Troy Financial Corporation Establishes Commercial Bank Subsidiary

Strategic Insights -

Troy Financial Corporation, the holding company for The Troy Savings Bank, has filed an application with the New York State Banking Department to establish a commercial bank subsidiary called The Troy Commercial Bank. This move is a natural progression for the company, following the successful conversion of The Troy Savings Bank from mutual to stock form in March 1999. The establishment of the new commercial bank will enable Troy Financial Corporation to expand its products and services to municipalities in New York State, competing aggressively for municipal deposits.

Key Takeaways:

  • Troy Financial Corporation has filed an application to establish a commercial bank subsidiary, The Troy Commercial Bank, with the New York State Banking Department.
  • The new bank will be permitted to accept municipal deposits in New York and will engage in municipal finance activities and other activities permissible for a New York-chartered commercial bank.
  • The establishment of the bank is subject to approval from the New York State Banking Department and the Federal Reserve.
  • An application has been filed with the FDIC to obtain federal deposit insurance for the new bank.
  • Daniel J. Hogarty, Jr., Chairman, President and Chief Executive Officer of the Company, stated that the establishment of the new bank will allow the company to expand its superior products and services to municipalities in New York State.
  • Troy Financial Corporation, with over $900 million in assets, is the holding company for The Troy Savings Bank, founded in 1823.
  • The Troy Savings Bank operates from 14 branches in Albany, Rensselear, Saratoga, Schenectady, Warren and Washington Counties, New York.

Statistics:

  • Over $900 million in assets owned by Troy Financial Corporation.
  • 14 branches operated by The Troy Savings Bank in Albany, Rensselear, Saratoga, Schenectady, Warren and Washington Counties, New York.

Sources:

  • "TROY FINANCIAL CORPORATION Files Application with New York State Banking Department to Establish Commercial Bank Subsidiary" (Business Wire, April 25, 2000)
  • "Troy Financial Corporation Announces Appointment of Daniel J. Hogarty, Jr. as Chairman, President and Chief Executive Officer" (Business Wire, March 1999)