STATEN ISLAND, N.Y., April 27, 2016 /PRNewswire/ -- VSB Bancorp, Inc. (OTCQX: VSBN), the holding company for Victory State Bank, announced today the results of its Annual Meeting held on April 26, 2016.
Mr. Joseph LiBassi, Ms. Joan Nerlino Caddell and Mr. Robert Moore were re-elected as directors, with over 72% of the votes cast, for additional three year terms. The stockholders approved the amendment of the Recognition and Retention Plan ("RRP") adding 50,000 shares of our common stock to the RRP, and granted 5,000 shares of common stock to each director with at least five years of service, with the affirmative vote of 63% of the votes cast. The stockholders also approved, on an advisory basis, President Ralph Branca's executive compensation with the affirmative vote of over 65% of the votes cast. The stockholders ratified the appointment of Crowe Horwath as the company's independent public accountants with 92% of the votes cast in favor of ratification.
Joseph J. LiBassi, VSB Bancorp, Inc.'s Chairman, stated, "Our stockholders support reflects the strong progress that we made in 2015."
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 $29.5 million by March 31, 2016. 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.
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.