HoldCo investors build 5.1% position in TrustCo Bank Corp NY (TRST)

Rhea-AI Filing Summary

HoldCo Opportunities Fund V, L.P. and affiliated entities reported owning 872,744 shares of TrustCo Bank Corp NY common stock, representing 5.1% of the outstanding shares based on 17,028,000 shares outstanding as of June 30, 2026. The position, acquired for an aggregate purchase price of approximately $31,004,179, was funded with working capital and may be maintained in margin accounts.

The investors state they purchased the shares because they believed they were undervalued and represented an attractive opportunity. They have engaged, and expect to continue to engage, in discussions with management and the Board about ways to enhance shareholder value and may consider proposals regarding capitalization, ownership structure, board composition, or potential business combinations or dispositions, while reserving the flexibility to buy or sell shares or use hedging strategies over time.

Filing Explained

The filing states that no present plan or proposal would change TrustCo’s capitalization, ownership, board, or businesses; the listed actions remain conditional possibilities, so this disclosure itself commits no structural transaction.

Key Figures

Shares beneficially owned: 872,744 Shares Ownership percentage: 5.1% Shares outstanding: 17,028,000 Shares +2 more

5 metrics

Shares beneficially owned 872,744 Shares Common stock of TrustCo Bank Corp NY beneficially owned by each reporting person

Ownership percentage 5.1% Percent of TrustCo Bank Corp NY common stock based on 17,028,000 shares outstanding

Shares outstanding 17,028,000 Shares Total TrustCo Bank Corp NY shares outstanding as of June 30, 2026

Aggregate purchase price $31,004,179 Approximate total cost, including commissions, of 872,744 shares held by Fund V

Date of event 07/21/2026 Date of event triggering the beneficial ownership disclosure

Key Terms

beneficially owned, registered investment adviser, margin accounts, Joint Filing Agreement, +1 more

5 terms

beneficially owned financial

"The aggregate purchase price of the 872,744 Shares beneficially owned by Fund V"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

registered investment adviser regulatory

"HoldCo is a registered investment adviser and serves as the investment manager"

A registered investment adviser (RIA) is a firm or individual legally registered with regulators to give personalized investment advice and manage clients' money, with a duty to put clients’ interests ahead of their own. Think of an RIA as a licensed financial guide who must disclose fees, conflicts and how they are paid; that transparency and legal duty matter to investors because it reduces the risk of hidden costs or biased recommendations.

margin accounts financial

"may be held from time to time in margin accounts established with its brokers or banks"

A margin account is a brokerage account that lets an investor borrow money from the broker to buy more securities than they could with cash alone, using the securities in the account as security for the loan. Think of it like a mortgage for stock purchases: borrowing increases potential gains but also magnifies losses, can trigger a forced sale if the account falls below required limits, and carries interest costs—factors investors must manage carefully.

Joint Filing Agreement regulatory

"entered into a Joint Filing Agreement in which the Reporting Persons agreed to the joint filing"

dispositive power financial

"Sole Dispositive Power 0.00 Shared Dispositive Power 872,744.00"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 07/28/2026 - 04:33 PM Accepted by SEC EDGAR 07/28/2026 - 04:33 PM Learn about SEC filing dates

FAQ

What ownership stake in TrustCo Bank Corp NY (TRST) did HoldCo report?

HoldCo and affiliated reporting persons reported beneficial ownership of 872,744 shares of TrustCo Bank Corp NY, representing 5.1% of the common stock, based on 17,028,000 shares outstanding as of June 30, 2026.

How much did HoldCo pay for its TRST position?

The reporting fund acquired 872,744 TRST shares for an aggregate purchase price of approximately $31,004,179, including brokerage commissions. The shares were purchased using working capital and may be held in margin accounts with brokers or banks.

Who are the reporting persons in the TRST Schedule 13D?

Reporting persons include HoldCo Opportunities Fund V, L.P., VM GP X LLC, HoldCo Asset Management, LP, VM GP II LLC, and individuals Michael Zaitzeff and Vikaran Ghei, who are managing members of the relevant general partner entities.

What is HoldCo’s stated purpose for its investment in TRST?

The investors state they bought TRST shares because they believed they were undervalued and an attractive investment. They are discussing with management and the Board opportunities to enhance shareholder value and may consider proposals on structure, board composition, or business combinations.

