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):
January 19, 1996
(January 16, 1996)
TrustCo Bank Corp NY
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(Exact name of registrant as specified in its charter)
New York
----------------------------------
(State or other jurisdiction of incorporation)
0-10592 14-1630287
(Commission File Number) (IRS Employer Identification No.)
192 Erie Boulevard, Schenectady, New York 12305
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(Address of principal executive offices) (Zip Code)
Registrant s telephone number, including area code:
518) 377-3311
TrustCo Bank Corp NY
Item 5. Other Events
On January 16, 1996, TrustCo Bank Corp NY ( TrustCo )
issued two press releases with the fourth quarter and year-end
December 31, 1995, results. Attached are copies of the press
releases on Exhibits 99(a) and 99(b) incorporated herein by this
reference.
Item 7. (c) Exhibits
Reg S-K Exhibit No. Description
________________ ___________
24 Powers of Attorney
99(a) Press Release of
January 16, 1996
99(b) Press Release of
January 16, 1996
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: January 18, 1996
TrustCo Bank Corp NY
(Registrant)
By: /s/Robert T. Cushing
___________________
Robert T. Cushing
Vice President and
Chief Financial
Officer
Exhibits Index
______________
The following exhibits are filed herewith:
Reg S-K Exhibit No Description
________________ __________
24 Powers of Attorney
99(a) Press Release of January
16, 1996 regarding
fourth quarter and
year end December 31,
1995, results.
99(b) Highlights Press Release
of
January 16, 1996
regarding fourth
quarter and year end
December 31, 1995,
results.
Exhibit 24
POWER OF ATTORNEY
Know all by these presents, that the undersigned hereby
constitutes and appoints each of William F. Terry and Robert T.
Cushing signing singly, the undersigned's true and lawful
attorney-in-fact to:
(1) execute for and on behalf of the undersigned, in the
undersigned's capacity as an officer and/or director
of TrustCo Bank Corp NY (the "Company"), Forms 3,
4, and 5 in accordance with Section 16(a) of the
Securities Exchange Act of 1934 and the rules there-
under;
(2) do and perform any and all acts for and on behalf
of the undersigned which may be necessary or desir-
able to complete and execute any such Form 3, 4, and
5 and timely file such form with the United States
Securities and Exchange Commission and any stock
exchange or similar authority; and
(3) take any other action of any type whatsoever in
connection with the foregoing, which, in the
opinion of such attorney-in-fact, may be benefit to,
in the best interest of, or legally required by,
the undersigned, it being understood that the docu-
ments executed by such attorney-in-fact on behalf
of the undersigned pursuant to this Power of Attorney
shall be in such form and shall contain such terms
and conditions as such attorney-in-fact may approve
in such attorney-in-fact's discretion.
The undersigned hereby grants to each such attorney-in-fact
full power and authority to do and perform any and every act and
thing whatsoever requisite, necessary, or proper to be done in
the exercise of any of the rights and powers herein granted, as
fully to all intents and purposes as the undersigned might or
could do if personally present, with full power of substitution
or revocation, hereby ratifying and confirming all that such
attorney-in-fact, or such attorney-in-fact's substitute or
substitutes, shall lawfully do or cause to be done by virtue of
this power of attorney and the rights and powers herein granted.
The undersigned acknowledges that the foregoing attorneys-in-
fact, in serving in such capacity at the request of the
undersigned, are not assuming, nor is the Company assuming, any
of the undersigned's responsibilities to comply with Section 16
of the Securities Exchange Act of 1934.
This Power of Attorney shall remain in full force and effect
until the undersigned is no longer required to file Forms 3, 4,
and 5 with respect to the undersigned's holdings of and
transactions in securities issued by the Company, unless earlier
revoked by the undersigned in a signed writing delivered to the
foregoing attorneys-in-fact.
IN WITNESS WHEREOF, the undersigned has caused this Power of
Attorney to be executed on this 27th day of November, 1995.
/s/R. McCormick
----------------------
R. McCormick
POWER OF ATTORNEY
Know all by these presents, that the undersigned hereby
constitutes and appoints each of William F. Terry and Robert T.
Cushing signing singly, the undersigned's true and lawful
attorney-in-fact to:
(1) execute for and on behalf of the undersigned, in the
undersigned's capacity as an officer and/or director
of TrustCo Bank Corp NY (the "Company"), Forms 3,
4, and 5 in accordance with Section 16(a) of the
Securities Exchange Act of 1934 and the rules there-
under;
(2) do and perform any and all acts for and on behalf
of the undersigned which may be necessary or desir-
able to complete and execute any such Form 3, 4, and
5 and timely file such form with the United States
Securities and Exchange Commission and any stock
exchange or similar authority; and
(3) take any other action of any type whatsoever in
connection with the foregoing, which, in the
opinion of such attorney-in-fact, may be benefit to,
in the best interest of, or legally required by,
the undersigned, it being understood that the docu-
ments executed by such attorney-in-fact on behalf
of the undersigned pursuant to this Power of Attorney
shall be in such form and shall contain such terms
and conditions as such attorney-in-fact may approve
in such attorney-in-fact's discretion.
The undersigned hereby grants to each such attorney-in-fact
full power and authority to do and perform any and every act and
thing whatsoever requisite, necessary, or proper to be done in
the exercise of any of the rights and powers herein granted, as
fully to all intents and purposes as the undersigned might or
could do if personally present, with full power of substitution
or revocation, hereby ratifying and confirming all that such
attorney-in-fact, or such attorney-in-fact's substitute or
substitutes, shall lawfully do or cause to be done by virtue of
this power of attorney and the rights and powers herein granted.
The undersigned acknowledges that the foregoing attorneys-in-
fact, in serving in such capacity at the request of the
undersigned, are not assuming, nor is the Company assuming, any
of the undersigned's responsibilities to comply with Section 16
of the Securities Exchange Act of 1934.
