Exhibit 8.01 (a)
VSB Bancorp, Inc.
VSB BANCORP, INC. ANNOUNCES CASH DIVIDEND
Contact Name:
Ralph M. Branca
President & CEO
(718) 979-1100
Staten Island, N. Y. — September 11, 2009. VSB Bancorp, Inc. (NASDAQ GM: VSBN), the holding company for Victory State Bank, announced today that its Board of Directors has declared a quarterly cash dividend of $0.06 per share payable on October 1, 2009 to stockholders of record on September 17, 2009. Joseph J. LiBassi, Chairman of the Board of Directors, stated, “This is our eighth consecutive cash dividend despite the weak economic and real estate markets. Our ability to generate earnings and to maintain strong capital levels allows us to employ such a capital strategy.”
Raffaele M. Branca, President and Chief Executive Officer, reported, “Our dividend payout ratio is 24.2% on second quarter 2009 earnings. We have been able to navigate through recent difficult markets due to our prudent and conservative management philosophies.”
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 increased to $24.4 million by June 30, 2009. 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.
