TrustCo Bank

Purchase of Schenectady Bank and General Electric

On February 17, 1902, the first trust company was chartered in Schenectady, formed through the purchase of the assets of the Schenectady Bank . As the credit union for General Electric Corporation, Schenectady Trust Company opened for business on June 9, 1902, with 11 employees, and initial deposits of $762,578.11. The original buildings resided at 320 and 318 State Street in downtown Schenectady, New York. Charles P. Steinmetz of General Electric and Union College fame was a major depositor and Samuel M. Hamill of General Electric became the first President of the Schenectady Trust Company. Total deposits at the end of the bank's first year were over $1.5 million.

Schenectady Trust Company

By 1912, business in Schenectady, especially General Electric, was booming. As many new businesses emerged at a rapid rate, many of them received their earliest financing from Schenectady Trust Company. In 1919 Schenectady Trust Company built the structure that is now known as the Main Trustco Bank branch office at 320 State Street. Gerardus Smith was president of the bank at the close of 1912, and total assets were $4.5 million.

The Roaring Twenties

The Mont Pleasant branch office opened in 1924. In 1925, Proctor's Theatre, Erie Boulevard and the Western Gateway Bridge opened more culture, tourism and commerce to Schenectady. The third branch, the Brandywine office, was opened in 1928. In the late twenties Schenectady's building boom took place and Schenectady Trust provided mortgage loans. At the close of 1922, H.B. Boardman was President of the Bank, and total assets were $12.1 million.

The Depression and World War II

Even though the thirties saw the economy come to a virtual standstill, Schenectady Trust continued to pay out dividends to shareholders, making a consistent record of paying dividends since 1904. At the end of 1932, H.B. Boardman was still President of the Bank, and total assets were $16.7 million. The forties threw the nation into World War II, Schenectady Trust put plans in motion to provide direct auto financing for the increasing mobile population. By 1946, the Union Street Branch was open. At the end of 1942, Edward T. Rice was Chairman of the Board and Laurence G. Magner was President of the Bank; total assets were $34.9 million. In 1947, Schenectady Trust acquired Union National Bank, which opened in 1891. Modernization of the Main Branch and State Street Branch began.

Post War Era

In response to the 1954 opening of the New York State Thruway, Schenectady Trust expanded with branches into the suburbs to accommodate the growing population. By 1956, the Mayfair Branch office in Glenville and the Sheridan Plaza Branch office were opened. The Union Street Branch office was moved into its present location during the fifties. Ralph H. Rue was President of the bank at the end of 1952 and total assets were $74.2 million.

1960s

Though the local Schenectady economy began the decade with a slowdown, employment ended on an upswing at Schenectady Trust as they continued to grow with the community. Four more Branch offices were opened during the time: Rotterdam in 1965, the Trust Division in March 1968 and in June, 1968 Clifton Park and Plaza Seven were opened. In 1965, the financial computer center of Eastern New York was organized as a joint electronic data processing center by Schenectady Trust and eight other area banks. At the end of 1962, Ralph H. Rue was still President of the Bank, and total assets were $100.2 million.

1970s

In spite of inflation, the seventies showed growth in the Schenectady area—that growth was reflected in the Bank's services and prompted additional Branch office openings. New services were introduced during this period: Personal Line of Credit, Statement Savings and Bank Americard . Along with the new services, new Branches were opened in Niskayuna, Colonie and Guilderland. In 1973 the Main Branch interior was again enlarged and renovated, and the lot at the rear of the bank was purchased for parking and allowed access to Erie Boulevard. Toward the very end of the seventies, additional properties on Erie Boulevard were purchased that would later become the Trust Operations Building. At the end of 1972, H. Gladstone McKeon was President of the Bank and total assets were $151 million.

1980s and Formation of TrustCo Bank Corp NY

The bank continued to expand in the 1980s as they extended to the entire Capital Region. In July 1982, TrustCo Bank Corp NY was formed and a new Operations Center opened on Erie Boulevard in 1982 to handle the acquisition of seven Bank of New York offices, which occurred in January 1984. Schenectady Trust Company was renamed Trustco Bank New York in January 1989.

By the end of 1982, Harry E. Whittingham, Jr. was chairman and chief executive officer, and Robert A. McCormick was president and chief operation officer of the bank. Total assets were $301.4 million, net income was $2.9 million and market capitalization was $17 million.

Acquisition of Home & City Savings Bank

Trustco acquired Home & City Savings Bank and a three-story expansion of the Erie Boulevard Trust Operations Building in 1991. In May 1992, Trustco Bank sponsored and hosted a Block party on Erie Boulevard to celebrate the 90th Anniversary of the Bank and its $2.1 billion in assets by the end of 1995. The nineties also saw new Branch openings in Glens Falls, Queensbury, Wilton Mall and Clifton Park—which along with the former Home & City offices brought the total Branch locations to 53 throughout the Capital Region by the end of the decade. At the end of 1992, Robert A. McCormick was president and chief executive officer of the Bank, total assets were $1.9 billion, net income was $17.5 million and market capitalization was $222 million.

2000s

In July 2000 Trustco acquired a Savings Bank Charter and subsequently acquired Landmark Financial Corp. and its subsidiary, Landmark Community Bank, which was completed on July 28, 2000. Further expansion was made possible by an accompanying federal thrift charter. The Trustco Bank corporate headquarters relocated to Trustco Center in Glenville during 2001. The total number of Branch offices tops out at 60, with plans to expand downstate and into Florida. As of December 31, 2001 total assets were $2.6 billion, net income was $45.5 million and market capitalization was $896 million. Robert A. McCormick, chairman, president and chief executive officer, celebrated 25 years with the Bank in January 2002, 17 of those years serving as CEO. Despite a poor economy and bank bailouts, Trustco expanded into Downstate New York as well as into Florida between 2002 and 2009 . Two Branch openings occurred in the first quarter of 2010 in Sun City Center and Lady Lake, Florida. By March 2010, Trustco Bank had 134 branch locations in five states .