TrustCo Bank Corp: A Century-Long Legacy of Community Engagement and Customer Loyalty
In this Spotlight on Community Banks article, we spoke with Robert J. McCormick, Chairman, President and Chief Executive Officer of TrustCo. Robert discusses the bank’s evolution over 120 years, detailing its consistent mission to provide high-quality, low-cost banking services, its commitment to community involvement and its strategy for building customer loyalty across diverse demographics.
TrustCo Bank Corp. NY operates as the holding company for TrustCo Bank. The company currently operates 143 banking offices across the U.S. The company has focused on growing its branch network outside of its traditional markets in the Capital Region of New York State, opening offices in targeted markets in Florida and in and around the Lower Hudson Valley region of New York. The expansion strategy has enabled the company to significantly reinvigorate deposit and loan growth beyond what it had been experiencing in its slower growth traditional markets. Despite the branch expansion program, the company has controlled expenses resulting in an efficiency ratio that remains among the best in the industry. The company was founded in 1902 and is headquartered in Glenville, New York. TrustCo Bank Corp. has been listed on Nasdaq since 1990, trading under the symbol “TRST”.
How has your mission evolved over the last 120 years?
Since 1902, Trustco Bank has remained true to its founding principles and mission by providing the community with low-cost, high-quality banking products and services. Even as the bank expanded its footprint, sticking to core banking practices remained the focus. The bank did not get wrapped up in any exotic lending or unproven investments. While the bank does offer industry-leading digital services, the foundation of the bank still lies in an expansive brick-and-mortar branch network offering the best in customer service.
How important is community involvement for a regional bank? What are some of the ways you’re working to better the communities you serve?
It is paramount to the well-being of communities that regional banks are involved in supporting them. The communities served by Trustco Bank benefit in a number of ways. The bank's employees volunteer at many worthy organizations, bringing their skills and expertise to further their missions. The bank has a robust corporate giving program that sponsors many community events and organizations. The focus of the corporate giving program is on health care, education, housing and feeding the hungry. Most importantly, the bank offers a wide range of affordable deposit and loan products to ensure the financial well-being of the entire community, including low-moderate income individuals.
Who is the ideal TrustCo customer? How do you build customer loyalty?
The ideal customers for Trustco Bank are individuals with a checking and savings account and their home mortgage. Trustco Bank builds customer loyalty by providing products that fit the needs of the individual. By offering special savings accounts for kids, all the way through planning for and achieving retirement, Trustco Bank has products tailored to all phases of an individual’s life. It gives us great pride to hear stories of people banking with us for 40-50-60 years or more.
Connect with TrustCo Bank:
About Robert McCormick:
Robert J. McCormick, Chairman, President and Chief Executive Officer of TrustCo from 2004 to present, Chair 2009 to 2010 and 2019 to present, executive officer of TrustCo from 2001 to present and Chief Executive Officer of TrustCo Bank from 2002 to present. Director of TrustCo and Trustco Bank from 2005 to present. Joined TrustCo Bank in 1995. Mr. McCormick contributes his skills and knowledge obtained from being the Chief Executive Officer of the Company and TrustCo Bank.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Michael Spector
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