STATEN ISLAND, N.Y., June 10, 2015 /PRNewswire/ — VSB Bancorp, Inc. (OTCQX: VSBN), the holding company for Victory State Bank, announced today that its Board of Directors has declared a quarterly cash dividend of $0.06 per share payable on July 1, 2015 to stockholders of record on June 19, 2015. Joseph J. LiBassi, Chairman of the Board of Directors, stated, “We are pleased to announce our thirty-first consecutive cash dividend. Our loan portfolio is growing, as well as our loan pipeline. We anticipate that our net interest income will grow throughout 2015.”
Raffaele M. Branca, President and Chief Executive Officer, reported, “Our dividend payout ratio is 43.7% on first quarter 2015 earnings. Our net income in the first quarter of 2015 did not fully reflect the growth of the loan portfolio, as much of the increase in loans occurred in the month of March. New York City has enacted tax law changes similar to New York State. This will result in a one-time negative adjustment to our 2nd quarter 2015 income, but our effective tax rate is expected to be lower in future periods.”
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 theStaten Island community. The Bancorp’s total equity stood at $28.8 million by March 31, 2015. 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. We expect to proceed with our sixth branch location in Charleston/Tottenville section of Staten Island, including applying for regulatory approval, after we receive building department approval.
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.
SOURCE VSB Bancorp, Inc.