SOURCE: VSB Bancorp

June 10, 2014 16:15 ET

VSB Bancorp, Inc. Announces Cash Dividend

STATEN ISLAND, NY--(Marketwired - Jun 10, 2014) - VSB Bancorp, Inc. (OTCQB: 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 July 1, 2014 to stockholders of record on June 20, 2014. Joseph J. LiBassi, Chairman of the Board of Directors, stated, "We are pleased to announce our twenty-seventh consecutive cash dividend. By deploying our excess cash into investments, we have been able to stabilize our net interest margin. We continue to build relationships by delivering our superior brand of customer service."

Raffaele M. Branca, President and Chief Executive Officer, reported, "Our dividend payout ratio is 45.9% on first quarter 2014 earnings. This is a lower ratio than the comparable quarter last year. Our business banking portfolio has grown and we continue to seek new loans both organically and through participations." 

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 $27.7 million by March 31, 2014. 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.

Contact Information

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