TrustCo Bank approves two million share buyback program

TrustCo Bank Corp NY (NASDAQ: TRST) announced its Board of Directors approved a stock repurchase program authorizing the buyback of up to 2 million shares of common stock, representing approximately 11% of currently outstanding shares.

The repurchase program allows shares to be bought through open market or private transactions, block trades, or trading plans compliant with Securities and Exchange Commission Rule 10b5-1. The company completed a previously authorized one million share repurchase program earlier this month.

"As a Company, we have determined that the best investment we can make is in ourselves," said Chairman, President, and Chief Executive Officer Robert J. McCormick. "This announced substantial share repurchase program is intended to fulfill our ever-present goal of increasing shareholder value."

Management will execute repurchases at its discretion over approximately twelve months at prices considered attractive and in the best interests of the company and stockholders. The timing depends on stock availability, market conditions, trading prices, alternative capital uses, and financial performance.

The program may be suspended, terminated or modified at any time based on market conditions, repurchase costs, alternative investment opportunities, liquidity and capital requirements. The program does not obligate TrustCo to purchase any specific number of shares.

TrustCo Bank Corp NY operates as a $6.3 billion savings and loan holding company. Through subsidiary Trustco Bank, it operates 135 offices across New York, New Jersey, Vermont, Massachusetts, and Florida. The company trades on the Nasdaq Global Select Market under symbol TRST.

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