Fishing Sheds 'Hobby' Tag

Victory State Bank notes growth of business sponsorships

 



STATEN ISLAND, N.Y. -- With increasing national interest in the business aspects of sportfishing, Staten Island's waters would seem a fitting venue for the trend to gain more exposure here.


Victory State Bank, Staten Island's only community-based business bank, points to the longtime fishing passion within boating circles as well as the many local tournaments for striped bass or fluke, tuna or even sharks.

Moreover, televised broadcasts of fishing exploits have an audience that extends into clubhouses where the nautical lifestyle is the common denominator.

On a wider scale, corporate sponsorships are putting money into the sport, beginning at the college level, although some high-school participation is being nurtured as well. 


Anglers who don't mind a clean-shaven appearance with shirt tucked in are finding favor with corporations seeking ways to show their brands. And their clothing displays the sponsors' logos.

In many instances, collegiate competitors can accept fishing gear, discounts, and prize money, which they can't do where rules of other sports mandate amateur status.

Sponsors often prefer to donate to schools, though, because of the amateurism issues.


Makers of not just fishing gear but also of boat engines and nautical gear see opportunities in rebuilding interest in a sport that was showing some earlier statistical declines. 


An emphasis on young-adult participation is part of the sponsors' hopes for fostering future growth.


What used to be a mere hobby has become a substantial industry that Bloomberg Businessweek, citing the American Sportfishing Association, says generated $31 billion in 2012 retail sales. 

 


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 http://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.

   

El Niño Befriends Business

Staten Island commercial bank cites below-normal storm outlook 

 

 

STATEN ISLAND, N.Y. -- Weather-sensitive businesses may be able to benefit from the relative calm projected for the traditionally stormiest remainder of this year.


Victory State Bank, Staten Island's only community-based business bank, sides with enterprises planning for good showings in the two quarters that will wind down the year. 


And where weather would be part of the planning process, the hurricane outlook is being described by the National Oceanic and Atmospheric Administration (NOAA) as below- or near-normal.

The main driver of this year’s outlook has been summer's El Niño. The phenomenon causes stronger wind shear, which reduces the number and intensity of tropical storms and hurricanes.


El Niño can also strengthen the trade winds and increase the atmospheric stability across the tropical Atlantic, making it more difficult for cloud systems coming off of Africa to intensify into tropical storms.


The outlook anticipates a 50 percent chance of a below-normal season, a 40 percent chance of a near-normal season, and only a 10 percent chance of an above-normal season. 

                                                 

For the six-month hurricane season, which began June 1, NOAA predicted a 70 percent likelihood of eight to 13 named storms (winds of 39 mph or higher), of which three to six could become hurricanes (winds of 74 mph or higher), including one to two major hurricanes (Category 3, 4 or 5; winds of 111 mph or higher).

         

These numbers are near or below the seasonal averages of 12 named storms, six hurricanes and three major hurricanes, based on the average from 1981 to 2010. The Atlantic hurricane region includes the North Atlantic Ocean, Caribbean Sea and Gulf of Mexico.


“Even though we expect El Niño to suppress the number of storms this season, it’s important to remember it takes only one land falling storm to cause a disaster,” said Kathryn Sullivan, NOAA administrator.

Humberto was the first of only two Atlantic hurricanes in 2013. It reached peak intensity, with top winds of 90 mph, in the far eastern Atlantic.

Gerry Bell, lead seasonal hurricane forecaster with NOAA’s Climate Prediction Center, said the Atlantic – which has seen above-normal seasons in 12 of the last 20 years – has been in an era of high activity for hurricanes since 1995. However, this high-activity pattern is expected to be offset in 2014 by the impacts of El Niño, and by cooler Atlantic Ocean temperatures than in recent years.


The expectation of near-average Atlantic Ocean temperatures this season, rather than the above-average temperatures seen since 1995, also suggests fewer Atlantic hurricanes, Bell said.


NOAA has some new tools at the National Hurricane Center this year. An experimental mapping tool will be used to show communities their storm surge flood threat. The map will be issued for coastal areas when a hurricane or tropical storm watch is first issued, or approximately 48 hours before the anticipated onset of tropical storm force winds.