This Power of Attorney shall remain in full force and effect
until the undersigned is no longer required to file Forms 3, 4,
and 5 with respect to the undersigned's holdings of and
transactions in securities issued by the Company, unless earlier
revoked by the undersigned in a signed writing delivered to the
foregoing attorneys-in-fact.
IN WITNESS WHEREOF, the undersigned has caused this Power of
Attorney to be executed on this 21st day of November, 1995.
/s/Barton Andreoli
----------------------
Barton Andreoli
POWER OF ATTORNEY
Know all by these presents, that the undersigned hereby
constitutes and appoints each of William F. Terry and Robert T.
Cushing signing singly, the undersigned's true and lawful
attorney-in-fact to:
(1) execute for and on behalf of the undersigned, in the
undersigned's capacity as an officer and/or director
of TrustCo Bank Corp NY (the "Company"), Forms 3,
4, and 5 in accordance with Section 16(a) of the
Securities Exchange Act of 1934 and the rules there-
under;
(2) do and perform any and all acts for and on behalf
of the undersigned which may be necessary or desir-
able to complete and execute any such Form 3, 4, and
5 and timely file such form with the United States
Securities and Exchange Commission and any stock
exchange or similar authority; and
(3) take any other action of any type whatsoever in
connection with the foregoing, which, in the
opinion of such attorney-in-fact, may be benefit to,
in the best interest of, or legally required by,
the undersigned, it being understood that the docu-
ments executed by such attorney-in-fact on behalf
of the undersigned pursuant to this Power of Attorney
shall be in such form and shall contain such terms
and conditions as such attorney-in-fact may approve
in such attorney-in-fact's discretion.
The undersigned hereby grants to each such attorney-in-fact
full power and authority to do and perform any and every act and
thing whatsoever requisite, necessary, or proper to be done in
the exercise of any of the rights and powers herein granted, as
fully to all intents and purposes as the undersigned might or
could do if personally present, with full power of substitution
or revocation, hereby ratifying and confirming all that such
attorney-in-fact, or such attorney-in-fact's substitute or
substitutes, shall lawfully do or cause to be done by virtue of
this power of attorney and the rights and powers herein granted.
The undersigned acknowledges that the foregoing attorneys-in-
fact, in serving in such capacity at the request of the
undersigned, are not assuming, nor is the Company assuming, any
of the undersigned's responsibilities to comply with Section 16
of the Securities Exchange Act of 1934.
This Power of Attorney shall remain in full force and effect
until the undersigned is no longer required to file Forms 3, 4,
and 5 with respect to the undersigned's holdings of and
transactions in securities issued by the Company, unless earlier
revoked by the undersigned in a signed writing delivered to the
foregoing attorneys-in-fact.
IN WITNESS WHEREOF, the undersigned has caused this Power of
Attorney to be executed on this 21st day of November, 1995.
/s/Lionel Barthold
----------------------
Lionel O. Barthold
POWER OF ATTORNEY
Know all by these presents, that the undersigned hereby
constitutes and appoints each of William F. Terry and Robert T.
Cushing signing singly, the undersigned's true and lawful
attorney-in-fact to:
(1) execute for and on behalf of the undersigned, in the
undersigned's capacity as an officer and/or director
of TrustCo Bank Corp NY (the "Company"), Forms 3,
4, and 5 in accordance with Section 16(a) of the
Securities Exchange Act of 1934 and the rules there-
under;
(2) do and perform any and all acts for and on behalf
of the undersigned which may be necessary or desir-
able to complete and execute any such Form 3, 4, and
5 and timely file such form with the United States
Securities and Exchange Commission and any stock
exchange or similar authority; and
(3) take any other action of any type whatsoever in
connection with the foregoing, which, in the
opinion of such attorney-in-fact, may be benefit to,
in the best interest of, or legally required by,
the undersigned, it being understood that the docu-
ments executed by such attorney-in-fact on behalf
of the undersigned pursuant to this Power of Attorney
shall be in such form and shall contain such terms
and conditions as such attorney-in-fact may approve
in such attorney-in-fact's discretion.
The undersigned hereby grants to each such attorney-in-fact
full power and authority to do and perform any and every act and
thing whatsoever requisite, necessary, or proper to be done in
the exercise of any of the rights and powers herein granted, as
fully to all intents and purposes as the undersigned might or
could do if personally present, with full power of substitution
or revocation, hereby ratifying and confirming all that such
attorney-in-fact, or such attorney-in-fact's substitute or
substitutes, shall lawfully do or cause to be done by virtue of
this power of attorney and the rights and powers herein granted.
The undersigned acknowledges that the foregoing attorneys-in-
fact, in serving in such capacity at the request of the
undersigned, are not assuming, nor is the Company assuming, any
of the undersigned's responsibilities to comply with Section 16
of the Securities Exchange Act of 1934.
This Power of Attorney shall remain in full force and effect
until the undersigned is no longer required to file Forms 3, 4,
and 5 with respect to the undersigned's holdings of and
transactions in securities issued by the Company, unless earlier
revoked by the undersigned in a signed writing delivered to the
foregoing attorneys-in-fact.
IN WITNESS WHEREOF, the undersigned has caused this Power of
Attorney to be executed on this 21st day of November, 1995.
/s/M. Norman Brickman
----------------------
M. Norman Brickman
POWER OF ATTORNEY
Know all by these presents, that the undersigned hereby
constitutes and appoints each of William F. Terry and Robert T.
Cushing signing singly, the undersigned's true and lawful
attorney-in-fact to:
(1) execute for and on behalf of the undersigned, in the
undersigned's capacity as an officer and/or director
of TrustCo Bank Corp NY (the "Company"), Forms 3,
4, and 5 in accordance with Section 16(a) of the
Securities Exchange Act of 1934 and the rules there-
under;
(2) do and perform any and all acts for and on behalf
of the undersigned which may be necessary or desir-
able to complete and execute any such Form 3, 4, and
5 and timely file such form with the United States
Securities and Exchange Commission and any stock
exchange or similar authority; and
(3) take any other action of any type whatsoever in
connection with the foregoing, which, in the
opinion of such attorney-in-fact, may be benefit to,
in the best interest of, or legally required by,
the undersigned, it being understood that the docu-
ments executed by such attorney-in-fact on behalf
of the undersigned pursuant to this Power of Attorney
shall be in such form and shall contain such terms
and conditions as such attorney-in-fact may approve
in such attorney-in-fact's discretion.
