STATEN ISLAND, NY--(Marketwire -06/12/12)- VSB Bancorp, Inc. (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 2, 2012 to stockholders of record on June 22, 2012. Joseph J. LiBassi, Chairman of the Board of Directors, stated, "We are pleased to announce our nineteenth consecutive cash dividend. We continue to generate good earnings and we maintain our capital at levels that exceed industry standards."
Raffaele M. Branca, President and Chief Executive Officer, reported, "Our dividend payout ratio is 38.4% on first quarter 2012 earnings. We reported higher earnings in the first quarter of 2012 than the fourth quarter of 2011 due to reduced charge-offs and a lower level of non-performing loans."
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 $27.1 million by March 31, 2012. 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 announced our sixth branch location in Charleston/Tottenville section of Staten Island, subject to regulatory 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.