SOURCE: VSB Bancorp

March 13, 2015 15:00 ET

VSB Bancorp, Inc. Announces Cash Dividend

STATEN ISLAND, NY--(Marketwired - Mar 13, 2015) - 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 $0.06 per share payable on April 1, 2015 to stockholders of record on March 20, 2015. Joseph J. LiBassi, Chairman of the Board of Directors, stated, "We are pleased to announce our thirtieth consecutive cash dividend. Our plan to grow our loan portfolio, both organically and by buying participations, is starting to bear fruit. We expect our strategy to increase future net income."

Raffaele M. Branca, President and Chief Executive Officer, reported, "Our dividend payout ratio is 60.3% on fourth quarter 2014 earnings. Our net income in the fourth quarter of 2014 was hampered by our write down of our New York State deferred tax asset due to the recent tax law change. This change, however, will also lower our effective tax rate in 2015." 

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 $28.5 million by December 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