VSB Bancorp Announces Cash Dividend
STATEN ISLAND, N.Y. -- VSB Bancorp, Inc. (NASDAQ: VSBN), the holding company for Victory State Bank, announced this week that its board of directors has declared a quarterly cash dividend of 6 cents per share payable on Jan. 3, 2012 to stockholders of record on Dec. 24, 2011.
Joseph J. LiBassi, chairman of the Board of Directors, stated, "We are pleased to announce our seventeenth consecutive cash dividend. The weak economy continues to place a strain on our earnings but our strategy of delivering the highest personal service is helping to mitigate some of that pressure."
Raffaele M. Branca, president and Chief Executive Officer, reported, "Our dividend payout ratio is 26.1 percent on third quarter 2011 earnings. We are experiencing increased levels of non-performing loans, which has dampened our earnings. Our capital levels remain strong and are a source of strength for our Company."
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) market interest rates, (iii) customer preferences; (iv) competition or (v) federal or state laws.
About Victory State Bank
VSB Bancorp, Inc. is the one-bank holding company for Victory State Bank. Victory State Bank, Staten Island, N.Y.’s only community-based commercial bank. The bank commenced operations on Nov. 17, 1997. The bank's initial capitalization of $7 million was primarily raised within the community of Staten Island. The Bancorp's total equity increased to $27.6 million by Sept. 30, 2011.
Victory State Bank operates five full-service locations on Staten Island: The main office at 4142 Hylan Blvd., Great Kills, and branches on Forest Avenue, West Brighton; Hyatt Street, St. George; Hylan Boulevard, Dongan Hills, and Bay Street, Rosebank.
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