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Robert J. McCormick is the President and CEO of TrustCo Bank Corp., and has been since January 2004. He was chairman of the company in 2009 and 2010, as well as an executive officer from 2001 to present. His father, Robert A. McCormick, is a director of the company.
CFO & EVP Robert T. Cushing bought 21,735 shares of TRST stock on 07/06/2011 at the average price of $4.6. Robert T. Cushing owns at least 507,573 shares after this. The price of the stock has increased by 5.87% since. Treasurer Eric W. Schreck bought 2,166 shares of TRST stock on 07/06/2011 at the average price of 4.6. Eric W. Schreck owns at least 38,982 shares after this. The price of the stock has increased by 5.87% since. Other insiders have also increased their positions in the company.
Trustco Bank recently announced net income for the first quarter of 2011 of $7.4 million, up 6.4% over the prior-year period and equal to diluted earnings per share of $0.096, as compared to net income of $6.9 million and diluted earnings per share of $0.090 for the first quarter of 2010.
Robert J. McCormick, president and chief executive officer noted, “We are pleased that first quarter results continued 2010’s solid earnings and growth, and look forward to the remainder of 2011 with optimism as our internal trends remain positive. The banking industry still faces challenges, but the progress we have made this year has helped to position the Company for continued growth and profitability.” Return on average equity and return on average assets were 11.61% and 0.75%, respectively, for the first quarter of 2011, compared to 11.29% and 0.77% for the first quarter of 2010.
Trustco Bank Corp. has a predictability rating of 1 star. The company is also “On Watch.”
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