TrustCo Bank: Difference between revisions
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Did you know the bank uses the Sharp Machine? |
Did you know the bank uses the Sharp Machine? |
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Yes we are still using them in 2010 |
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Revision as of 22:38, 13 January 2010
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| Company type | Public (Nasdaq: TRST |
|---|---|
| Industry | Banking |
| Founded | Upstate New York, (1902) |
| Headquarters | Glenville, New York, United States |
Key people | Robert Joseph McCormick, President, Chief Exec. Officer Robert Thomas Cushing, Executive VP, Chief Financial Officer Joseph Anthony Lucarelli, Director, Chairman of Compensation Committee, Pres of Traditional Builders |
| Products | Financial Services |
| Revenue | $189.36 million USD (2008) |
| $34.08 million USD (2008) | |
| Website | Official website |
TrustCo Bank (abbreviation of TrustCo Bank Corp. NY) (Nasdaq: TRST) is a commercial bank within the United States. Trustco was founded in New York in 1902 and is now headquartered in Glenville, NY. Trustco has 115 branches within New York, Florida, Massachusetts, and New Jersey. Presently, Trustco operates under the slogan, "Your Hometown Bank."
Services
The Group's principal activity is to provide general commercial banking business to individuals, partnerships, corporations and governments of New York. The Group provides commercial, construction, residential mortgage, home equity lines of credit and installment loans. It also accepts demand, savings, checking accounts, money market accounts and certificates of deposit from customers. Its commercial lending activities are focused on balancing the Company's commitment to meeting the credit needs of businesses in its market area with the necessity of managing its credit risk. During 2007, 16 new branches were added to the franchise. The Group operates 108 automatic teller machines and 107 banking offices in Albany, Columbia, Dutchess, Greene, Montgomery, Rensselaer, Rockland, Saratoga, Schenectady, Schoharie, Warren, Washington and Westchester.
Recently they have released two new banking services in the accounts category. First is their free checking with interest account, which has a no minimum balance, no fee's, free checks for life, and earns interest at the same rate as a savings account. They have also introduced their free business checking which has no transaction limits.
Trustco bank is a portfolio lender, which means it does not sell or trade any loans. Trustco bank offers first and second mortgages, and has a full service commercial lending department.
Investigation for Patriot Act Violations
Trustco Bank holds the distinction of being the first bank in the United States to have been investigated for violating the Patriot Act.
The first action taken to enforce(Not A Violation)Patriot Act, the Office of the Comptroller of the Currency ordered Trustco Bank to tighten up its defenses against money laundering.
The order, signed Aug. 19 2002 and made public, requires Trustco Bank, to establish "comprehensive procedures to identify and report" transactions such as frequent, large-volume cash deposits and wire transfers that are deemed "inconsistent" with a customer's business. The 12-page written agreement also directs Trustco to tighten its monitoring of "high-risk accounts,"
Operations
Did you know the bank uses the Sharp Machine?
Yes we are still using them in 2010