UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 9, 2004
VSB Bancorp, Inc.
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(Exact Name of Registrant as specified in its charter)
New York 0-50237 11-3680128
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(State or other jurisdiction Commission File IRS Employer Identification
of incorporation) Number No.
3155 Amboy Road, Staten Island, New York 10306
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Address of principal (Zip/Postal Code) executive offices
Registrant's telephone number: 718-979-1100
n/a
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(Former name or former address, if changed since last report)
Item 4. Changes in Registrant's Certifying Accountant
a.
i. Our Board of Directors, on March 9, 2004, unanimously decided not to retain
the firm of Deloitte & Touche LLP as our independent accountant for 2004.
ii. Deloitte & Touche LLP's report on our financial statements for the past two
years does not contain an adverse opinion or disclaimer of opinion, and was
not modified as to uncertainty, audit scope, or accounting principles.
iii. The decision to change accountants was approved by the Board of Directors
upon the unanimous recommendation of the Audit Committee of the Board of
Directors.
iv.
A. There were no disagreements with Deloitte & Touche LLP, whether
or not resolved, on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or
procedure, which, if not resolved to Deloitte & Touche LLP's
satisfaction, would have caused Deloitte & Touche LLP to make
reference to the subject matter of the disagreement in connection
with its report.
B. Deloitte & Touche LLP did not advise us that:
1. internal controls necessary to develop reliable financial
statements did not exist; or
2. information has come to the attention of Deloitte & Touche
LLP which made Deloitte & Touche LLP unwilling to rely on
management's representations, or unwilling to be associated
with the financial statements prepared by management; or
3. the scope of the audit should be expanded significantly, or
information has come to Deloitte & Touche LLP's attention
that Deloitte & Touche LLP has concluded will, or if further
investigated might, materially impact the fairness or
reliability of a previously issued audit report or the
underlying financial statements, or the financial statements
issued or to be issued covering the fiscal periods
subsequent to the date of the most recent audited financial
statements (including information that might preclude the
issuance of an unqualified audit report), and the issue was
not resolved to Deloitte & Touche LLP satisfaction prior to
its resignation or dismissal.
(b) New Independent Public Accountants
On March 9, 2004, our Board of Directors, upon the unanimous recommendation of
the Audit Committee of the Board of Directors, unanimously approved the
retention of the firm of Crowe Chizek and Company LLC as our independent public
accountants for 2004, subject to ratification by our stockholders at the 2004
annual meeting of stockholders.
During our two most recent fiscal years, or thereafter until March 9, 2004, we
did not consult with Crowe Chizek and Company LLC regarding the application of
accounting principles to a specific completed or contemplated transaction, or
the type of audit opinion that might be rendered on our financial statements and
no written or oral advice was provided that was an important factor considered
by the Audit Committee or the Board of Directors in reaching a decision as to
the accounting, auditing or financial reporting issue.
Item 7. Exhibits
16.1 Letter from Deloitte & Touche LLP regarding the change in certifying
accountants(to be filed subsequently).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: March 15, 2004
VSB Bancorp, Inc.
By: /s/ RAFFAELE M. BRANCA
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Raffaele M. Branca
Executive Vice President and CFO
INDEX TO EXHIBITS
Exhibit No. Description
16.1 Letter from Deloitte & Touche LLP regarding the change in
certifying accountants(to be filed subsequently).