SOURCE: VSB Bancorp

September 09, 2008 14:00 ET

VSB Bancorp, Inc. Announces Cash Dividend

STATEN ISLAND, NY--(Marketwire - September 9, 2008) - 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 October 1, 2008 to stockholders of record on September 19, 2008. Joseph J. LiBassi, Chairman of the Board of Directors, stated, "This is our fourth cash dividend to date in addition to our recently announced stock repurchase plan. Our ability to continue to generate earnings in a difficult economic environment is a testament to our strategy and philosophy."

Raffaele M. Branca, President and Chief Executive Officer, reported, "Our dividend payout ratio is 27.1% on second quarter 2008 earnings. This dividend, coupled with our plan to repurchase up to 100,000 shares of our common stock, are some of the vehicles that we are using to improve shareholder value."

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 had increased to $21.6 million by June 30, 2008. 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