SCHENECTADY, N.Y. -- Trustco Bank Corp. said it had increased its quarterly dividend to 45 cents presplit, from 40 cents.

The company said the higher dividend is payable Oct. 1 to shareholders of record on Sept. 3.

Trustco also said its board had approved a 2-for-1 split.

The additional shares will be distributed Nov. 19 to shareholders of record on Oct. 15, according to the company.

Trustco said its board intended to increase the dividend on the newly split shares to 25 cents in the fourth quarter, the equivalent of a 50 cent quarterly dividend on a presplit basis.

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