The undersigned hereby grants to each such attorney-in-fact
full power and authority to do and perform any and every act and
thing whatsoever requisite, necessary, or proper to be done in
the exercise of any of the rights and powers herein granted, as
fully to all intents and purposes as the undersigned might or
could do if personally present, with full power of substitution
or revocation, hereby ratifying and confirming all that such
attorney-in-fact, or such attorney-in-fact's substitute or
substitutes, shall lawfully do or cause to be done by virtue of
this power of attorney and the rights and powers herein granted.
The undersigned acknowledges that the foregoing attorneys-in-
fact, in serving in such capacity at the request of the
undersigned, are not assuming, nor is the Company assuming, any
of the undersigned's responsibilities to comply with Section 16
of the Securities Exchange Act of 1934.
This Power of Attorney shall remain in full force and effect
until the undersigned is no longer required to file Forms 3, 4,
and 5 with respect to the undersigned's holdings of and
transactions in securities issued by the Company, unless earlier
revoked by the undersigned in a signed writing delivered to the
foregoing attorneys-in-fact.
IN WITNESS WHEREOF, the undersigned has caused this Power of
Attorney to be executed on this 21st day of November, 1995.
/s/Charles W. Carl
----------------------
Charles W. Carl
POWER OF ATTORNEY
Know all by these presents, that the undersigned hereby
constitutes and appoints each of William F. Terry and Robert T.
Cushing signing singly, the undersigned's true and lawful
attorney-in-fact to:
(1) execute for and on behalf of the undersigned, in the
undersigned's capacity as an officer and/or director
of TrustCo Bank Corp NY (the "Company"), Forms 3,
4, and 5 in accordance with Section 16(a) of the
Securities Exchange Act of 1934 and the rules there-
under;
(2) do and perform any and all acts for and on behalf
of the undersigned which may be necessary or desir-
able to complete and execute any such Form 3, 4, and
5 and timely file such form with the United States
Securities and Exchange Commission and any stock
exchange or similar authority; and
(3) take any other action of any type whatsoever in
connection with the foregoing, which, in the
opinion of such attorney-in-fact, may be benefit to,
in the best interest of, or legally required by,
the undersigned, it being understood that the docu-
ments executed by such attorney-in-fact on behalf
of the undersigned pursuant to this Power of Attorney
shall be in such form and shall contain such terms
and conditions as such attorney-in-fact may approve
in such attorney-in-fact's discretion.
The undersigned hereby grants to each such attorney-in-fact
full power and authority to do and perform any and every act and
thing whatsoever requisite, necessary, or proper to be done in
the exercise of any of the rights and powers herein granted, as
fully to all intents and purposes as the undersigned might or
could do if personally present, with full power of substitution
or revocation, hereby ratifying and confirming all that such
attorney-in-fact, or such attorney-in-fact's substitute or
substitutes, shall lawfully do or cause to be done by virtue of
this power of attorney and the rights and powers herein granted.
The undersigned acknowledges that the foregoing attorneys-in-
fact, in serving in such capacity at the request of the
undersigned, are not assuming, nor is the Company assuming, any
of the undersigned's responsibilities to comply with Section 16
of the Securities Exchange Act of 1934.
This Power of Attorney shall remain in full force and effect
until the undersigned is no longer required to file Forms 3, 4,
and 5 with respect to the undersigned's holdings of and
transactions in securities issued by the Company, unless earlier
revoked by the undersigned in a signed writing delivered to the
foregoing attorneys-in-fact.
IN WITNESS WHEREOF, the undersigned has caused this Power of
Attorney to be executed on this 21st day of November, 1995.
/s/Nancy A. McNamara
----------------------
Nancy A. McNamara
POWER OF ATTORNEY
Know all by these presents, that the undersigned hereby
constitutes and appoints each of William F. Terry and Robert T.
Cushing signing singly, the undersigned's true and lawful
attorney-in-fact to:
(1) execute for and on behalf of the undersigned, in the
undersigned's capacity as an officer and/or director
of TrustCo Bank Corp NY (the "Company"), Forms 3,
4, and 5 in accordance with Section 16(a) of the
Securities Exchange Act of 1934 and the rules there-
under;
(2) do and perform any and all acts for and on behalf
of the undersigned which may be necessary or desir-
able to complete and execute any such Form 3, 4, and
5 and timely file such form with the United States
Securities and Exchange Commission and any stock
exchange or similar authority; and
(3) take any other action of any type whatsoever in
connection with the foregoing, which, in the
opinion of such attorney-in-fact, may be benefit to,
in the best interest of, or legally required by,
the undersigned, it being understood that the docu-
ments executed by such attorney-in-fact on behalf
of the undersigned pursuant to this Power of Attorney
shall be in such form and shall contain such terms
and conditions as such attorney-in-fact may approve
in such attorney-in-fact's discretion.
The undersigned hereby grants to each such attorney-in-fact
full power and authority to do and perform any and every act and
thing whatsoever requisite, necessary, or proper to be done in
the exercise of any of the rights and powers herein granted, as
fully to all intents and purposes as the undersigned might or
could do if personally present, with full power of substitution
or revocation, hereby ratifying and confirming all that such
attorney-in-fact, or such attorney-in-fact's substitute or
substitutes, shall lawfully do or cause to be done by virtue of
this power of attorney and the rights and powers herein granted.
The undersigned acknowledges that the foregoing attorneys-in-
fact, in serving in such capacity at the request of the
undersigned, are not assuming, nor is the Company assuming, any
of the undersigned's responsibilities to comply with Section 16
of the Securities Exchange Act of 1934.
