The dividend is payable Oct. 3, 2016 to stockholders of record on Sept. 23, 2016.
“We are pleased to announce our 36th consecutive cash dividend. Our increase in earnings has allowed us to pay a higher cash dividend while increasing value to our stockholders,” stated Joseph J. LiBassi, chairman of the VSB Bancorp Board of Directors.
“We are pleased to announce our 36th consecutive cash dividend. Our increase in earnings has allowed us to pay a higher cash dividend while increasing value to our stockholders,” stated Joseph J. LiBassi, chairman of the VSB Bancorp, Inc. Board of Directors.
President and Chief Executive Officer Raffaele (Ralph) M. Branca reported, “Our dividend payout ratio is 23.1 percent on second-quarter 2016 earnings. We are continuing to enhance our earnings through the growth of our loan portfolio.”
The payment of dividends is at the discretion of the VSB Bancorp, Inc. Board of Directors and nothing contained herein should be interpreted as a commitment to pay future dividends.
About VSB Bancorp
VSB Bancorp Inc. (OTCQX: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island, including the main office in the community of Great Kills and branches in West Brighton, St. George, Dongan Hills and Rosebank. The company plans to open a sixth branch in the Meiers Corners community of Staten Island, subject to regulatory and building department approvals.
Victory State Bank commenced operations on Nov. 17, 1997. The Bank’s initial capitalization of $7 million was primarily raised in the Staten Island community.
VSB Bancorp’s total equity stood $29.9 million by June 30, 2016.
For additional information, Victory State Bank may be reached at 718-979-1100 or visited online at www.VictoryStateBank.com.
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.