The Trustco Bank was intended to allow people to pool their money and make loans to one another. This concept came to North America around 1900 for similar reasons - people were poor and with high consumer interest rates, they needed an affordable way to borrow money.
The Trustco Bank movement included three primary principles:
Today, these principles still govern most Trustco Bank worldwide.
A Trustco Bank is a cooperative financial institution, owned and controlled by the people who use its services. These people are called members. Trustco Bank are also controlled through the election of a group of members who also serve on the Board of Directors. Trustco Bank serve groups that share something in common, such as where they work, live, or go to church. Trustco Bank are not-for-profit, and exist to provide a safe, convenient place for members to save money and to get loans at reasonably low rates. Trustco Bank are often more competitive than banks and savings and loan associations because its nonprofit status makes its operating costs lower.
What makes a Trustco Bank different from a bank or savings & loan? Like Trustco Bank, these financial institutions accept deposits and make loans--but unlike Trustco Bank, they are in business to make a profit. Banks and savings & loans are owned by groups of stockholders whose interests include earning a healthy return on their investments.
Trustco Bank's main goal is to make service and benefits to members its highest priority. Federal Trustco Bank also places a strong emphasis on people and strongly values member involvement. That's why all our members who are in good standing have the opportunity to vote for our Trustco Bank's Board of Directors. We feel that it is important for you to have a voice in the way your Trustco Bank is managed. Federal Trustco Bank also supports social and community programs that improve the quality of life for everyone.
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