GLENVILLE TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) announced that Trustco Bank has been awarded a 5-Star (“Superior”) Rating from Bauer Financial, Inc., an independent bank rating company. Bauer’s 5-Star Rating, their highest performance ranking, represents an independent, unbiased analysis of a financial institution’s safety and soundness position. Bauer has been analyzing and reporting the financial condition of the nation’s banking industry since 1983. Trustco is one of only 26% of the banks in the nation that are rated 5-Star and have been recommended by Bauer for 38 consecutive quarters.
Robert J. McCormick, President and Chief Executive Officer of TrustCo noted, “Trustco Bank is proud to be recognized as one of the strongest community banks in the nation. We have long understood that maintaining a financially strong company would enable us to serve our customers through good times and bad and allow us the flexibility to expand into new markets. We recently celebrated the tenth anniversary of our expansion into Central Florida and Downstate New York. Over that period we opened 82 branches, allowing us to serve many thousands of new customers.”
The Bauer rating is based on an analysis of financial criteria including capitalization, asset quality, profitability, liquidity and risk. The 5-Star Rating indicates that Trustco is financially sound and has the resources to deal with a variety of adverse economic conditions. BauerFinancial, Inc. is an independent rating service that analyzes and reports on the financial condition of the nation’s banking industry.
TrustCo Bank Corp NY is a $4.3 billion savings and loan holding company and through its subsidiary, Trustco Bank, operated 138 offices in New York, New Jersey, Vermont, Massachusetts, and Florida at December 31, 2012.In addition, the Bank’s Financial Services Department offers a full range of investment services, retirement planning and trust and estate administration services. The common shares of TrustCo are traded on the NASDAQ Global Select Market under the symbol TRST.