Has HoldCo traded TRST shares recently before this disclosure?

No. The reporting persons state that no transactions in TRST shares were effected by them during the 60 days prior to the disclosure, indicating a stable position over that look-back period.

What agreement governs joint reporting of TRST holdings by HoldCo entities?

On July 28, 2026, the reporting persons entered into a Joint Filing Agreement, under which they agreed to make joint reports regarding TRST securities when required. This agreement is referenced as Exhibit 99.1.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

TrustCo Bank Corp NY

(Name of Issuer)

Common Stock, par value $1.00 per share

(Title of Class of Securities)

898349204

(CUSIP Number)

HOLDCO ASSET MANAGEMENT, LP
515 E. Las Olas Blvd., Suite 1010,
Fort Lauderdale, FL, 33301
954-433-6862

MEAGAN REDA, ESQ.
OLSHAN FROME WOLOSKY LLP, 1325 Avenue of the Americas
New York, NY, 10019
212-451-2300

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

07/21/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 898349204

1

Name of reporting person

HoldCo Opportunities Fund V, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 872,744.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 872,744.00

11

Aggregate amount beneficially owned by each reporting person

872,744.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.1 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 898349204

1

Name of reporting person

VM GP X LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 872,744.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 872,744.00

11

Aggregate amount beneficially owned by each reporting person

872,744.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.1 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 898349204

1

Name of reporting person

HoldCo Asset Management, LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 872,744.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 872,744.00

11

Aggregate amount beneficially owned by each reporting person

872,744.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.1 %

14

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13D

CUSIP Number(s): 898349204

1

Name of reporting person

VM GP II LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 872,744.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 872,744.00

11

Aggregate amount beneficially owned by each reporting person

872,744.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.1 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 898349204

1

Name of reporting person

Zaitzeff Michael

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 872,744.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 872,744.00

11

Aggregate amount beneficially owned by each reporting person

872,744.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.1 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s): 898349204

1

Name of reporting person

Vikaran Ghei

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 872,744.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 872,744.00

