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TrustCo announces stock repurchase plan
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GLENVILLE TrustCo Bank Corp NY, which earlier this week announced it would seek shareholder approval for a 1 for 5 reverse stock split, said Thursday that its board of directors had approval plans to buy back up to two million shares of its stock.
The company, which operates 148 Trustco Bank branches in New York, Vermont, Massachusetts, New Jersey and Florida, said that if the reverse split is completed, it would adjust the number of remaining shares subject to the repurchase accordingly.
TrustCo shares (Nasdaq: TRST) lost 12 cents to close at $6.69 Thursday but gained 5 cents in early after-hours trading.
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TrustCo to seek approval of reverse stock split
GLENVILLE, N.Y., Feb. 16, 2021 (GLOBE NEWSWIRE) The Board of Directors of TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) today announced that it plans to seek approval for a reverse stock split of TrustCo’s common stock at the upcoming annual meeting of TrustCo’s shareholders. The proposal will include a 1 for 5 reverse stock split and the reduction of the number of authorized shares of common stock from 150,000,000 to 30,000,000, as determined by TrustCo’s Board of Directors. This proposed reduction in authorized shares would become effective at the same time as the effective date of the proposed reverse stock split.
Date
27/01/2021
New York-based Trustco Bank (NASDAQ:TRST) is seeing new levels of digital adoption and engagement following the launch of an enhanced digital banking platform from Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions.
“When COVID-19 hit people expected progress to be put on hold, but for us it was the opposite,” said Robert J. McCormick, Chairman, President and Chief Executive Officer at Trustco Bank. “We invested in our digital experience and the reaction from our customers and staff has been overwhelmingly positive.”
Trustco Bank implemented Architect™ from Fiserv, which enables end-to-end digital banking experiences across digital channels, along with integrated solutions for online account opening, digital payments, lending and customer servicing. The bank also automated multiple manual processes as part of the enhancements, saving staff members time and boosting efficiency.