SOURCE: VSB Bancorp

December 14, 2011 17:15 ET

VSB Bancorp, Inc. Announces Cash Dividend

STATEN ISLAND, NY--(Marketwire - Dec 14, 2011) - VSB Bancorp, Inc. (NASDAQ: VSBN), the holding company for Victory State Bank, announced today that its Board of Directors has declared a quarterly cash dividend of $0.06 per share payable on January 3, 2012 to stockholders of record on December 24, 2011. Joseph J. LiBassi, Chairman of the Board of Directors, stated, "We are pleased to announce our seventeenth consecutive cash dividend. The weak economy continues to place a strain on our earnings but our strategy of delivering the highest personal service is helping to mitigate some of that pressure."

Raffaele M. Branca, President and Chief Executive Officer, reported, "Our dividend payout ratio is 26.1% on third quarter 2011 earnings. We are experiencing increased levels of non-performing loans, which has dampened our earnings. Our capital levels remain strong and are a source of strength for our Company."

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 increased to $27.6 million by September 30, 2011. 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.

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.

Contact Information

  • Contact Name:
    Ralph M. Branca
    President & CEO
    (718) 979-1100