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): December 27, 2005
(December 23, 2005)
TrustCo Bank Corp NY
(Exact name of registrant as specified in its charter)
New York
(State or other jurisdiction of incorporation)
0-10592 14-1630287
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(Commission File Number) (IRS Employer Identification No.)
5 Sarnowski Drive, Glenville, New York 12302
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (518) 377-3311
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TrustCo Bank Corp NY
Item 8.01. Other Events
A letter was issued on December 23, 2005 to shareholders of
Ballston Spa Bancorp, Inc. (OTC Bulletin Board "BSPA")
concerning TrustCo's Tender Offer. Attached is the letter
labeled as exhibit 99(a).
Item 9.01. Financial Statements & Exhibits
(c) Exhibits
Reg S-K Exhibit No. Description
99(a) One page letter to shareholders of
Ballston Spa Bancorp Inc. (OTC Bulletin
Board "BSPA") concerning TrustCo's Tender
Offer.
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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: December 27, 2005
TrustCo Bank Corp NY
(Registrant)
By:/s/ Robert T. Cushing
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Robert T. Cushing
Executive Vice President and
Chief Financial Officer
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Exhibits Index
The following exhibits are filed herewith:
Reg S-K Exhibit No. Description Page
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99(a) One page letter to shareholders of 5
Ballston Spa Bancorp Inc. (OTC
Bulletin Board "BSPA") concerning
TrustCo's Tender Offer.
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Exhibit 99(a)
TRUSTCO
Bank Corp NY
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5 Sarnowski Drive, Glenville, New York, 12302
(518) 377-3311 Fax: (518) 381-3668
December 23, 2005
To Our Fellow Shareholders:
We would like to first thank the many shareholders of Ballston Spa who have
chosen to tender their shares to TrustCo.
The majority of the shareholders that have contacted us have commented that our
cash offer of $45.50 was tremendous. Unfortunately, they were unaware, since
the stock is so closely traded, how poorly their investment in Ballston Spa
National Bank has performed over the years.
If you have still not tendered your shares, please remember our cash offer of
$45.50 per share is:
o 49 times higher than Ballston Spa's $0.92, 2004 earnings per share. o 44%
above their August 24th stock price (when we first contacted Ballston Spa). o
Ballston Spa's efficiency ratio of 88% is 60% higher than the industry average
(lower is better). o Your investment in Ballston Spa has lost 2% per year over
the last five years.
We encourage you to not be swayed by the empty promises of the management of
Ballston Spa. Do what is best for you, your family and the community.
Thank you again and should you have any additional questions, please call our
information agent Regan and Associates, Inc. toll free at 800-737-3426.
Very truly yours,
/s/ Robert J. McCormick
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Robert J. McCormick
President and Chief Executive Officer
TrustCo Bank Corp NY
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