Form 4: TrustCo Bank Corp NY Executive Vice President Kevin M. Curley Reports Stock Transactions

Executive Vice President and COO of TrustCo Bank Corp NY, Kevin M. Curley, reports the vesting of restricted stock units and related tax withholdings.

Summary

• Kevin M. Curley, Executive Vice President and COO of TrustCo Bank Corp NY, reported transactions involving the company's stock.
• On November 21, 2024, 1,107 restricted stock units (RSUs) vested and converted into common stock.
• 450 shares were withheld by the company to cover taxes related to the vesting of the RSUs at a price of $36.77 per share.
• Following these transactions, Mr. Curley directly owns 36,704 shares of common stock and indirectly owns 152 shares through his wife.
• Mr. Curley also holds 2,215 RSUs that vest in three equal annual installments beginning on November 21, 2024, 3,300 RSUs that vest in three equal annual installments beginning on November 19, 2025, and 877 RSUs that vest in three equal annual installments beginning on November 15, 2023.

Sentiment

Score: 7

Explanation: The document is a routine disclosure of stock transactions, which is neither positive nor negative. It is a neutral event that is part of standard executive compensation practices.

Industry Context

This filing is a routine disclosure of stock transactions by a company executive, which is common in the financial industry. It reflects standard practices for executive compensation and tax obligations related to equity awards.

Comparison to Industry Standards

• The vesting of restricted stock units and the subsequent withholding of shares for taxes is a standard practice in executive compensation across the financial industry.
• Many financial institutions use RSUs as part of their compensation packages to align executive interests with shareholder value.
• Comparable companies such as Community Bank System Inc. and New York Community Bancorp also use similar equity-based compensation methods for their executives.
• The specific vesting schedules and tax withholding mechanisms are generally consistent with industry norms.

Stakeholder Impact

• The transactions have a minor impact on shareholders as they reflect standard executive compensation practices.
• The vesting of RSUs and subsequent tax withholdings do not significantly alter the company's financial position.

Key Dates

Keywords

stock, restricted stock units, RSU, insider trading, executive compensation, TrustCo Bank Corp NY, TRST, Kevin M. Curley