Trustco Bank has been the low cost provider of high quality products and services since opening for business in 1902 in the upstate town of Schenectady, New York. Throughout this time Trustco Bank has remained true to core banking principles and did not get caught up in any of the latest banking fads that have caused so many other banks to close their doors over the years. In 2002, the company began a large expansion, opening over 80 new branches in Central Florida, Massachusetts, downstate New York, New Jersey, and Vermont.
Today, Trustco Bank has 144 branch locations, 51 of which are in the state of Florida. The Bank believes in old school, personal service and welcomes each customer by name as they enter the branch. Offering a wide variety of great deposit and loan products, the bank specializes in residential mortgage lending. As of December 31, 2013, Trustco Bank’s assets were $4.6 Billion. Trustco Bank has paid dividends to its shareholders for over 100 consecutive years, and has remained profitable throughout its history, including the recent financial crisis. In May 2015, SNL Financial rated Trustco Bank the 12th best performing savings bank in the country. Trustco Bank is traded on the NASDAQ under TRST.
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 through the city of Schenectady.
Schenectady Trust Company opened for business on June 9, 1902
One of Thomas Edison’s partners, Charles P. Steinmetz (the “Electrical Wizard”) of General Electric and great inventor as well as noted faculty member of Union College fame was a depositor.
The second decade of the twentieth Century saw business in Schenectady booming like never before ; 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 the late 1920s the city of Schenectady’s building boom took place and Schenectady Trust was there to help with mortgage loans.
With the Great Depression in 1920 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
The 40s 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.
The New York State Thruway opened in 1954
Schenectady Trust responded to the growing population by expanding into the suburbs.
Around 11 years later, 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.
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
Schenectady Trust Company was renamed Trustco Bank New York in January 1989
April 2002 marked the beginning of Trustco Bank’s 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.
Trustco continues to expand throughout Southern New York State to this day
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Listing Title: Trustco Bank