Robert J. McCormick is the CEO of Trustco Bank Corp NY, a position he has held since 2004. McCormick graduated with a Bachelor’s degree in Business Administration from Siena College and has a strong background in finance. Under his leadership,...

Robert J. McCormick is the CEO of Trustco Bank Corp NY, a position he has held since 2004. McCormick graduated with a Bachelor’s degree in Business Administration from Siena College and has a strong background in finance. Under his leadership, the bank has undergone significant changes, adapting to market conditions and regulatory challenges. In 2023, he earned a total compensation of $3,060,935, which included a base salary of $1,057,212 and a performance-based bonus of $190,298. McCormick's insider trading history shows substantial company stock transactions, peaking at $12.40 million in December 2019. Interestingly, he notified the board in 2016 about his retirement intentions, but he remains actively involved as CEO. He focuses on aligning executive compensation with long-term company performance and shareholder interests, demonstrating his commitment to sustainable growth for Trustco. McCormick's experience and management style reflect the changing landscape of the banking industry, as he emphasizes performance metrics to guide company strategy.

Quick Links

1. Rivals

2. Holdings

3. Insider Trading

4. Compensation History

T

Robert J. McCormick

CEO of Trustco Bank Corp

Education

Bachelor's degree in Business Administration from Siena College

Field of Expertise

Finance & Banking - Finance

Sector of Economy

Financial Services

Born

March 15, 1962 - 63 years ago

CEO of Trustco Bank Corp for

21 years 5 months (Jan 2004 - Present)

Previous Experience

Various roles within TrustCo Bank Corp NY

Rivals

Competitors/colleagues of Robert J. McCormick

F

Van A. Dukeman

CEO of First Busey Corporation

2023 Compensation

Stock

$0.00

Salary

$725.00K

Bonus

$561.88K

Other

$51.10K

Total Holdings

$9.87M

S

Christopher J. McComish

CEO of S&T Bancorp

2023 Compensation

Stock

$150.00K

Salary

$350.00K

Bonus

$70.00K

Other

$20.00K

Total Holdings

$715.40K

P

Anthony Labozzetta

CEO of Provident Financial Services

2023 Compensation

Stock

$61.82K

Salary

$818.27K

Bonus

$309.38K

Other

$121.55K

Total Holdings

$8.84M

O

Drake Mills

CEO of Origin Bancorp

2023 Compensation

Stock

$360.50K

Salary

$835.80K

Bonus

$408.16K

Other

$60.65K

Total Holdings

$11.77M

Holdings

See how much did Robert J. McCormick make over time.

In recent years, Robert J. McCormick's holdings in Trustco Bank have shown interesting fluctuations. His insider trading peaked in December 2019 at approximately $12.40 million, reflecting active involvement with the company's stock. The total value of his reported trades from...

In recent years, Robert J. McCormick's holdings in Trustco Bank have shown interesting fluctuations. His insider trading peaked in December 2019 at approximately $12.40 million, reflecting active involvement with the company's stock. The total value of his reported trades from 2019 to 2024 has ranged significantly, with notable transactions occurring monthly. For example, his holdings in January 2022 were valued at around $11.27 million, dropping to around $10.07 million by June 2022, before rising again to $16.32 million by November 2022. This shows a responsive trading strategy tied to the bank's performance and market conditions.

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Insider Trading

See recent insider trades of Robert J. McCormick.

TRST

$15.00K

TRST at $26.78/share

Nov 9, 2023

Purchase

TRST

$21.69K

TRST at $27.52/share

Nov 7, 2023

Purchase

TRST

$123.69K

TRST at $27.79/share

May 15, 2023

Purchase

TRST

$27.97K

TRST at $36.23/share

Feb 1, 2023

Purchase

TRST

$47.03K

TRST at $33.94/share

Jan 26, 2023

Purchase

TRST

$59.22K

TRST at $32.90/share

Jul 27, 2022

Purchase

TRST

$113.40K

TRST at $32.40/share

Dec 15, 2021

Purchase

TRST

$195.92K

TRST at $31.63/share

Sep 3, 2021

Purchase

TRST

3,820 shares

TRST

Jul 27, 2021

Inheritance

TRST

$384.15K

TRST at $5.91/share

Apr 28, 2020

Purchase

Compensation History

See how much did Robert J. McCormick make over time.

Robert J. McCormick's total compensation package for 2023 was $3,060,935. The breakdown included a salary of $1,057,212 and a performance-related bonus of $190,298, which represented 18% of his salary. It's worth noting that the last few years have displayed a mix of compensation trends; for instance, in 2022, his total compensation was $3,600,173, largely driven by higher bonuses linked to company performance metrics. Interestingly, McCormick's compensation strategy is structured to incentivize long-term financial growth, with a non-vesting stock and options component tied into the broader success of Trustco. He continues to adapt to industry standards, focusing on metrics that reflect shareholder value and company performance.

Year

2023

Total Compensation

$2.03M

Salary

$1.06M

Board Justification

The compensation philosophy aims to align executive pay with company performance, focusing on long-term value creation and retention of key executives.

Bonus

$190.30K

Board Justification

Based on the achievement of performance metrics under the Executive Officer Incentive Plan for 2023, Mr. McCormick received a payout equal to 18% of his base salary.

Other

$783.20K

Board Justification

This includes various forms of compensation such as tax gross-ups, retirement contributions, and other benefits.

Restricted Stock

$0.00(0 RSU)

Board Justification

No stock was vested in 2023 as the awards are structured to vest over multiple years and are not included in the total compensation calculation.

Performance Metrics

The performance metrics for 2023 included Return on Average Assets, Efficiency Ratio, Diluted Earnings Per Share, and Net Charge Offs as a percent of Average Loans Outstanding.