Beyond Banking
On June 9, 1902, in the small upstate town of Schenectady, the Schenectady Trust Company opened its doors for business with just 11 employees. The first branch, located at 320 State Street—which is still in operation to this day—served as the epicenter for the bank for many years until the demand for additional locations caused the bank to branch out into Schenectady and beyond. As the bank grew, it changed its name to Trustco Bank.
During the bank’s expansion, it looked at a number of cities throughout the country. It was then that the bank had decided to expand into Central Florida and opened its first branch in the Greater Orlando area in 2003. The Central Florida market is a perfect fit for the products and services that Trustco Bank offers as well as the “home-town” feel of the bank.
Since entering the market nearly 20 years ago, and throughout the bank’s history, many other financial institutions have come and gone. Yet, from the beginning, Trustco Bank has differentiated itself from its competitors by offering products specifically designed with the consumer in mind, combined with superior customer service.
The residential mortgage products offered have set the bank apart from all others. For example, Trustco Bank is referred to as a “portfolio lender.” If you’re not familiar with this term, you may have heard of others that have the same meaning; “Self-funding,” “Holding your own paper,” “Keeping it on the books,” or “Not selling the loan.” Simply put, the bank takes in money on deposit, then lends it back to home buyers in the communities served by the bank.
A tradition that began 120 years ago of civic-minded banking grounded in portfolio lending continues today in Central Florida and beyond. Adam Roselan, vice president of Trustco Bank, explains how portfolio lending has set the bank apart from the plethora of other lenders in the crowded mortgage industry.
“Portfolio lending allows the bank to offer products and services that are customized to the borrower, not an investor that is going to buy the loan,” he explained. “After the mortgage loan is closed, it stays with Trustco Bank for the life of the loan, possibly 30 years. So our goal is to make a long-lasting relationship with our customers, and not just perform a one-time transaction.”
No private mortgage insurance (PMI), no escrow and no points are just a few advantages described by Roselan.
“Trustco makes the entire process easy. You can go into any branch and apply for a mortgage loan, which is then appraised, underwritten and processed by employees living and working in the same communities. As a result, our closing costs are extraordinarily low and our rates are often the lowest in town. This provides much more flexibility for the borrower and often translates into additional buying power.
“At Trustco Bank, we know the importance of working with qualified realtors in the area,” adds Roselan. “We take the time to get to know the realtors and other members of the real estate community to understand their needs and the needs of their clients. We want to make sure the customer has a great experience from the time they start to look for their home, through closing and service over the life of the mortgage.”
Trustco Bank
Serving Central Florida
(800) 670-4110
