STATEN ISLAND, N.Y., May 20, 2015 /PRNewswire/ -- VSB Bancorp, Inc. (OTCQX: VSBN), the holding company for Victory State Bank, announced today the results of its Annual Meeting held on May 19, 2015.
Mr. Johnsen, Dr. Perez and Mr. Savo were re-elected as directors, with 69% of the votes cast, for additional three year terms. The stockholders also approved, on an advisory basis, Mr. Branca's executive compensation with the affirmative vote of over 71% of the votes cast. The stockholders ratified the appointment of Crowe Horwath as our independent public accountants with 99% of the votes cast in favor of ratification.
Joseph J. LiBassi, VSB Bancorp, Inc.'s Chairman, stated, "Our stockholders continue to support our strategic direction and we expect our efforts will translate into better results in 2015 and beyond."
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 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.
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.