STATEN ISLAND, N.Y., March 14, 2016 /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 $0.07 per share payable on April 1, 2016 to stockholders of record on March 18, 2016. Joseph J. LiBassi, Chairman of the Board of Directors, stated, "We are pleased to announce our thirty-fourth consecutive cash dividend. We have increased our cash dividend by $.01 per share, a 17% increase from our previous cash dividend rate. This is another component of our strategy to provide increased value to our stockholders."
Raffaele M. Branca, President and Chief Executive Officer, reported, "Our dividend payout ratio is 21.7% on fourth quarter 2015 earnings. We have been able to increase our cash dividend due to our enhanced level of earnings. The growth of our loan portfolio is the major driver."
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 stood at $28.8 million by December 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.
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.