STATEN ISLAND, NY--(Marketwired - Sep 20, 2016) - VSB Bancorp, Inc. (OTCQX: VSBN), the holding company for Victory State Bank, announced today that its Board of Directors has declared a quarterly cash dividend of $0.07 per share payable on October 3rd, 2016 to stockholders of record on September 23rd, 2016. Joseph J. LiBassi, Chairman of the Board of Directors, stated, "We are pleased to announce our thirty-sixth consecutive cash dividend. Our increase in earnings has allowed us to pay a higher cash dividend while increasing value to our stockholders."
Raffaele M. Branca, President and Chief Executive Officer, reported, "Our dividend payout ratio is 23.1% on second quarter 2016 earnings. We are continuing to enhance our earnings through the growth of our loan portfolio."
VSB Bancorp, Inc. is the one-bank holding company for Victory State Bank. Victory State Bank, a Staten Island based commercial bank, commenced operations on November 17, 1997. The Bank's initial capitalization of $7.0 million was primarily raised in the Staten Island community. The Bancorp's total equity stood at $29.9 million by June 30, 2016. The Bank operates five full service locations in Staten Island, the main office at 4142 Hylan Boulevard in Great Kills and branches on Forest Avenue in West Brighton, Hyatt Street in St. George, Hylan Boulevard in Dongan Hills and Bay Street in Rosebank. We are planning to open a sixth branch in Meiers Corners section of Staten Island, subject to regulatory and building department approvals.
The payment of dividends is at the discretion of the Board of Directors and nothing contained herein should be interpreted as a commitment to pay future dividends.
Statements contained in this press release, which are not historical facts, are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to materially differ from those currently anticipated. Those risks and uncertainties include, among other things, possible future changes in (i) the local, regional or national economy, (ii) market interest rates, (iii) customer preferences, (iv) competition or (v) federal or state laws.