Victory State Bank Donates $8G to Further Financial-Literacy Initiative

NEW YORK, April 8, 2011 /PRNewswire/ -- Victory State Bank, Staten Island, N.Y.'s only community-based commercial bank, has underscored its devotion to financial literacy with an $8,000 donation to the Coalition for Debtor Education (CDE).

CDE is a not-for-profit organization with a mission to help vulnerable consumers improve their financial-management skills. The organization was presented with the contribution late last month.

"Education about money matters is invaluable in bringing a positive resolution to those in financial difficulty," said Ralph M. Branca, president and CEO of Victory State Bank. "The curriculum developed by the Coalition for Debtor Education should prove highly beneficial for our community."

Victory State Bank and CDE anticipate providing joint seminars on Staten Island.

"The Coalition for Debtor Education thanks Victory State Bank for their very generous donation of $8,000," said Carol O'Rourke, CDE executive director. "The bank's support helps the Coalition fulfill its mission to improve consumers' understanding and management of their financial affairs. The Coalition teaches financial education classes throughout the city and plans to meet with the bank's Community Development group, to design a financial literacy program for the communities Victory State Bank serves on Staten Island." 

Victory State Bank operates five full-service locations on Staten Island: The main office in Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank.

Of these, the St. George and Rosebank branches are each located within one of the Island's two Banking Development Districts (BDDs).

A BDD is an area that the New York State Banking Department has designated as under-banked.

Victory State Bank is eager to work with the Coalition for Debtor Education in areas of Staten Island that are in greatest need, said Joseph J. LiBassi, chairman of VSB Bancorp Inc. (Nasdaq: VSBN), the one-bank holding company for Victory State Bank.

"The coalition's commitment to financial literacy and community involvement clearly complements the philosophy of Victory State Bank," LiBassi said.

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SOURCE Victory State Bank