SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 18, 2002
(October 18, 2002)
TrustCo Bank Corp NY
(Exact name of registrant as specified in its charter)
New York
(State or other jurisdiction of incorporation)
0-10592 14-1630287
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(Commission File Number) (IRS Employer Identification No.)
5 Sarnowski Drive, Glenville, New York 12302
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (518) 377-3311
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TrustCo Bank Corp NY
Item 5. Other Events
A press release was issued on October 18, 2002 announcing a
major reorganization at the executive officer level. Attached
is the press release labeled as exhibit 99(a).
Item 7 (c) Exhibits
Reg S-K Exhibit No. Description
99(a) Press release dated October 18,
2002 announcing a major
reorganization at the executive
officer level.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: October 18, 2002
TrustCo Bank Corp NY
(Registrant)
By:/s/ Robert T. Cushing
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Robert T. Cushing
Vice President and
Chief Financial Officer
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Exhibits Index
The following exhibits are filed herewith:
Reg S-K Exhibit No. Description Page
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99(a) Press release dated October 18, 5-6
2002, announcing a major
reorganization at the executive officer
level.
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Exhibit 99(a)
TRUSTCO
Bank Corp NY News Release
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5 Sarnowski Drive, Glenville, New York, 12302
(518) 377-3311 Fax: (518) 381-3668
Subsidiaries: Trustco Bank NASDAQ - TRST
Trustco Savings
Robert M. Leonard
Vice President
(518) 381-3693
FOR IMMEDIATE RELEASE:
TRUSTCO RESTRUCTURES TO PREPARE FOR GROWTH
Glenville, New York - October 18, 2002
In the latest in a series of initiatives to guide its program of expansion,
TrustCo Bank Corp NY (TrustCo) has announced a major reorganization at the
executive officer level.
Effective November 1, Robert A. McCormick will retire as President and CEO to
concentrate his efforts as Chairman of the Board of the combined Trustco
operations. He will, however, remain on as a consultant. Senior Vice President
and Chief Financial Officer Robert T. Cushing will become President and CEO of
TrustCo Bank Corp NY, the holding company. Senior Vice President Robert J.
McCormick will become President and CEO of Trustco Bank. Effective December 1,
Senior Vice Presidents Robert T. Cushing and Nancy A. McNamara will be resigning
as board members of TrustCo Bank Corp NY.
These changes will position the Company to operate under recently enacted
legislation affecting the composition and responsibilities of publicly-traded
companies such as TrustCo.
Even more important, according to McCormick, the new structure helps the bank
meet a number of objectives. "To begin, we are launching an unprecedented era of
growth, including expansion into new geographic areas. As Chairman, free of
operational concerns, I am better able to focus on guiding these efforts. At the
same time, this new structure affords greater opportunity for executive growth
within the bank, allowing us to benefit from new energy and ideas, and
broadening the base of our strength for the future. It is my intention to remain
available to shepherd this management transition."
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Other recent growth initiatives at TrustCo include revisions in the dividend
structure to help finance expansion, and a pending application to combine its
savings and commercial operations, and move forward as a thrift, with
regulations far more amenable to branching. The bank has announced plans to open
30 new branches in the next three years, regionally, downstate, and in Florida.
TrustCo Bank Corp NY is a $2.7 billion dollar bank holding company and through
its two subsidiary banks, Trustco Bank, National Association and Trustco Savings
Bank, operates 63 offices in Albany, Columbia, Dutchess, Greene, Montgomery,
Rennselaer, Rockland, Saratoga, Schenectady, Schoharie, Warren, Washington, and
Westchester Counties in New York, and Bennington County in Vermont. In addition,
the bank operates a full service Trust Department that has $927 million of
assets under management. The common shares of TrustCo are traded on the NASDAQ
National Market tier of the NASDAQ Stock Market under the symbol TRST.
Except for the historical information contained herein, the matters discussed in
this news release and other information contained in TrustCo's Securities and
Exchange Commission filings may express "forward-looking statements." Those
"forward-looking statements" may involve risk and uncertainties, including
statements containing future events or performance and assumptions and other
statements of historical facts.
TrustCo wishes to caution readers not to place undue reliance on any
forward-looking statements, which speak only as of the date made. Readers are
advised that various risk factors, including, but not limited to: (1) credit
risk, (2) interest rate risk, (3) competition, (4) changes in the regulatory
environment, and (5) changes in general business and economic trends, could
cause the actual results or circumstances for future periods to differ
materially from those anticipated or projected in the forward-looking
statements.
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