STATEN ISLAND, NY--(Marketwired - Dec 10, 2013) - 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 2, 2014 to stockholders of record on December 20, 2013. Joseph J. LiBassi, Chairman of the Board of Directors, stated, "We are pleased to announce our twenty-fifth consecutive cash dividend. Our earnings have been growing over the last three quarters as we have been deploying some of our excess cash into investments. By adhering to our philosophy, we have been able to grow the Bank and our retained earnings in 2013."
Raffaele M. Branca, President and Chief Executive Officer, reported, "Our dividend payout ratio is 31.4% on third quarter 2013 earnings. We have generated more income, and we have maintained our cost containment program to control the level of our expenses. This combination has led to increased quarterly net income in 2013."
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 $27.5 million by September 30, 2013. 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 expect to proceed with our sixth branch location in Charleston/Tottenville section of Staten Island, including applying for regulatory approval, after we receive building department approval.
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.