TrustCo Bank and Arrow Financial saw net income increase by more than 20 percent in the third quarter of 2018, as both banks saw profits from the Trump administration's tax cuts.
One of the biggest changes from President Donald Trump's $1.5 billion tax overhaul lowers the corporate tax rate to 21 percent from 35 percent. It also eliminates the corporate alternative minimum tax.
Financial institutions are among the biggest winners so far. Bank profits have soared this year, rising by 25 percent…
