GLENVILLE, N.Y., May 15, 2014 (GLOBE NEWSWIRE) -- SNL Financial once again named TrustCo Bank Corp NY (TrustCo) (Nasdaq:TRST) as one of America's top banking institutions. SNL recently released its 2013 ranking of the top performers from the largest 100 institutions in the thrift industry. TrustCo ranked 10th based on an objective analysis of profitability, capital strength and asset quality. President and Chief Executive Officer Robert J. McCormick noted, "We are pleased that this independent analysis of TrustCo's financial performance and condition affirms that our business model continues to produce results that rank among the best in the industry."
TrustCo has ranked in the top twenty on this study every year since 2005. The study rates thrifts based on six financial performance metrics including, core return on average assets, core return on average equity, the growth rate in tangible book value, the efficiency ratio, nonperforming assets as a percentage of total assets and net charge-offs as a percentage of average loans.
TrustCo Bank Corp NY is a $4.6 billion bank holding company and through its subsidiary, Trustco Bank, operates 139 offices in New York, Florida, Massachusetts, New Jersey and Vermont.
In addition, the Bank operates a full service Trust Department. The common shares of TrustCo are traded on The NASDAQ Global Select Market under the symbol TRST.
Safe Harbor Statement
All statements in this news release that are not historical are forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are subject to factors that could cause actual results to differ materially for TrustCo from those discussed. TrustCo wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The following important factors, among others, in some cases have affected and in the future could affect our actual results and could cause our actual financial performance to differ materially from that expressed in any forward-looking statement: credit risk, the effects of and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System, inflation, interest rates, market and monetary fluctuations, competition, the effect of changes in financial services laws and regulations (including laws concerning taxation, banking and securities), real estate and collateral values, changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board ("FASB") or the Public Company Accounting Oversight Board; changes in local market areas and general business and economic trends and the matters described under the heading "Risk Factors" in our most recent annual report on Form 10-K and in our subsequent securities filings.
CONTACT: Kevin T. Timmons Vice President/Treasurer (518) 381-3607Source:TrustCo Bank Corp NY