UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Amendment No. 1 to
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, thereby dismissing Deloitte & Touche LLP as
the independent accountant for VSB Bancorp, Inc.
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.
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(as previously filed as Exhibit 16.1 in Form 10-KSB on March 24,
2004).
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: April 19, 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
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16.1 Letter from Deloitte & Touche LLP regarding the change in
certifying accountants(as previously filed as Exhibit 16.1 in
Form 10-KSB on March 24, 2004).