The map will show land areas where storm surge could occur and how high above ground the water could reach in those areas.


Early testing on continued improvements to NOAA’s Hurricane Weather Research and Forecasting model (HWRF) shows a 10 percent improvement in this year's model compared to last year. Hurricane forecasters use the HWRF along with other models to produce forecasts and issue warnings.  


NOAA’s seasonal hurricane outlook is not a hurricane landfall forecast; it does not predict how many storms will hit land or where a storm will strike. Forecasts for individual storms and their impacts are provided throughout the season by NOAA’s National Hurricane Center.

"It only takes one hurricane or tropical storm making landfall to have disastrous impacts on our communities," said Joe Nimmich, FEMA associate administrator for Response and Recovery. "We need you to be ready. Know your risk for hurricanes and severe weather, take action now to be prepared and be an example for others in your office, school or community."

 

 

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 http://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.

 

 

    

5 Things To Consider Before You Buy A Franchise

Staten Island business bank identifies helpful guidance

  

STATEN ISLAND, N.Y. -- Because investing in a franchise can be a major financial undertaking and a serious personal commitment, it also can entail certain risks.

Victory State Bank, Staten Island's commercial bank, suggests that guidelines by the Federal Trade Commission (FTC) might be useful when exploring whether a franchise is for you.

Understanding your abilities and goals, the FTC says, is a step toward deciding whether purchase a franchise.

In buying a franchise, you operate a business and sell goods or services with name recognition. You buy a format or system developed by the franchisor, and training and support. The risks are that franchisees must commit money and time, and must operate by the franchisor’s playbook.

Franchisors also have legal responsibilities, which are spelled out in the FTC's Franchise Rule. For example, they must give potential franchisees important information in a Franchise Disclosure Document (FDD) at least 14 days before a contract is signed or any payment is made.

In addition, some states require a franchisor to submit its FDD to state examiners for review before it can lawfully sell the franchise in the state. The Federal Trade Commission, the nation’s consumer protection agency, enforces the Franchise Rule.

If you’re thinking about investing in a franchise, the FTC advises weighing these five considerations:

Your financial situation

Buying into a franchise is a major investment. How much do you have to safely invest? Can you afford to lose your entire investment? Will you invest on your own or with partners? Do you need financing? Where will you get it?

Your need for income

Do you need a specific minimum annual income? It can take years for an investment in a franchise to become profitable; some franchises never make it. Do you have savings or another source of income to support yourself and your family until the franchise can?

Your abilities and goals

Consider your experience as a business owner or manager. What special skills do you have? Do you want a franchise that requires technical experience, or specialized training or education, like auto repair, home or office decorating, or tax preparation? What kind of work environment and routines do you prefer? Will you run the business yourself or hire a manager?

Your timetable

Is a multi-year commitment right for you? Franchise agreements generally are for several years, often 5 or 10. It can be difficult to end an agreement early. Once you commit to a franchise contract, you have to stay with it until the term ends, even if you’re not making as much money as you expected, or making a profit at all. How long do you want to stay in one location and engaged in one business?

Your comfort working under a franchisor’s control

As a franchisee, you are a business owner, but you don’t operate independently. You’re part of a network and you must follow rules that call for uniformity. A franchisor may limit your choices about sales area, training, suppliers, or the merchandise you sell. You may pay advertising fees and buy or lease from suppliers the franchisor chooses. If exercising creativity is important to you, think about whether you would be comfortable working with a franchisor’s controls.

If you decide you want to check out a specific franchise, the FTC recommends reading its "Buying a Franchise: A Consumer Guide" and ask a lawyer, accountant or experienced adviser to work with you.

 

 

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.

    

Summer expenses may help cut taxes

Staten Island commercial bank pinpoints credit for child and dependent care

 


STATEN ISLAND, N.Y. -- Many parents have been paying for childcare or day camps in the summer while they work. If  you are among them, your costs may qualify for a federal tax credit that can lower your taxes.


