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VSB Bancorp Inc. Announces 23rd Consecutive Cash Dividend
STATEN ISLAND, N.Y. (June 14, 2013) -- VSB Bancorp, Inc. VSBN, the holding company for Staten Island-based Victory State Bank, announced yesterday that its Board of Directors has declared a quarterly cash dividend of $0.06 per share payable on July 1, 2013 to stockholders of record on June 24, 2013.
"We are pleased to announce our twenty-third consecutive cash dividend. We are maintaining our strong capital position despite the unfavorable economy and interest rate environment," stated Joseph J. LiBassi, chairman of the board of directors.
Raffaele M. Branca, president and chief executive officer, reported, "Our dividend payout ratio is 51.2 percent on first-quarter 2013 earnings, a lower ratio than the previous quarter. Our interest rate margin continues to compress as we see limited loan opportunities and low rate investment options."
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 November 17, 1997. The Bank's initial capitalization of $7.0 million was primarily raised in the Staten Island community. The Bancorp's total equity increased to $27.7 million by March 31, 2013. The Bank operates five full service locations in Staten Island, the main office at 4142 Hylan Boulevard in Great Kills and branches on Forest Avenue in West Brighton, Hyatt Street in St. George, Hylan Boulevard in Dongan Hills and Bay Street in Rosebank.
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.
For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com.