OTC Markets Group Welcomes VSB Bancorp to OTCQX®
NEW YORK, Feb. 9, 2015 /PRNewswire/ -- OTC Markets Group Inc. (OTCQX: OTCM), operator of Open, Transparent and Connected financial marketplaces, today announced VSB Bancorp, Inc. (OTCQX: VSBN), holding company for Victory State Bank based in Staten Island, NY, has qualified to trade on OTCQX®, the best marketplace.
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VSB Bancorp begins trading today on OTCQX under the symbol "VSBN." U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.
"We are proud to welcome VSB Bancorp to the OTCQX marketplace," said R. Cromwell Coulson, President and CEO of OTC Markets Group. "Victory State Bank's hands-on approach to serving the financial needs of businesses in its community and its focus on delivering long-term value for shareholders embody the qualities of an OTCQX bank. We look forward to working with VSB Bancorp and wish the company continued growth and success."
Ralph Branca, President and CEO of Victory State Bank, said, "We believe that OTCQX provides our stockholders with a marketplace that was designed specifically for banks at a cost-effective price point. By trading on OTCQX, we will provide our stockholders greater transparency and financial information. We see this as another step in supporting our strong governance practices."
"We are enthusiastic about upgrading to OTCQX as the change highlights yet another positive milestone for VSB Bancorp on behalf of our stockholders," said Joseph J. LiBassi, Chairman of the VSB Bancorp, Inc. Board of Directors.
Sandler O'Neill + Partners, L.P. serves as VSB Bancorp's Corporate Broker on OTCQX.
VSB Bancorp, Inc. (OTCQX: 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, including the main office in the community of Great Kills and branches in West Brighton, St. George, Dongan Hills and Rosebank. Awaiting approval from the Department of Buildings to begin construction, the bank plans to proceed with its sixth branch location in the Charleston/Tottenville section of Staten Island, including applying for regulatory approval.
Victory State Bank commenced operations on Nov. 17, 1997. The Bank's initial capitalization of $7 million was primarily raised in the Staten Island community. The Bancorp's total equity has increased to $28.5 million primarily through the retention of earnings. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online at www.VictoryStateBank.com.
About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates Open, Transparent and Connected financial marketplaces for 10,000 U.S. and global securities. Through our OTC Link® ATS, we directly link a diverse network of broker-dealers that provide liquidity and execution services for a wide spectrum of securities. We organize these securities into marketplaces to better inform investors of opportunities and risks – OTCQX®, The Best Marketplace; OTCQB®, The Venture Marketplace; and OTC Pink®, The Open Marketplace. Our data-driven platform enables investors to easily trade through the broker of their choice at the best possible price and empowers a broad range of companies to improve the quality and availability of information for their investors. To learn more about how we create better informed and more efficient financial marketplaces, visit www.otcmarkets.com.
OTC Link ATS is operated by OTC Link LLC, member FINRA/SIPC and SEC regulated ATS.
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FORWARD-LOOKING STATEMENTS
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.
Media Contact:
Saskia Sidenfaden, OTC Markets Group Inc., +1 (212) 896-4428, [email protected]
SOURCE OTC Markets Group Inc.
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