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Victory State Bank opens its sixth full-service branch

By Relevant Public Relations, LLC, Barton Horowitz

Victory State Bank marked the opening on Aug. 16 of its sixth full-service branch, a stunning custom-built banking facility at 2055 Victory Blvd., Meiers Corners.

The new building, where the former Schaffer’s Tavern once stood, represents the latest physical expansion of Staten Island’s only community-based commercial bank.

 “We are excited about opening our sixth full-service branch, located at the intersection of Victory Boulevard and Bradley Avenue,” said Raffaele (Ralph) M. Branca, president and CEO of Victory State Bank. “We have a walk-up ATM, night drop, drive-thru and ample parking for our customers. We now have another outlet to deliver our exceptional personal service.”

Victory State Bank began its journey Nov. 17, 1997. Its formation was forged with initial capitalization of $7 million, sold primarily to the residents of Staten Island. In its 10th month of operation, the bank became profitable. Its total assets flourished to the $100 million mark by 2001. Operating since May 2003 under the umbrella of one-bank holding company VSB Bancorp, Inc. (OTCQX: VSBN), the bank’s total equity has since increased to $36.9 million.

“Victory State Bank was launched out of necessity. At the time, Staten Island’s business community lacked adequate local banking services – and something needed to be done to remedy the situation,” said Joseph J. LiBassi, Victory State Bank founder, and chairman of VSB Bancorp, Inc. In establishing the bank, LiBassi sought out some of the borough’s brightest business minds, attracting Joan Nerlino-Caddell, Dr. Carlos Perez, and other local business experts as charter members of the bank’s board.

“It’s thrilling to see the Staten Island business sector thrive in tandem with the bank’s support,” LiBassi said. “Our new, conveniently situated full-service branch in Meiers Corners is yet another example of Victory State Bank’s commitment to providing easily accessible, top-notch banking services.”      

Under the leadership of LiBassi serving as chairman of VSB Bancorp, Inc., from the onset, and Branca as president and CEO of Victory State Bank since November 2007, the new Meiers Corners site has raised the number of the bank’s full-service branches to six, adding to locations in Great Kills (headquarters); West Brighton; St. George; Dongan Hills, and Rosebank. The bank additionally operates a business center in Dongan Hills.

For additional information, Victory State Bank may be reached at 718-979-1100, or visited online at www.VictoryStateBank.com.

FORWARD LOOKING STATEMENTS

This release contains forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to adverse changes in local, regional or national economic conditions, fluctuations in market interest rates, changes in laws or government regulations, weaknesses of other financial institutions, changes in customer preferences, and changes in competition within our market area. When used in this release or in any other written or oral statements by the Company or its directors, officers or employees, words or phrases such as “will result in,” “management expects that,” “will continue,” “is anticipated,” “estimate,” “projected,” or similar expressions, and other terms used to describe future events, are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). Readers should not place undue reliance on the forward-looking statements, which reflect management’s view only as of the date of the statement. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. This statement is included for the express purpose of protecting the Company under the PSLRA’s safe harbor provisions.

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PHOTO CREDIT: Courtesy of Victory State Bank

CAPTION: Victory State Bank’s newly opened full-service Meiers Corners branch stands at the intersection of Victory Boulevard and Bradley Avenue.

Media Contact: Barton Horowitz

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email: Bhorowitz@RelevantPR.com

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