This Power of Attorney shall remain in full force and effect
until the undersigned is no longer required to file Forms 3, 4,
and 5 with respect to the undersigned's holdings of and
transactions in securities issued by the Company, unless earlier
revoked by the undersigned in a signed writing delivered to the
foregoing attorneys-in-fact.
IN WITNESS WHEREOF, the undersigned has caused this Power of
Attorney to be executed on this 21st day of November, 1995.
/s/John S. Morris
----------------------
John S. Morris
POWER OF ATTORNEY
Know all by these presents, that the undersigned hereby
constitutes and appoints each of William F. Terry and Robert T.
Cushing signing singly, the undersigned's true and lawful
attorney-in-fact to:
(1) execute for and on behalf of the undersigned, in the
undersigned's capacity as an officer and/or director
of TrustCo Bank Corp NY (the "Company"), Forms 3,
4, and 5 in accordance with Section 16(a) of the
Securities Exchange Act of 1934 and the rules there-
under;
(2) do and perform any and all acts for and on behalf
of the undersigned which may be necessary or desir-
able to complete and execute any such Form 3, 4, and
5 and timely file such form with the United States
Securities and Exchange Commission and any stock
exchange or similar authority; and
(3) take any other action of any type whatsoever in
connection with the foregoing, which, in the
opinion of such attorney-in-fact, may be benefit to,
in the best interest of, or legally required by,
the undersigned, it being understood that the docu-
ments executed by such attorney-in-fact on behalf
of the undersigned pursuant to this Power of Attorney
shall be in such form and shall contain such terms
and conditions as such attorney-in-fact may approve
in such attorney-in-fact's discretion.
The undersigned hereby grants to each such attorney-in-fact
full power and authority to do and perform any and every act and
thing whatsoever requisite, necessary, or proper to be done in
the exercise of any of the rights and powers herein granted, as
fully to all intents and purposes as the undersigned might or
could do if personally present, with full power of substitution
or revocation, hereby ratifying and confirming all that such
attorney-in-fact, or such attorney-in-fact's substitute or
substitutes, shall lawfully do or cause to be done by virtue of
this power of attorney and the rights and powers herein granted.
The undersigned acknowledges that the foregoing attorneys-in-
fact, in serving in such capacity at the request of the
undersigned, are not assuming, nor is the Company assuming, any
of the undersigned's responsibilities to comply with Section 16
of the Securities Exchange Act of 1934.
This Power of Attorney shall remain in full force and effect
until the undersigned is no longer required to file Forms 3, 4,
and 5 with respect to the undersigned's holdings of and
transactions in securities issued by the Company, unless earlier
revoked by the undersigned in a signed writing delivered to the
foregoing attorneys-in-fact.
IN WITNESS WHEREOF, the undersigned has caused this Power of
Attorney to be executed on this 21st day of November, 1995.
/s/James H. Murphy
----------------------
James H. Murphy
POWER OF ATTORNEY
Know all by these presents, that the undersigned hereby
constitutes and appoints each of William F. Terry and Robert T.
Cushing signing singly, the undersigned's true and lawful
attorney-in-fact to:
(1) execute for and on behalf of the undersigned, in the
undersigned's capacity as an officer and/or director
of TrustCo Bank Corp NY (the "Company"), Forms 3,
4, and 5 in accordance with Section 16(a) of the
Securities Exchange Act of 1934 and the rules there-
under;
(2) do and perform any and all acts for and on behalf
of the undersigned which may be necessary or desir-
able to complete and execute any such Form 3, 4, and
5 and timely file such form with the United States
Securities and Exchange Commission and any stock
exchange or similar authority; and
(3) take any other action of any type whatsoever in
connection with the foregoing, which, in the
opinion of such attorney-in-fact, may be benefit to,
in the best interest of, or legally required by,
the undersigned, it being understood that the docu-
ments executed by such attorney-in-fact on behalf
of the undersigned pursuant to this Power of Attorney
shall be in such form and shall contain such terms
and conditions as such attorney-in-fact may approve
in such attorney-in-fact's discretion.
The undersigned hereby grants to each such attorney-in-fact
full power and authority to do and perform any and every act and
thing whatsoever requisite, necessary, or proper to be done in
the exercise of any of the rights and powers herein granted, as
fully to all intents and purposes as the undersigned might or
could do if personally present, with full power of substitution
or revocation, hereby ratifying and confirming all that such
attorney-in-fact, or such attorney-in-fact's substitute or
substitutes, shall lawfully do or cause to be done by virtue of
this power of attorney and the rights and powers herein granted.
The undersigned acknowledges that the foregoing attorneys-in-
fact, in serving in such capacity at the request of the
undersigned, are not assuming, nor is the Company assuming, any
of the undersigned's responsibilities to comply with Section 16
of the Securities Exchange Act of 1934.
This Power of Attorney shall remain in full force and effect
until the undersigned is no longer required to file Forms 3, 4,
and 5 with respect to the undersigned's holdings of and
transactions in securities issued by the Company, unless earlier
revoked by the undersigned in a signed writing delivered to the
foregoing attorneys-in-fact.
IN WITNESS WHEREOF, the undersigned has caused this Power of
Attorney to be executed on this 21st day of November, 1995.
/s/R. J. Murray
----------------------
R. J. Murray
POWER OF ATTORNEY
Know all by these presents, that the undersigned hereby
constitutes and appoints each of William F. Terry and Robert T.
Cushing signing singly, the undersigned's true and lawful
attorney-in-fact to:
(1) execute for and on behalf of the undersigned, in the
undersigned's capacity as an officer and/or director
of TrustCo Bank Corp NY (the "Company"), Forms 3,
4, and 5 in accordance with Section 16(a) of the
Securities Exchange Act of 1934 and the rules there-
under;
(2) do and perform any and all acts for and on behalf
of the undersigned which may be necessary or desir-
able to complete and execute any such Form 3, 4, and
5 and timely file such form with the United States
Securities and Exchange Commission and any stock
exchange or similar authority; and
(3) take any other action of any type whatsoever in
connection with the foregoing, which, in the
opinion of such attorney-in-fact, may be benefit to,
in the best interest of, or legally required by,
the undersigned, it being understood that the docu-
ments executed by such attorney-in-fact on behalf
of the undersigned pursuant to this Power of Attorney
shall be in such form and shall contain such terms
and conditions as such attorney-in-fact may approve
in such attorney-in-fact's discretion.
