TrustCo shareholders approve reverse stock split
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Trustco headquarters on Wednesday, May 25, 2016, in Glenville, N.Y. The bank is going to turn five of each of its shares into one, raising the stock price to make it more attractive to investors.Cindy Schultz / Times Union
GLENVILLE — Shareholders of TrustCo Bank Corp NY, the parent company of Trustco Bank, recently approved a five-to-one reverse stock split that will increase the stock's price-per-share significantly.
Under the plan, each five shares of stock owned will turn into one, meaning the current price of roughly $7.50 will increase to about $37.75. Management believes the higher price will make the stock more attractive to investors. TrustCo shares trade on the Nasdaq under the symbol "TRST," and the reverse split will take place Friday.