UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act Of 1934

Date of report (date of earliest event reported): May 18, 2023
 
TrustCo Bank Corp NY
(Exact Name of Registrant as specified in its charter)
 
NEW YORK
0-10592
14-1630287
State or other jurisdiction of incorporation
Commission File Number
(IRS Employer Identification No.)

5 SARNOWSKI DRIVE,
GLENVILLE, NEW YORK
  
 
12302
(Address of principal executive offices)
Zip Code
 
(518) 377-3311
(Registrant’s telephone number, including area code)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $1.00 par value
TRST
Nasdaq Global Select Market
 
Indicate by checkmark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (Sec.230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (Sec.240.12b-2 of this chapter).
 
Emerging growth company ☐
 
If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
Item 5.07.
Submission of Matters to a Vote of Security Holders
 
TrustCo Bank Corp NY (“TrustCo” or the “Company”) held its 2023 Annual Meeting of Shareholders on May 18, 2023 (the “Annual Meeting”). At the Annual Meeting, of the 19,024,433 shares outstanding and entitled to vote, 15,881,701 shares were represented, constituting a quorum. The final results for each of the matters submitted to a vote of shareholders at the Annual Meeting are set forth below.
 
Proposal 1 – Election of Directors. The shareholders elected each of the director nominees to serve one-year terms until the Company’s 2024 Annual Meeting of Shareholders and until a successor has been duly elected and qualified. The result of the vote taken at the Annual Meeting was as follows:
 
   
For
    
Against
    
Abstain
    
Percentage of
Votes Cast For
  
Dennis A. DeGennaro
    
12,854,015
      
1,407,001
      
45,102
      
90.13
%
Brian C. Flynn
    
13,528,777
      
732,873
      
44,468
      
94.86
%
Lisa M. Lucarelli
    
11,583,978
      
2,680,216
      
41,924
      
81.21
%
Thomas O. Maggs
    
12,636,963
      
1,627,206
      
41,949
      
88.59
%
Anthony J. Marinello, MD, PhD
    
12,590,820
      
1,684,743
      
30,555
      
88.19
%
Robert J. McCormick
    
13,766,252
      
507,134
      
32,732
      
96.44
%
Curtis N. Powell
    
13,677,065
      
584,399
      
44,654
      
95.90
%
Kimberly A. Russell
    
13,533,926
      
725,287
      
46,905
      
94.91
%
Frank B. Silverman
    
12,858,000
      
1,401,539
      
46,579
      
90.17
%

Proposal 2 – Approval of the Amendment and Restatement of the TrustCo Bank Corp NY 2019 Equity Incentive Plan. The shareholders approved the adoption of the Amended and Restated TrustCo Bank Corp NY 2019 Equity Incentive Plan. The result of the vote taken at the Annual Meeting was as follows:

   
For
    
Against
    
Abstain
    
Percentage of
Votes Cast For
  
Approval of the Amendment and Restatement of the TrustCo Bank Corp NY 2019 Equity Incentive Plan
    
13,469,698
      
750,293
      
86,127
      
94.72
%

Proposal 3 – Advisory Vote on Executive Compensation. The shareholders adopted a resolution approving, on an advisory basis, the compensation paid to the Company’s named executive officers, as disclosed in the Company’s Definitive Proxy Statement on Schedule 14A (as filed with the Securities and Exchange Commission on April 3, 2023) in accordance with the compensation disclosure rules of the Securities and Exchange Commission. The result of the vote taken at the Annual Meeting was as follows:

   
For
    
Against
    
Abstain
    
Percentage of
Votes Cast For
  
Approval of a Nonbinding Advisory Resolution on the Compensation of TrustCo’s Named Executive Officers
    
10,703,730
      
3,509,472
      
92,916
      
75.30
%

Proposal 4 – Advisory Vote on Frequency of Future Advisory Votes on Executive Compensation. The shareholders adopted a resolution approving, on an advisory basis, the frequency of future advisory votes on the compensation of the Company’s named executive officers. The result of the vote taken at the Annual Meeting was as follows:

   
1 Year
    
2 Years
    
3 Years
    
Abstain
  
Approval of a Nonbinding Advisory Resolution on the frequency of the advisory vote on the Compensation of TrustCo’s Named Executive Officers
    
12,637,408
      
89,489
      
1,505,513
      
73,708
  
Percentage of Votes Cast For
    
88.79
%
    
0.62
%
    
10.57
%
        

Proposal 5 – Ratification of Appointment of Independent Registered Public Accountants. The shareholders ratified the appointment of Crowe LLP as the independent registered public accountants of the Company for the year ending December 31, 2023. The result of the vote taken at the Annual Meeting was as follows:

   
For
    
Against
    
Abstain
    
Percentage of Votes Cast For
  
Ratification of the appointment of Crowe LLP as TrustCo’s   independent auditors for 2023
    
15,624,404
      
212,820
      
44,477
      
98.65
%

Item 8.01.
Other Events
 
Attached as Exhibit 99(a) and incorporated by reference herein are the materials presented at the Annual Meeting of Shareholders held on May 18, 2023.
 
Item 9.01.
Financial Statements and Exhibits
 
(d)
 Exhibits

Exhibit No.
Description of Exhibit
   
Presentation given at the Annual Meeting of Shareholder held on May 18, 2023.
   
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
Dated: May 22, 2023
  
   
 
TRUSTCO BANK CORP NY
 
(Registrant)
   
 
By:
/s/Michael M. Ozimek
  
   
Michael M. Ozimek
   
Executive Vice President and Chief Financial Officer


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