The undersigned hereby grants to each such attorney-in-fact
full power and authority to do and perform any and every act and
thing whatsoever requisite, necessary, or proper to be done in
the exercise of any of the rights and powers herein granted, as
fully to all intents and purposes as the undersigned might or
could do if personally present, with full power of substitution
or revocation, hereby ratifying and confirming all that such
attorney-in-fact, or such attorney-in-fact's substitute or
substitutes, shall lawfully do or cause to be done by virtue of
this power of attorney and the rights and powers herein granted.
The undersigned acknowledges that the foregoing attorneys-in-
fact, in serving in such capacity at the request of the
undersigned, are not assuming, nor is the Company assuming, any
of the undersigned's responsibilities to comply with Section 16
of the Securities Exchange Act of 1934.
This Power of Attorney shall remain in full force and effect
until the undersigned is no longer required to file Forms 3, 4,
and 5 with respect to the undersigned's holdings of and
transactions in securities issued by the Company, unless earlier
revoked by the undersigned in a signed writing delivered to the
foregoing attorneys-in-fact.
IN WITNESS WHEREOF, the undersigned has caused this Power of
Attorney to be executed on this 21st day of November, 1995.
/s/Kenneth C. Peterson
----------------------
Kenneth C. Petersen
POWER OF ATTORNEY
Know all by these presents, that the undersigned hereby
constitutes and appoints each of William F. Terry and Robert T.
Cushing signing singly, the undersigned's true and lawful
attorney-in-fact to:
(1) execute for and on behalf of the undersigned, in the
undersigned's capacity as an officer and/or director
of TrustCo Bank Corp NY (the "Company"), Forms 3,
4, and 5 in accordance with Section 16(a) of the
Securities Exchange Act of 1934 and the rules there-
under;
(2) do and perform any and all acts for and on behalf
of the undersigned which may be necessary or desir-
able to complete and execute any such Form 3, 4, and
5 and timely file such form with the United States
Securities and Exchange Commission and any stock
exchange or similar authority; and
(3) take any other action of any type whatsoever in
connection with the foregoing, which, in the
opinion of such attorney-in-fact, may be benefit to,
in the best interest of, or legally required by,
the undersigned, it being understood that the docu-
ments executed by such attorney-in-fact on behalf
of the undersigned pursuant to this Power of Attorney
shall be in such form and shall contain such terms
and conditions as such attorney-in-fact may approve
in such attorney-in-fact's discretion.
The undersigned hereby grants to each such attorney-in-fact
full power and authority to do and perform any and every act and
thing whatsoever requisite, necessary, or proper to be done in
the exercise of any of the rights and powers herein granted, as
fully to all intents and purposes as the undersigned might or
could do if personally present, with full power of substitution
or revocation, hereby ratifying and confirming all that such
attorney-in-fact, or such attorney-in-fact's substitute or
substitutes, shall lawfully do or cause to be done by virtue of
this power of attorney and the rights and powers herein granted.
The undersigned acknowledges that the foregoing attorneys-in-
fact, in serving in such capacity at the request of the
undersigned, are not assuming, nor is the Company assuming, any
of the undersigned's responsibilities to comply with Section 16
of the Securities Exchange Act of 1934.
This Power of Attorney shall remain in full force and effect
until the undersigned is no longer required to file Forms 3, 4,
and 5 with respect to the undersigned's holdings of and
transactions in securities issued by the Company, unless earlier
revoked by the undersigned in a signed writing delivered to the
foregoing attorneys-in-fact.
IN WITNESS WHEREOF, the undersigned has caused this Power of
Attorney to be executed on this 21st day of November, 1995.
/s/William D. Powers
----------------------
Willaim D. Powers
POWER OF ATTORNEY
Know all by these presents, that the undersigned hereby
constitutes and appoints each of William F. Terry and Robert T.
Cushing signing singly, the undersigned's true and lawful
attorney-in-fact to:
(1) execute for and on behalf of the undersigned, in the
undersigned's capacity as an officer and/or director
of TrustCo Bank Corp NY (the "Company"), Forms 3,
4, and 5 in accordance with Section 16(a) of the
Securities Exchange Act of 1934 and the rules there-
under;
(2) do and perform any and all acts for and on behalf
of the undersigned which may be necessary or desir-
able to complete and execute any such Form 3, 4, and
5 and timely file such form with the United States
Securities and Exchange Commission and any stock
exchange or similar authority; and
(3) take any other action of any type whatsoever in
connection with the foregoing, which, in the
opinion of such attorney-in-fact, may be benefit to,
in the best interest of, or legally required by,
the undersigned, it being understood that the docu-
ments executed by such attorney-in-fact on behalf
of the undersigned pursuant to this Power of Attorney
shall be in such form and shall contain such terms
and conditions as such attorney-in-fact may approve
in such attorney-in-fact's discretion.
The undersigned hereby grants to each such attorney-in-fact
full power and authority to do and perform any and every act and
thing whatsoever requisite, necessary, or proper to be done in
the exercise of any of the rights and powers herein granted, as
fully to all intents and purposes as the undersigned might or
could do if personally present, with full power of substitution
or revocation, hereby ratifying and confirming all that such
attorney-in-fact, or such attorney-in-fact's substitute or
substitutes, shall lawfully do or cause to be done by virtue of
this power of attorney and the rights and powers herein granted.
The undersigned acknowledges that the foregoing attorneys-in-
fact, in serving in such capacity at the request of the
undersigned, are not assuming, nor is the Company assuming, any
of the undersigned's responsibilities to comply with Section 16
of the Securities Exchange Act of 1934.
