50th Consecutive Cash Dividend Announced By VSB Bancorp, Inc.
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STATEN ISLAND, N.Y. – VSB Bancorp, Inc. (VSBN), the holding company for Victory State Bank, recently declared a quarterly cash dividend of 15 cents per share, payable on April 1, 2020 to stockholders of record on March 20, 2020.
“We are pleased to announce our 50th consecutive cash dividend. Our earnings allow us to continue to employ this strategic option,” stated Joseph J. LiBassi, chairman of the VSB Bancorp, Inc. Board of Directors.
Raffaele (Ralph) M. Branca, president and CEO of VSB Bancorp, Inc., reported, “Our dividend payout ratio is 39.1 percent on fourth quarter 2019 earnings. This payout ratio is higher due to merger-related costs that we expensed in that earnings period.”
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 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 $38.8 million by December 31, 2019.
As Staten Island, N.Y.’s only community-based business bank, Victory State Bank operates six full-service locations on the Island, including its main office in the community of Great Kills and branches in West Brighton, St. George, Dongan Hills, Rosebank and Meiers Corners. The bank additionally operates a business center in Dongan Hills.
For additional information, Victory State Bank may be reached at 718-979-1100, or visited online at www.VictoryStateBank.com.
FORWARD -LOOKING STATEMENTS
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) the local, regional, national or international progression of the COVID-19 virus, (iii) market interest rates, (iv) customer preferences, or (v) federal or state laws.
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