Exhibit 99.1
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THE WALL STREET TRANSCRIPT
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48 West 37th Street, New York, NY 10018
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TWST: Could we begin with a brief summary, a bit of a background sketch on VSB Bancorp and then bring us up-to-date.
Mr. Branca:VSB Bancorp is the holding company for Victory State Bank, which was formed in 1997 by a group of local business people on Staten Island, one of the boroughs of New York City. Victory State Bank was formed to address the gap in the business needs of the customers on Staten Island. There was a former bank here that was merged out of existence, who primarily dealt with business customers. Since its merger, there was a huge opening where people dissatisfied with their current banks and how they were handling commercial accounts. So, myself and my Chairman Joseph LiBassi, got together and we formulated a plan to form a new bank on Staten Island, first one in New York actually in 17 years. We put the plan together to address the business needs of the communities on Staten Island, specifically. Victory State Bank and VSB Bancorp, now have five branch locations on Staten Island, about $225 million in assets and we have grown steadily throughout our 12-year history.
TWST: With unemployment numbers in New York at about 10.3%, what’s the economic backdrop like there? What characterizes the region at your end and what is your outlook for it and for your customers?
TWST: Whom do you consider to be your competition? And who are your peers? What distinguishes Victory State Bank from its competition?
TWST: Are you seeing any trends up, down or sideways with regard to your reserves against bad debts, i.e. small business loans, commercial real estate, car loans, mortgages et cetera?
TWST: What is your outlook at this point as far as the Staten Island economy is concerned and what’s your outlook for future loan productions?
TWST: Last fall during the dark bleak months of the Lehman collapse, the debut of TARP, the Federal Reserve in the treasury department activities — there was a lot going on there from the Fed and from the Treasury. Do, you feel that they have helped or hurt the industry short term, long term?
TWST: As you look at your bank’s financial strength and its resources, are there any priorities for improvement?
TWST: What’s the overall agenda, what are your priorities to make the next 12 to 24 months a success at VSB?
TWST: What historically has been the shareholder base with VSB Bancorp and has it undergone any changes or transitions?
TWST: Do you have any analyst coverage at this point?
TWST: In your discussions with shareholders and investors, are there any misperceptions about what VSB is or what it should be doing? Are there any recurring questions?
TWST: Could you give us the picture of one or two of the key individuals you have at the top level of management at the bank? And are there any areas that you are looking to augment?
TWST: Do you feel that you have the manpower resources that you need to take you through the end of ‘09 and into 2010?
TWST: What would you say to compel investors to review VSB Bancorp, its performance, its opportunities, and to include VSB in their current portfolio, and in their long-term investor strategy?
TWST: Is there anything we missed or anything you might include or add?
TWST: Thank you.