This Power of Attorney shall remain in full force and effect
until the undersigned is no longer required to file Forms 3, 4,
and 5 with respect to the undersigned's holdings of and
transactions in securities issued by the Company, unless earlier
revoked by the undersigned in a signed writing delivered to the
foregoing attorneys-in-fact.
IN WITNESS WHEREOF, the undersigned has caused this Power of
Attorney to be executed on this 21st day of November, 1995.
/s/William J. Purdy
----------------------
William J. Purdy
POWER OF ATTORNEY
Know all by these presents, that the undersigned hereby
constitutes and appoints each of William F. Terry and Robert T.
Cushing signing singly, the undersigned's true and lawful
attorney-in-fact to:
(1) execute for and on behalf of the undersigned, in the
undersigned's capacity as an officer and/or director
of TrustCo Bank Corp NY (the "Company"), Forms 3,
4, and 5 in accordance with Section 16(a) of the
Securities Exchange Act of 1934 and the rules there-
under;
(2) do and perform any and all acts for and on behalf
of the undersigned which may be necessary or desir-
able to complete and execute any such Form 3, 4, and
5 and timely file such form with the United States
Securities and Exchange Commission and any stock
exchange or similar authority; and
(3) take any other action of any type whatsoever in
connection with the foregoing, which, in the
opinion of such attorney-in-fact, may be benefit to,
in the best interest of, or legally required by,
the undersigned, it being understood that the docu-
ments executed by such attorney-in-fact on behalf
of the undersigned pursuant to this Power of Attorney
shall be in such form and shall contain such terms
and conditions as such attorney-in-fact may approve
in such attorney-in-fact's discretion.
The undersigned hereby grants to each such attorney-in-fact
full power and authority to do and perform any and every act and
thing whatsoever requisite, necessary, or proper to be done in
the exercise of any of the rights and powers herein granted, as
fully to all intents and purposes as the undersigned might or
could do if personally present, with full power of substitution
or revocation, hereby ratifying and confirming all that such
attorney-in-fact, or such attorney-in-fact's substitute or
substitutes, shall lawfully do or cause to be done by virtue of
this power of attorney and the rights and powers herein granted.
The undersigned acknowledges that the foregoing attorneys-in-
fact, in serving in such capacity at the request of the
undersigned, are not assuming, nor is the Company assuming, any
of the undersigned's responsibilities to comply with Section 16
of the Securities Exchange Act of 1934.
This Power of Attorney shall remain in full force and effect
until the undersigned is no longer required to file Forms 3, 4,
and 5 with respect to the undersigned's holdings of and
transactions in securities issued by the Company, unless earlier
revoked by the undersigned in a signed writing delivered to the
foregoing attorneys-in-fact.
IN WITNESS WHEREOF, the undersigned has caused this Power of
Attorney to be executed on this 21st day of November, 1995.
/s/William F. Terry
----------------------
William F. Terry
POWER OF ATTORNEY
Know all by these presents, that the undersigned hereby
constitutes and appoints each of William F. Terry and Robert T.
Cushing signing singly, the undersigned's true and lawful
attorney-in-fact to:
(1) execute for and on behalf of the undersigned, in the
undersigned's capacity as an officer and/or director
of TrustCo Bank Corp NY (the "Company"), Forms 3,
4, and 5 in accordance with Section 16(a) of the
Securities Exchange Act of 1934 and the rules there-
under;
(2) do and perform any and all acts for and on behalf
of the undersigned which may be necessary or desir-
able to complete and execute any such Form 3, 4, and
5 and timely file such form with the United States
Securities and Exchange Commission and any stock
exchange or similar authority; and
(3) take any other action of any type whatsoever in
connection with the foregoing, which, in the
opinion of such attorney-in-fact, may be benefit to,
in the best interest of, or legally required by,
the undersigned, it being understood that the docu-
ments executed by such attorney-in-fact on behalf
of the undersigned pursuant to this Power of Attorney
shall be in such form and shall contain such terms
and conditions as such attorney-in-fact may approve
in such attorney-in-fact's discretion.
The undersigned hereby grants to each such attorney-in-fact
full power and authority to do and perform any and every act and
thing whatsoever requisite, necessary, or proper to be done in
the exercise of any of the rights and powers herein granted, as
fully to all intents and purposes as the undersigned might or
could do if personally present, with full power of substitution
or revocation, hereby ratifying and confirming all that such
attorney-in-fact, or such attorney-in-fact's substitute or
substitutes, shall lawfully do or cause to be done by virtue of
this power of attorney and the rights and powers herein granted.
The undersigned acknowledges that the foregoing attorneys-in-
fact, in serving in such capacity at the request of the
undersigned, are not assuming, nor is the Company assuming, any
of the undersigned's responsibilities to comply with Section 16
of the Securities Exchange Act of 1934.
This Power of Attorney shall remain in full force and effect
until the undersigned is no longer required to file Forms 3, 4,
and 5 with respect to the undersigned's holdings of and
transactions in securities issued by the Company, unless earlier
revoked by the undersigned in a signed writing delivered to the
foregoing attorneys-in-fact.
IN WITNESS WHEREOF, the undersigned has caused this Power of
Attorney to be executed on this 21st day of November, 1995.
/s/Philip J. Thompson
----------------------
Philip J. Thompson
Exhibit 99(a)
William F. Terry
Senior Vice President and Secretary
(518) 381-3611
For Immediate Release:
Schenectady, New York -- January 16, 1996
Today, TrustCo announced record earnings for both the fourth
quarter and the year ending December 31,1995. Net income for
the fourth quarter of 1995 was $6.9 million, or $0.38 per share,
compared to $6.2 million and $0.35 per share, for the fourth
quarter of 1994. These results represent an increase of 12% in
net income and 9% in per share earnings during the two time
periods.
Net income for the year ended December 31, 1995, was $25.5
million, or $1.42 per share, compared to $22.9 million and $1.28
per share for the year ended December 31, 1994. For the year
1995 compared to 1994, these results represent an increase of
12% in net income and 11% in per share earnings. Making the
announcement was Robert A. McCormick, President and Chief
Executive Officer.
