Uncertainty, I would say. TRST split in one form or another for years.
( You can't trust yahoo charts, they are missing some.)
At least the last two times they gave a 15% stock split while keeping
the dividend at sixty cents. They are paying out .60 and expected to
make .67. IMHO the run HAD to come to an end.
They announced they they are going to expand and also enter Florida.
I guess people didn't like the next announcement:
A press release was issued on August 19, 2002 announcing that
TrustCo will pay dividends at 60 cents a share for 2002, the
same rate as the previous year and anticipates no stock splits
or dividend increases for the next two to three years.
Attached is the press release labeled as exhibit 99(b).
A press release was issued on August 19, 2002 of the
Shareholders letter stating information regarding payment of
dividends and TrustCo maintaining dividend level while
gearing for growth. Attached is the press release labeled at
exhibit 99(c).
Then came my buying opportunity from 9.60 to 9.88, over 6.1% dividend rate:
A press release was issued on September 24, 2002 declaring on
August 22, 2002 Trustco Bank N.A. ("Trustco") entered into a
formal agreement with the Office of the Comptroller of the
Currency (OCC). The agreement related to technical violations
of the Federal Bank Secrecy Act and the U.S.A. Patriot Act.
Attached is the press release labeled as exhibit 99(a).
This is from their current quarterly report:
Agreement with Regulators On August 22, 2002 Trustco Bank, National Association
entered into a Formal Agreement (the Agreement) with the Office of the Comptroller
of the Currency (OCC). The OCC conducted a compliance examination of
Trustco Bank and noted certain technical exceptions in the area of the Bank
Secrecy Act. The Agreement requires review by the Board of Directors of certain Bank
activities within stipulated time periods with the final review to be completed by
November 22, 2002. The Bank has complied with the requirements of the Agreement
and anticipates completing all areas within the time period stipulated.
5 year cd's at 4.3%? I figure I can beat that. The three big down days in Sept.
amounted to 1.5 million shares traded out of 72 million, a drop in the bucket.
There just isn't any reason to bid it up right now.
I have a bid in on another bank stock that will yield 4.8%, but should trade $3 higher
within the next year. Planning to use money put aside for daughter #2s' last year of
college that is three years away. I'm keeping it a secret because I have in a low ball
bid, followed by a lower ball bid. hehe And the average vol. is 1575 shares. Hopefully
someone wants to get a tax break before year end. It is trading 25% off its' high for
the year. If I don't get it, so be it. I can leave the money where it is for now.
As I get closer to retirement I think more about steady income.
Either that or I am just a scaredy cat!!! |
