TrustCo Bank Corp NY Announces Million Share Stock Repurchase Plan

Core Viewpoint - TrustCo Bank Corp NY has announced a stock repurchase program allowing the company to buy back up to 1,000,000 shares, representing approximately 5% of its outstanding shares, as a strategic move to enhance shareholder value [1][2]. Summary by Sections Stock Repurchase Program - The Board of Directors has approved a stock repurchase program for up to 1,000,000 shares, or about 5% of the current outstanding shares [1]. - The repurchase can occur through open market or private transactions, block trades, or trading plans compliant with SEC Rule 10b5-1 [1]. Management's Perspective - CEO Robert J. McCormick expressed confidence that the repurchase program is a strategic capital deployment, indicating that the stock is undervalued relative to the company's business strength [2]. - Repurchases will be conducted at management's discretion over the next twelve months, considering factors such as stock availability, market conditions, and TrustCo's financial performance [2]. Program Flexibility - The repurchase program can be suspended, terminated, or modified at any time based on market conditions, repurchase costs, and other investment opportunities [3]. - There is no obligation for TrustCo to repurchase a specific number of shares [3]. Company Overview - TrustCo Bank Corp NY is a $6.2 billion savings and loan holding company operating 136 offices across New York, New Jersey, Vermont, Massachusetts, and Florida [4]. - The company has a long-standing tradition of providing high-quality banking services, including a variety of deposit and loan products, as well as wealth management services [4].