HoldCo Asset Management, LP disclosed a 5.1% stake in TrustCo Bank Corp NY, totaling 872,744 common shares. The firm filed a Schedule 13D on Jul. 28, 2026, after buying shares for about $31.0 million. The move signals active engagement with the company to pursue steps that could raise shareholder value.

Investor Intent

HoldCo says it bought the stock because it views TrustCo Bank Corp NY as undervalued and has already begun talks with leadership. The group states it has "engaged, and expect to continue to engage, in discussions with" management and the Board about ways to "enhance shareholder value."

They may push for board and capital changes or strategic moves. The filing notes they could make proposals on "changes to the capitalization, ownership structure, board structure (including board composition), [and] potential business combinations or dispositions," and they may buy more shares, sell, or use derivatives.

Investor's Background

HoldCo Asset Management, LP is a registered investment adviser and serves as the investment manager of HoldCo Opportunities Fund V, L.P. The firm is led by Managing Members Michael Zaitzeff and Vikaran Ghei, who focus on concentrated positions in undervalued companies and engage directly with boards. HoldCo often pursues catalyst-driven investments where operational, strategic, or governance changes can unlock value.

Original SEC Filing: TRUSTCO BANK CORP N Y [ TRST ] - SCHEDULE 13D - Jul. 28, 2026