Five stars for Trustco
If the economy takes an adverse turn, Trustco Bank has the resources to deal with it.
So says the independent bank rating company, Bauer Financial, Inc., which recently awarded the Glenville-based bank a 5-star superior rating, its highest performance rating given to only a quarter of the nation's banks. Bauer analyzed a variety of criteria to come up with the rating, including capitalization, asset quality, profitability, liquidity and risk.
“Trustco Bank is proud to be recognized as one of the strongest community banks in the nation," said Trustco President and CEO Robert McCormick in a news release. "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.”
Bauer has provided unbiased analyses of financial institutions' safety and soundness for 30 years. It has recommended Trustco Bank for 38 consecutive quarters.
Trustco operates 138 branches in New York, New Jersey, Vermont, Massachusetts and Florida. It recently reported a net income of $9.2 million in the first quarter of the year, up 2.9 percent from last year.
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