State's Boost For Minority-, Women-Owned

Businesses Is A Record

Staten Island commercial bank sees benefits for borough

 

STATEN ISLAND, N.Y. – Businesses owned by minorities and women on Staten Island stand to gain from New York State's newly increased goals for contracting with such firms.

Victory State Bank, Staten Island's only community-based business bank, contends that Albany's recently articulated 30 percent aim can generate much more state work on the Island.


The governor's office reported that the 30 percent goal is the highest target for any state government in the nation.


Statewide, it means billions of dollars for minority-and-women-owned enterprises (MWBE).


In the 2013-14 fiscal year, when MWBE contracting was at 25 percent, there were nearly $2 billion worth of state contracts with firms headed by minorities and wormen, the state said, adding that even this amount was the nation's highest.


The state emphasized its desire to cultivate MWBEs as well as small, emerging businesses by pointing out its procurement process and contract opportunities.


The state's Business Mentor New York program began in May.  Business Mentor NY is described as a free mentoring program that connects volunteer business professionals to MWBEs and small businesses to help them address specific challenges and obstacles to success.

One-on-one guidance and counsel complements a network of financial and technical assistance providers that help owners and communities realize their full economic potential, the state said.  Nearly 1,200 mentors and entrepreneurs have signed up.  

These include nearly 500 pro bono business professionals, such as attorneys, accountants, consultants and other entrepreneurs and experts in the fields of finance, retail, communications,  information technology, human resources and staffing, public relations, sales and marketing, who volunteer as mentors. 

The MWBE team includes elected officials, business and academic leaders, and members of the Governor's cabinet and administration.



About Victory State Bank

VSB Bancorp, Inc. (OTCQB: 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: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online atwww.VictoryStateBank.com.

Media Contact: 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email:  This email address is being protected from spambots. You need JavaScript enabled to view it.

 

When Dealing With Crisis, Beware Of Con Artists

Staten Island Business Bank urges local residents and business owners to knowthe warning signs of scams prior to facing a serious event

 

STATEN ISLAND, N.Y.  –  People are particularly vulnerable during times of crisis, and thieves know it. This is why Victory State Bank, Staten Island’s only community-based commercial bank, is urging local residents and business owners to know the red flags of potential frauds that target money and personal information.

The bank is stressing the importance of being able to recognize the acts of con artists who take advantage of individuals distracted by a crisis.

Michael Benardo, manager of the Cyber Fraud and Financial Crimes Section of the Federal Deposit Insurance Corp. (FDIC), said, “We've seen everything from criminals pretending to be from disaster-relief organizations asking for 'donations,' to scammers offering fake jobs to individuals who are looking for employment."The fraudsters know that people dealing with serious events may be distracted and easily deceived."

Victory State Bank points to these precautions suggested by the FDIC:

Protect personal and financial information. Don't provide bank or credit card numbers or other personal information over the phone, through e-mail, as a text message, or over the Internet unless you initiate the communication and you know the other party is reputable.

Review financial statements so you can quickly report any irregularities. And always keep your checkbook, blank checks, used checks, account statements, credit cards and other financial items in a secure location.

Look out for the people you care for. Since many scams target the ill or the elderly, pay attention to suspicious behavior, such as a sudden and unexpected major purchase, the opening or closing of a bank or card account without a good reason, or hiding financial statements to conceal what may appear to be an embarrassing mistake.

Also take note if your loved one mysteriously starts to spend significantly more time with new "best friends" and less time with the family.

"Scammers and con artists tend to target the same people over and over with offers for things the person may not really need," said Kathryn Weatherby, an examination specialist for the FDIC.

Only give to charities that you are familiar with or have researched. Check them out with the state government office that regulates charities, which you can find at the Web site of the National Association of State Charity Officials at www.nasconet.org/documents/u-s-charity-offices.

Use caution when making online donations. Go directly to a charity's Web site by independently confirming the address. Don't click on a link in an e-mail or on a random Web site because that may lead to a fake site.

Walk away from any offer or request that involves pressure to act quickly. Be suspicious if you are asked for money or personal information on the spot. Be particularly wary if someone says you previously agreed to send money and you don't remember doing so.

If you're a disaster victim, be careful about accepting unsolicited offers to make repairs. Ask people you trust for recommendations of licensed and insured contractors.

Check out local businesses, including complaints against them. Start by contacting your state Attorney General's office (www.naag.org/current-attorneys-general.php) or your state or local consumer affairs office (www.consumeraction.gov/state.shtml).

Ask for prices and other important information in writing before you agree to anything and understand any document you are asked to sign.

Be aware that con artists sometimes pose as debt collectors. Following a disaster, crooks know that people fall behind on bills so they attempt to collect on non-existent debts, often by posing as belligerent debt collectors or officials from the government or a law enforcement agency.

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: 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: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank.  For additional information, Victory State Bank may be reached at 718-979-1100 or visited online at www.victorystatebank.com.

Media Contact:  

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Minimum Pay Rises For Federal Contracts

Staten Island commercial bank says employers who have government customers are affected

 

STATEN ISLAND, N.Y. (Oct. 2, 2014) – Businesses having contracts with the federal government will be required to pay a $10.10 hourly minimum wage next year, and the rate will be indexed to inflation in future years.


Victory State Bank, Staten Island's only community-based business bank, observes that yesterday's announcement of the "final rule" by the U.S. Labor Department (DOL) covers many aspects of governmental procurements.

A variety of favorite tourist destinations as well as construction jobs all are within its scope.

