STATEN ISLAND, N.Y. (June 13, 2019) – VSB Bancorp, Inc. (VSBN), the holding company for Victory State Bank, has declared a quarterly cash dividend of 13 cents per share, payable on July 1, 2019, to stockholders of record on June 21, 2019.
“We are pleased to announce our 47th consecutive cash dividend,” said Joseph J. LiBassi, Chairman of the VSB Bancorp, Inc. Board of Directors. “Additionally, we have increased our quarterly dividend by 8.3 percent ….”
Raffaele (Ralph) M. Branca, president and CEO of VSB Bancorp, Inc., stated: “Our dividend payout ratio is 37.6 percent on first quarter 2019 earnings. Our first quarter 2019 income reflects the adoption of the new lease standard, which initially increases our lease expense in the earlier years after adoption.”
ABOUT VSB BANCORP, INC.
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 six locations on the Island, including its full-service banking headquarters in Great Kills; full-service branches in West Brighton, St. George, Dongan Hills and Rosebank, and a business center in Dongan Hills. A sixth branch, to be situated in Meiers Corners, is scheduled to open in July.
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. The Bancorp’s total equity stood at $35.9 million by March 31, 2019.
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.
Media Contact: Barton Horowitz