11

Aggregate amount beneficially owned by each reporting person

872,744.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.1 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $1.00 per share
(b)	Name of Issuer: TrustCo Bank Corp NY
(c)	Address of Issuer's Principal Executive Offices: 5 Sarnowski Drive, Glenville, NEW YORK , 12302.
Item 1 Comment: The following constitutes the Schedule 13D filed by the undersigned (the "Schedule 13D").
Item 2.	Identity and Background
(a)	This statement is filed by: (i) HoldCo Opportunities Fund V, L.P., a Delaware limited partnership ("Fund V"), with respect to the shares of Common Stock, par value $1.00 per share (the "Shares"), of TrustCo Bank Corp NY (the "Issuer"), directly and beneficially owned by it; (ii) VM GP X LLC, a Delaware limited liability company ("VM GP X"), as the general partner of Fund V; (iii) HoldCo Asset Management, LP, a Delaware limited partnership ("HoldCo"), as the investment manager of Fund V; (iv) VM GP II LLC, a Delaware limited liability company ("HoldCo GP"), as the general partner of HoldCo; (v) Michael Zaitzeff, as a Managing Member of each of VM GP X and HoldCo GP; and (vi) Vikaran Ghei, as a Managing Member of each of VM GP X and HoldCo GP. Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons." Each of the Reporting Persons is party to that certain Joint Filing Agreement, as further described in Item 6. Accordingly, the Reporting Persons are hereby filing a joint Schedule 13D.
(b)	The address of the principal office of each of HoldCo, HoldCo GP, Fund V, VM GP X, and Messrs. Zaitzeff and Ghei is c/o HoldCo Asset Management, LP, 515 East Las Olas Blvd., Suite 1010, Fort Lauderdale, Florida 33301.
(c)	The principal business of Fund V is investing in securities. VM GP X serves as the general partner of Fund V. HoldCo is a registered investment adviser and serves as the investment manager of Fund V. HoldCo GP serves as the general partner of HoldCo. The principal occupation of each of Mr. Zaitzeff and Mr. Ghei is investment management. Messrs. Zaitzeff and Ghei serve as Managing Members of each of VM GP X and HoldCo GP.
(d)	No Reporting Person has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	No Reporting Person has, during the last five years, been party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	Messrs. Zaitzeff and Ghei are citizens of the United States of America.
Item 3.	Source and Amount of Funds or Other Consideration
	The Shares purchased by Fund V were purchased with working capital and may be held from time to time in margin accounts established with its brokers or banks. Securities positions held in such margin accounts, including the Shares, may be pledged as collateral security for the repayment of debit balances in such accounts. The aggregate purchase price of the 872,744 Shares beneficially owned by Fund V is approximately $31,004,179, including brokerage commissions.
Item 4.	Purpose of Transaction
	The Reporting Persons purchased the Shares based on the Reporting Persons' belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the purchase or sale of Shares desirable, the Reporting Persons may endeavor to increase or decrease their position in the Issuer through, among other things, the purchase or sale of Shares on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable. The Reporting Persons have engaged, and expect to continue to engage, in discussions with certain members of the Issuer's management team and Board of Directors (the "Board") regarding opportunities to enhance shareholder value. No Reporting Person has any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D except as set forth herein or such as would occur upon or in connection with completion of, or following, any of the actions discussed herein. The Reporting Persons intend to review their investment in the Issuer on a continuing basis. Depending on various factors including, without limitation, the Issuer's financial position and investment strategy, the price levels of the Shares, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate including, without limitation, engaging in communications with management and the Board, engaging in discussions with shareholders of the Issuer or other third parties about the Issuer and the Reporting Persons' investment, including potential business combinations or dispositions involving the Issuer or certain of its businesses, making recommendations or proposals to the Issuer concerning changes to the capitalization, ownership structure, board structure (including board composition), potential business combinations or dispositions involving the Issuer or certain of its businesses, or suggestions for improving the Issuer's financial and/or operational performance, purchasing additional Shares, selling some or all of their Shares, engaging in short selling of or any hedging or similar transaction with respect to the Shares, including swaps and other derivative instruments, or changing their intention with respect to any and all matters referred to in Item 4.
Item 5.	Interest in Securities of the Issuer
(a)	The percentages used in this Schedule 13D are based on 17,028,000 Shares outstanding as of June 30, 2026, which is the total number of Shares outstanding as disclosed in the Issuer's press release issued on July 21, 2026 filed as Exhibit 99(a) to the Issuer's Current Report on Form 8-K filed with the Securities and Exchange Commission on July 21, 2026. See rows (11) and (13) of the cover pages to this Schedule 13D for the aggregate number of Shares and percentage of the Shares beneficially owned by each of the Reporting Persons. The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer that he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.
(b)	See rows (7) through (10) of the cover pages to this Schedule 13D for the number of Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and the sole or shared power to dispose or to direct the disposition.
(c)	No Reporting Person has effected any transactions in the Shares during the past sixty days.
(d)	No person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Shares.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	On July 28, 2026, the Reporting Persons entered into a Joint Filing Agreement in which the Reporting Persons agreed to the joint filing on behalf of each of them of statements on Schedule 13D with respect to the securities of the Issuer to the extent required by applicable law. The Joint Filing Agreement is attached hereto as Exhibit 99.1 and is incorporated herein by reference. Other than as described herein, there are no contracts, arrangements, understandings or relationships among the Reporting Persons, or between the Reporting Persons and any other person, with respect to the securities of the Issuer.
Item 7.	Material to be Filed as Exhibits.
	99.1 - Joint Filing Agreement, dated July 28, 2026.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

HoldCo Opportunities Fund V, L.P.

Signature:	/s/ Michael Zaitzeff
Name/Title:	Michael Zaitzeff, Authorized Signatory
Date:	07/28/2026

VM GP X LLC

Signature:	/s/ Michael Zaitzeff
Name/Title:	Michael Zaitzeff, Authorized Signatory
Date:	07/28/2026

HoldCo Asset Management, LP

Signature:	/s/ Michael Zaitzeff
Name/Title:	Michael Zaitzeff, Authorized Signatory
Date:	07/28/2026

VM GP II LLC

Signature:	/s/ Michael Zaitzeff
Name/Title:	Michael Zaitzeff, Authorized Signatory
Date:	07/28/2026

Zaitzeff Michael

Signature:	/s/ Michael Zaitzeff
Name/Title:	Michael Zaitzeff
Date:	07/28/2026

Vikaran Ghei

Signature:	/s/ Vikaran Ghei
Name/Title:	Vikaran Ghei
Date:	07/28/2026