A presidential executive order back in February established a minimum wage for contractors beginning Jan. 1, 2015, and since then the DOL says it heard from labor organizations, contractors and associations, worker advocates, contracting agencies, small businesses, and workers themselves.

The order directed the DOL to issue implementation regulations by Oct. 1, hence the final rule's issuance, incorporating definitions, procedures, remedies and enforcement processes.

Compliance obligates not only contractors but also subcontractors who may, in turn, link to lower-tier contracts.

Four categories of contracts are covered: Construction, service contracts, concessions, and services on any federal property or lands. The provisions would extend to any number of familiar tourist attractions.


Among these categories, concessions include food, lodging, automobile fuel, souvenirs, newspaper stands, and/or recreational equipment. Think National Park Service vacation locations and day-trip destinations, for example.

The final rule provides guidance and sets standards for employers concerning what contracts are covered and which of their workers are covered.


The rule also establishes obligations that contractors must fulfill to comply with the minimum wage provisions of the executive order, including record-keeping requirements. It provides guidance about where to find the required rate of pay for all workers, including tipped employees and workers with disabilities.


Additionally, the rule establishes an enforcement process that the DOL says should be familiar to most government contractors and will protect the right of workers to receive the new $10.10 minimum wage.

Executive Order 13658, which calls for the new minimum wage, applies to new contracts and replacements for expiring contracts with the federal government that result from solicitations issued on or after Jan. 1, 2015, and to contracts that are awarded outside the solicitation process on or after Jan. 1, 2015. 

 

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: 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: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online atwww.VictoryStateBank.com.

Media Contact: 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email:  This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Government Halts Telemarketing Scam

 Targeting Seniors

 

Staten Island Business Bank Points to federal crackdown on fake ‘Medicare’ scheme 

 

STATEN ISLAND, N.Y. --In its ongoing mission of alerting business owners and consumers to the threat of fraud, Victory State Bank, Staten Island’s only community-based business bank, is highlighting one of the latest government crackdowns on a scam targeting senior citizens.

At the Federal Trade Commission’s request, a federal court halted a telemarketing scheme that tricked senior citizensby pretending to be part of Medicare, and took millions of dollars from consumers’ bank accounts without their consent. As part of its ongoing work to protect every community from fraud, the FTC seeks to permanently end the operation and return victims’ money.

According to a complaint filed by the FTC, the defendants called consumers– including many whose numbers were listed on the National Do Not Call Registry – and said they were providing a new Medicare card or information about Medicare benefits.

The defendants allegedly misrepresented that they were working on behalf of Medicare, and said they needed to verify consumers’ identities using personal information that included their bank account numbers. The defendants allegedly assured consumers that the information would not be used to debit their bank accounts, and that there was no charge for the new Medicare card or information about Medicare benefits.

However, within a few weeks, consumers learned their bank accounts had been debited either $399 or $448 via remotely created checks (RCCs), the complaint alleges. Despite these charges, consumers did not receive any kind of product or service from the defendants. In some instances, the defendants debited the accounts of consumers they had not even contacted.

The FTC charged the defendants with violating the FTC Act and the FTC’s Telemarketing Sales Rule. The defendants are Sun Bright Ventures LLC, Citadel ID Pro LLC, and Benjamin Todd Workman. The FTC named Trident Consulting Partners LLC and Glenn Erickson as relief defendants who profited from the scheme.

 

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: 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: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank.  For additional information, Victory State Bank may be reached at 718-979-1100 or visited online at www.victorystatebank.com.

Media Contact:  

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

  

Important Oct. 15 Tax Deadline Looms

Staten Island business bank offers a prompting about extensions for IRS filing


 

STATEN ISLAND, N.Y. -- Requests for tax-filing extensions are due to expire shortly, and in issuing a reminder, the IRS says more than 3 million taxpayers who asked for an extension haven't yet filed.

Victory State Bank, Staten Island's only community-based commercial bank, advises taxpayers who fall into this group to be mindful of the rapidly approaching date.


The Internal Revenue Service has just urged taxpayers whose tax-filing extension runs out on Oct. 15 to double check their returns for often-overlooked tax benefits and then file their returns electronically using IRS electronic filing e-file or the Free File system.

More than a quarter of the nearly 13 million taxpayers who requested an automatic six-month extension this year have yet to file. Although Oct. 15 is the last day for most people, some still have more time, including members of the military and others serving in Afghanistan or other combat zones who typically have until at least 180 days after they leave the combat area to both file returns and pay any taxes due.

Before filing, the IRS encourages taxpayers to see if they qualify for these and other often-overlooked credits and deductions:

§  Benefits for low-and moderate-income workers and families, especially the Earned Income Tax Credit. The special EITC Assistant can help taxpayers see if they’re eligible.

§  Savers credit, claimed on Form 8880, for low-and moderate-income workers who contributed to a retirement plan, such as an IRA or 401(k).

§  American Opportunity Tax Credit, claimed on Form 8863, and other education tax benefits for parents and college students.

§  Same-sex couples, legally married in jurisdictions that recognize their marriages, are now treated as married, regardless of where they live. This means that they generally must file their returns using either the married filing jointly or married filing separately filing status. Further details are on IRS.gov.

Details on all filing and payment options are available online at IRS.gov.


About Victory State Bank

VSB Bancorp, Inc. (OTCQB: 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: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online atwww.VictoryStateBank.com.

Media Contact: 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email:  This email address is being protected from spambots. You need JavaScript enabled to view it.