"As we expected, 1995's results for the fourth quarter and the
year represent record earnings for TrustCo with almost all core
operations of the bank showing significant improvement over
1994," stated Mr. McCormick. "Throughout 1995, we stressed
growth in net interest income by expanding our earning assets
base, enhancing the retail branch network by opening four new
branches, and increasing the quality of our loan portfolio with
an allowance for loan losses coverage ratio of 3 times our
nonperforming loans. In each of these areas, 1995 was a banner
year."
The full year 1995 results announced today by TrustCo represent a
return on average equity of 18%, and continues the trend set
many years ago of having increasing annual returns on equity.
"We establish very aggressive goals for our Company, and we
measure our performance by return on equity. Every action that
we take at TrustCo is evaluated as to how well it enhances
shareholder value. In our Company, the shareholder comes
first," said Mr. McCormick. The return on equity for the fourth
quarter of 1995 was 19%, which represents the target return on
equity TrustCo has established for the year 1996.
During 1995, TrustCo achievements included:
- -- A 3% increase in taxable equivalent net interest income, the
primary contributor to net income, in spite of a reduction in
the net interest margin to 4.18% for the year. Commenting on
this point, Mr. McCormick noted, "Going into 1995 we made a
concerted effort to attract new deposits, recognizing that the
short term outcome would be a reduction in our net interest
margin due to higher deposit cost. Our strategy has always been
to attract customers to TrustCo based upon a combination of our
strong customer service, user friendly retail branches, and
aggressive pricing of our services and products. With this
increase in deposits, we are uniquely positioned, compared to
other financial institutions, to take advantage of opportunities
as they become available in 1996." As a result of this
strategy, average deposits increased 7% during the fourth
quarter of 1995 compared to 1994.
- -- The opening of four new retail banking operations at the
following locations:
-- Hudson Falls
-- Exit 8, Clifton Park
-- Malta Mall
-- Mechanicville
"The positive reception we have received in these
communities is overwhelming. We are committed to increasing our
branch network in the years to come, and we expect to follow the
same strategies that have proven successful in 1995," remarked
Mr. McCormick.
- -- An efficiency ratio for the year 1995 of 42.5%, and 40.5%
for the fourth quarter of 1995. Commenting on the efficiency
ratio, Mr. McCormick noted, "Cost control has been an integral
element in the TrustCo operating style for many, many years. We
hear a lot about other banks now promoting their efforts at
reducing their operating costs and how that will be their
emphasis in the future. The fundamental principle these banks
may be missing is that cost control is only one of the needed
elements in the formula for success. To continue to be
successful, TrustCo's philosophy is to provide our services
cheaper, faster and better than our competitors. It's the
combination of superior customer service at the lowest possible
cost that our customers are demanding and that TrustCo is
delivering."
- -- A 6% increase in average loans from 1994 to 1995. The
increase in loans is primarily in the residential loan
portfolio. Commenting on the loan portfolio, Mr. McCormick
stated, "At TrustCo we strive to focus our attention on
specific market opportunities. So in the loan portfolio, for
example, we have identified growth in residential real estate
loans as our principal objective. Therefore, even with a very
soft local real estate market during much of 1995, we have been
able to expand our loan portfolio because of our superior
products, service and pricing."
Asset quality, one of the cornerstones of TrustCo's success,
remained strong during 1995. Total nonperforming loans were
1.28% of total loans, and nonperforming assets are only 0.89%
of total assets at year end 1995. These percentages are well
below industry averages for nonperforming loans and assets.
TrustCo is a $2.2 billion bank holding company, and through its
subsidiary bank, Trustco Bank, National Association, operates 47
bank offices in Albany, Columbia, Greene, Rensselaer , Saratoga,
Schenectady, Warren and Washington counties. In addition, the
bank operates a full service Trust Department with $777.5
million of assets under management. The common shares of
TrustCo are traded on the NASDAQ National Market System under
the ticker symbol of TRST.
Exhibit 99(b)
William F. Terry
Senior Vice President and Secretary
518/381-3611
Schenectady, New York -- January 16, 1996
FOR IMMEDIATE RELEASE:
TrustCo Bank Corp NY
(dollars in thousands, except per share data)
12/95 12/94
------ -----
Three Months Ended
December 31:
Net Income $ 6,920 6,202
Average Equivalent
Shares Outstanding 18,208,000 17,877,000
Net Income per Share $0.38 $0.35
Twelve Months Ended
December 31:
Net Income $ 25,527 22,888
Average Equivalent
Shares Outstanding 18,035,000 17,863,000
Net Income per Share $1.42 1.28
Total Nonperforming Loans $15,658 11,716
Total Nonperforming Assets 19,390 16,796
Allowance for Loan Losses 48,320 38,851
Allowance as a Percentage
of Total Loans 3.94% 3.34
# # #
Page 1
FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share data)
Three Months Ended
12/31/95 09/30/95 12/31/94
Summary of operations
Net interest income (TE) $20,824 20,669 21,404
Provision for loan losses 2,960 3,120 1,565
Net gain/(loss) from securities transactions (526) 141 (2,526)
Noninterest income 3,511 3,506 3,336
Noninterest expense 10,132 10,695 10,744
Net income 6,920 6,596 6,202
Per common share (4)
Net income $0.38 0.36 0.35
Cash dividends 0.28 0.28 0.23
Book value at period end 9.08 8.50 7.94
Market price at period end 22.13 21.75 17.29
At period end
Full time equivalent employees 434 441 435
Full service banking offices 47 46 43
Performance ratios
Return on average assets 1.27% 1.23 1.25
Return on average equity (1) 19.21 18.39 17.84
Efficiency (2) 40.54 42.16 42.49
Net interest spread (TE) 3.58 3.58 4.17
Net interest margin (TE) 4.03 4.04 4.52
Dividend payout ratio 70.09 73.39 64.82
Capital ratios at period end
Total equity to assets 7.36 7.00 7.05
Tier 1 risk adjusted capital 12.45 12.27 12.08
Total risk adjusted capital 13.73 13.55 13.35
Asset quality analysis at period end (5)
Nonperforming loans to total loans 1.28 1.38 1.01
Nonperforming assets to total assets 0.89 0.93 0.85
Allowance for loan losses to total loans 3.94 3.86 3.34
Coverage ratio (3) 3.1 X 2.8 X 3.3 X
(1) Average equity excludes the effect of the market value adjustment for securities
available for sale.
