensure all loans in designated flood zones are covered under the appropriate level of flood insurance. Being mindful of our carbon footprint, we are in the process of installing energy efficient branch signage and LED bulbs at select internal and branch locations. We continue to update our robust Disaster Recovery Plan, enhance virtual capabilities, and cross-train staff in order to mitigate the increasing threats associated with climate change.

To further combat climate change, Trustco Bank installed its first electric car charging station at its headquarters complex in Glenville, New York in 2017. As part of a larger effort to limit carbon emissions and fuel consumption by reducing the number and frequency of trips by couriers to the bank's branches in the Northeast Region, Trustco Bank has deployed a new all electric car in its fleet of vehicles. Plans are in the works to install electric car charging stations in strategically located branches throughout the network.

Human Capital Initiatives & Talent Development

At Trustco Bank, we actively encourage and support the growth of our employees throughout their educational and career development. In 2020 alone, we are proud to announce that 155 (roughly 18%) of our employees were promoted within the Bank. Additionally, our employees participated in over 16,400 hours of training, which included a recently expanded course on Diversity in the Workplace. Branch managers and assistant branch managers participate in a monthly meeting consisting of in-depth presentations and discussions. We also consistently host voluntary educational seminars, giving employees the opportunity to network with fellow colleagues and refresh their knowledge on highlighted products or services, all while enjoying delicious coffee and donuts!

Additional initiatives can be found in our Human Capital Management Disclosure, which was recently published in Trustco Bank’s 2020 Form 10-K Annual Report.

View a complete copy of our 2020 Form 10-K Annual Report.

Business Ethics

Trustco Bank's Code of Conduct manual must be reviewed and acknowledged by each new hire, and a copy is easily accessible to all employees and the community.

Download a copy of our Code of Conduct, along with other charters and policies we've made available to you.

Information Security & Data Privacy

Trustco Bank makes it a priority to continuously educate our customers, employees and communities about the importance of data privacy and keeping confidential information secure. Our Security and Fraud Prevention and Fraud Prevention: Alerts webpages contain useful tips and resources and are updated periodically. Quarterly monitoring and ongoing training for employees on cybersecurity threats and identity theft, along with consistent oversight by multiple committees within the Bank further strengthen our risk management processes to keep you - and your information - safe.

Community Engagement

Click here to see additional community outreach activities

At Trustco Bank, we take pride in being a longstanding pillar in the community since we opened for business in 1902. We actively give back to our communities through volunteerism, donations, and educational opportunities. Trustco Bank employees have given their time in support of a growing list of organizations and non-profits, contributing roughly 7,000 volunteer hours in the last two years. Over the same amount of time, the Bank has donated more than $1 million to over 200 organizations that make positive impacts in our communities.

In response to the COVID-19 pandemic, Trustco has increased aid for our communities in need. In August 2020, Trustco donated 450 backpacks containing school supplies, lunch bags, face masks, and sanitizer for the students of Pleasant Valley Elementary School, located in Schenectady, New York. To prevent families from going hungry on Thanksgiving, Trustco also donated 2,000 turkeys to regional food banks in New York and Florida.

Financial Access

Trustco Bank takes pride in hosting a wide range of financial education seminars for every generation. Our free Hometown First Time Home Buyers Program seminars and our participation in home show events across our footprint serve as additional channels to inquire about homeownership. We also offer free savings accounts for minors and seniors, and we have just introduced a "barrier free" savings account product for employees of our business customers. Our Gallery Account products have low minimum opening requirements and are geared toward helping customers invest or save for retirement.

Check out our Facebook, Twitter and Instagram pages for additional financial tips and tricks!