TrustCo Bank (TRST) to seek approval of reverse stock split
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The Board of Directors of TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) today announced that it plans to seek approval for a reverse stock split of TrustCo’s common stock at the upcoming annual meeting of TrustCo’s shareholders. The proposal will include a 1 for 5 reverse stock split and the reduction of the number of authorized shares of common stock from 150,000,000 to 30,000,000, as determined by TrustCo’s Board of Directors. This proposed reduction in authorized shares would become effective at the same time as the effective date of the proposed reverse stock split.
The time, date, location and other details regarding the annual meeting will be communicated to shareholders at a later date via proxy materials which will be filed with, and subject to review by, the Securities and Exchange Commission (the “SEC”).
TrustCo’s Board of Directors reserves its right to elect not to proceed with the reverse stock split if it determines that implementing a reverse split is no longer in the best interests of TrustCo and its shareholders.
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