VSB Bancorp, Inc. (NASDAQ: VSBN), the holding company for Victory State Bank, recently publicized that its Board of Directors has declared a quarterly cash dividend of $0.06 per share payable on January 4, 2010 to stockholders of record on December 17, 2009.
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Joseph J. LiBassi, Chairman of the Board of Directors, stated, "We have been able to pay our ninth consecutive cash dividend due to our ability to generate earnings and to maintain strong capital levels. While the economy sputters and looks to find its footing, our strategy has continued to create value for our stockholders." Raffaele M. Branca, President and Chief Executive Officer, reported, "Our dividend payout ratio is 22.3% on third quarter 2009 earnings. Despite the increased FDIC assessments and loan loss provisions, we have been able to produce strong earnings in this harsh environment." VSB Bancorp, Inc. is the 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 increased to $25.3 million by September 30, 2009.
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