(2) Calculated as noninterest expense (excluding ORE expense and any nonrecurring
charges) divided by taxable equivalent net interest income plus noninterest
income (excluding ORE income and net securities transactions).
(3) Calculated as allowance for loan losses divided by total nonperforming loans.
(4) All per share information has been adjusted for the 6 for 5
stock split effective August, 1995.
(5) All nonperforming loans and assets data has been restated for the adoption
of SFAS No. 114, "Accounting by Creditors for the Impairment of Loans."
TE = Taxable equivalent.
FINANCIAL HIGHLIGHTS, Continued Page 2
Twelve Months Ended
12/31/95 12/31/94
Summary of Operations
Net interest income (TE) $83,451 81,117
Provision for loan losses 12,698 8,056
Net gain/(loss) from securities transactions 243 (8,877)
Noninterest income 13,824 13,437
Noninterest expense 44,440 40,560
Net income 25,527 22,888
Per Common Share (4)
Net income $1.42 1.28
Cash dividends 1.01 0.82
Book value at period end 9.08 7.94
Market price at period end 22.13 17.29
Performance ratios
Return on average assets 1.23% 1.15
Return on average equity (1) 18.03 17.01
Efficiency (2) 42.52 41.82
Net interest spread (TE) 3.75 3.92
Net interest margin (TE) 4.18 4.25
Dividend payout ratio 69.55 62.52
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
12/31/95 12/31/94
ASSETS
Loans, net $1,177,822 1,122,938
Securities available for sale 640,206 117,458
Investment securities 0 347,858
Federal funds sold 239,000 263,000
----------------------------
Total earning assets 2,057,028 1,851,254
Cash and due from banks 50,889 52,479
Bank premises and equipment 25,008 23,877
Other assets 43,260 48,067
----------------------------
Total assets $2,176,185 1,975,677
============================
LIABILITIES
Deposits:
Demand $111,743 93,496
Savings 880,140 911,629
Money Market 69,434 92,965
Certificates of deposit > $100 thou 84,210 62,511
Other time deposits 785,122 629,230
----------------------------
Total deposits 1,930,649 1,789,831
Short-term borrowings 56,654 12,713
Long-term debt 0 3,550
Other liabilities 28,783 30,300
----------------------------
Total liabilities 2,016,086 1,836,394
SHAREHOLDERS' EQUITY 160,099 139,283
----------------------------
Total liabilities and
shareholders' equity $2,176,185 1,975,677
============================
Number of common shares
outstanding, in thousands 17,638 17,541
CONSOLIDATED STATEMENTS OF INCOME Page 4
(dollars in thousands, except per share data)
Three Months Ended
12/31/95 09/30/95 12/31/94
Interest income
Loans $27,462 27,035 25,136
Investments 11,503 11,563 7,755
Federal funds sold 3,018 2,908 3,766
------------------------------------------
Total interest income 41,983 41,506 36,657
Interest expense
Deposits 20,953 20,765 15,455
Borrowings 757 642 166
------------------------------------------
Total interest expense 21,710 21,407 15,621
------------------------------------------
Net interest income 20,273 20,099 21,036
Provision for loan losses 2,960 3,120 1,565
------------------------------------------
Net interest income after
provision for loan losses 17,313 16,979 19,471
Net gain/(loss) from securities transactions (526) 141 (2,526)
Noninterest income 3,511 3,506 3,336
Noninterest expense 10,132 10,695 10,744
------------------------------------------
Income before income taxes 10,166 9,931 9,537
Income tax expense 3,246 3,335 3,335
------------------------------------------
Net income $6,920 6,596 6,202
==========================================
Net income per share $0.38 0.36 0.35
Avg equivalent shares outstanding, in thousands 18,208 18,119 17,877
CONSOLIDATED STATEMENTS OF INCOME Page 5
(dollars in thousands, except per share data)
Twelve Months Ended
12/31/95 12/31/94
Interest income
Loans $107,060 93,873
Investments 41,949 37,351
Federal funds sold 12,543 9,058
----------------------------
Total interest income 161,552 140,282
Interest expense
Deposits 78,355 60,034
Borrowings 1,845 664
----------------------------
Total interest expense 80,200 60,698
----------------------------
Net interest income 81,352 79,584
Provision for loan losses 12,698 8,056
----------------------------
Net interest income after
provision for loan losses 68,654 71,528
Net gain/(loss) from securities transactions 243 (8,877)
Noninterest income 13,824 13,437
Noninterest expense 44,440 40,560
----------------------------
Income before income taxes 38,281 35,528
Income tax expense 12,754 12,640
----------------------------
Net income 25,527 22,888
============================
Net income per share 1.42 1.28
Avg equivalent shares outstanding, in thousands 18,035 17,863
CONSOLIDATED AVERAGE BALANCE SHEETS Page 6
(in thousands)
Three Months Ended
12/31/95 09/30/95 12/31/94
Total assets $2,156,948 2,127,825 1,974,105
Shareholders' equity 151,265 146,228 137,641
Interest earning assets 2,076,697 2,056,611 1,895,144
Interest bearing liabilities 1,872,741 1,851,576 1,711,536
Twelve Months Ended
12/31/95 12/31/94
Total assets $2,073,391 1,994,497
Shareholders' equity 145,469 136,977
Interest earning assets 1,994,240 1,910,368
Interest bearing liabilities 1,800,008 1,735,483