Victory State Bank offers 10 facts from the IRS that you might wish to know about the Child and Dependent Care Credit:

 

  • Your expenses must be for the care of one or more qualifying persons. Your dependent child or children under age 13 usually qualify. For more about this rule see the IRS's Publication 503, Child and Dependent Care Expenses.
  • Your expenses for care must be work-related. This means that you must pay for the care so you can work or look for work. This rule also applies to your spouse if you file a joint return. Your spouse meets this rule during any month they are a full-time student. They also meet it if they’re physically or mentally incapable of self-care.
  • You must have earned income, such as from wages, salaries and tips. It also includes net earnings from self-employment. Your spouse must also have earned income if you file jointly. Your spouse is treated as having earned income for any month that they are a full-time student or incapable of self-care. This rule also applies to you if you file a joint return. Refer to Publication 503 for more details.
  • As a rule, if you’re married you must file a joint return to take the credit. But this rule doesn’t apply if you’re legally separated or if you and your spouse live apart.
  • You may qualify for the credit whether you pay for care at home, at a daycare facility or at a day camp.
  • The credit is a percentage of the qualified expenses you pay. It can be as much as 35 percent of your expenses, depending on your income.
  • The total expense that you can use for the credit in a year is limited. The limit is $3,000 for one qualifying person or $6,000 for two or more.
  • Overnight camp or summer school tutoring costs do not qualify. You can’t include the cost of care provided by your spouse or your child who is under age 19 at the end of the year. You also cannot count the cost of care given by a person you can claim as your dependent. Special rules apply if you get dependent care benefits from your employer.
  • Keep all your receipts and records. Make sure to note the name, address and Social Security number or employer identification number of the care provider. You must report this information when you claim the credit on your tax return.
  • Remember that this credit is not just a summer tax benefit. You may be able to claim it for care you pay for throughout the year.

 

 

 

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  http://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.

 

 

  

Feds Muzzle Illicit Payday Loans

Staten Island commercial bank delineates examiners' findings

  



STATEN ISLAND, N.Y. – Payday loans that subject borrowers to deceit and harassment have drawn federal action describing them as illegal.

Victory State Bank, Staten Island's business bank, cites a recent report by the Consumer Financial Protection Bureau (CFPB) that described problems with questionable payday-lending practices.

These types of loans are part of a larger scope of federal supervision over nonbank financial entities involving also debt collection and consumer reporting.

“For the first time at the federal level, nonbank financial institutions are subject to supervisory oversight that holds them accountable for how they treat consumers,” CFPB Director Richard Cordray said in a statement.

In the nonbank markets highlighted in CFPB’s report, examiners found that many companies had systemic flaws in their compliance management systems, such as consistently failing to have a system in place to track and resolve consumer complaints. 

Specifically with payday loans, several problems were uncovered.

                        

These types of loans are frequently a way for consumers to bridge a cash-flow shortage between paychecks or the receipt of other income. Loans often have small-dollar amounts, require borrowers to repay quickly, and ask that a borrower give lenders access to repayment through a claim on the borrower’s deposit account.


When lenders called borrowers to collect debt, they sometimes threatened to take legal actions they did not actually intend to pursue. Examiners cited these threats as unlawful deceptive practices.

Other lenders threatened to impose additional fees or to debit borrowers’ accounts at any time, when this was not allowed by their contract. Examiners also found lenders lied about non-existent promotions to induce borrowers to call back about their debt.

 

CFPB examiners also found that payday lenders called borrowers multiple times per day. When lenders failed to track accurately how many times they had called a borrower, it increased the risk of a borrower receiving excessive calls.

Examiners also found that employees of payday lenders would sometimes visit borrowers’ workplaces in attempts to collect debt. Such practices by lenders can violate the Dodd-Frank Act’s prohibition on unfair practices.

Many payday lenders hire third parties to collect their debts. The CFPB expects payday lenders – and all institutions subject to its supervision – to oversee their service providers to ensure they are complying with federal law.

But examiners found that third-party debt collectors misled borrowers in a variety of ways, including falsely claiming to be an attorney and making false threats of criminal prosecution. Third-party collectors also harassed borrowers by calling at unusual times.

 

 

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 http://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.