In Banking They Trust. TrustCo Bank Corp is the holding company for Trustco Bank, which operates in eastern New York, central and western Florida, and parts of Vermont, Massachusetts, and New Jersey. It has more than 130 locations, offering personal and business customers a variety of deposit products, loans and mortgages, and trust and investment services. It primarily originates residential and commercial mortgages, which account for more than three-quarters of its loan portfolio; it also writes business, construction, and installment loans and home equity lines of credit.
From 2002 through 2009 TrustCo Bank more than doubled its branch network in New York and Florida by opening new locations (more than 75 of them). It has completed its major expansion plan, but continues to open new branches, albeit not as rapidly.
Despite a continued a weak economy (particularly in Florida) and increased regulation, TrustCo Bank Corp reported a nearly 13% increase in net income in 2011. Its results were driven by growth in the bank's loan portfolio coupled with a decrease in provisions for loan loans. The company has also grown its low-cost deposit base, which has helped its bottom line as well. – less
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