The History of Trustco Bank

  • The Expansion Era

    January 2004, Robert J. McCormick is named the President and CEO. His father, Robert A. McCormick, retired after 18 years at the helm.

    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.

    Trustco Bank entered the Florida market in March 2003 with the opening of the Longwood Branch in the Greater Orlando Area.

    Over the next 10 years, Trustco Bank opened 76 new branches spread between Florida, Downstate New York, and the Capital Region.

    As of December 31, 2012, total assets were $4.3 billion, up 63% over the last 10 years.

  • The 21st Century

    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

    Our Corporate Headquarters relocated to Trustco Center in Glenville during 2001

    Our current branch office total stands at 60, with plans to expand downstate and into Florida

    As of December 31, 2001 total assets were $2.6 billion, Net Income was $45.5 million and Market Capitalization was $896 million

    Robert A. McCormick our Chairman, President and Chief Executive Officer celebrated 25 years with the bank in January 2002, his 17th year as CEO

  • 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

  • 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

  • The Seventies

    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

    New services were introduced during this period: Personal Line of Credit, Statement Savings and Bank Americard (now VISA)

    Branch offices were opened in Niskayuna, Colonie and Guilderland

    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

    In 1979 additional properties on Erie Boulevard were purchased that would later become the Trust Operations Building

    H. Gladstone McKeon was President of the Bank at the close of 1972, and total assets were $151 million

  • Space Age

    The sixties started with the first communications satellite, Echo, orbiting earth and ended with the first man landing on the moon

    The local economy started with a slowdown, but employment ended on a upswing with Schenectady Trust once again growing with the community

    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

    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

    Ralph H. Rue was still President of the Bank at the end of 1962, and total assets were $100.2 million

  • Post War Era

    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

    The New York State Thruway opened in 1954

    Schenectady Trust responded to the growing population by expanding into the suburbs

    By 1956 our Mayfair branch office in Glenville and our Sheridan Plaza branch office were opened

    Our Union Street branch office was moved to its present location during this decade

    Downtown sidewalks were full of bustling shoppers and the Main branch of Schenectady Trust was filled to capacity every Friday (payday) at noontime

    Ralph H. Rue was President of the Bank at the end of 1952 and total assets were $74.2 million

  • 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

  • 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

  • Roaring Twenties

    Schenectady made history in August 1922 with the world's first radio play "The Wolf" broadcast from GE Building 36 on WGY Radio

    Our Mont Pleasant branch office was opened in 1924

    1925 was the year that Proctor's Theatre, Erie Boulevard and the Western Gateway Bridge opened

    Our third branch, the Brandywine office, was opened in 1928

    In the late twenties Schenectady's building boom took place and Schenectady trust was there to help with mortgage loans

    H. B. Boardman was President of the Bank at the close of 1922, and total assets were $12.1 million

  • 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

  • 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