Holding Company of Staten Island’s only community-based business bank intends to leave NASDAQ and commence trading under the symbol ‘VSBN’ on the OTCQB Marketplace
STATEN ISLAND, N.Y. (Dec. 4, 2013) – Victory State Bank’s holding company, VSB Bancorp Inc., is leaving the NASDAQ Global Market as it heads for the OTCQB Marketplace, where it plans to commence quotation and trading under its well-established symbol of “VSBN.”
VSB Bancorp, which operates the only community-based commercial bank in Staten Island, N.Y., has submitted written notice to NASDAQ of its intention to voluntarily delist its common stock, $0.0001 par value, from the NASDAQ exchange.
The company intends to file Form 25 with the Securities and Exchange Commission (SEC) on or about Dec. 13 to delist its common stock.
The common stock is expected to be listed on the NASDAQ until Dec. 22.
“Cost reduction is a major reason for this change,” said Joseph J. LiBassi, chairman of Victory State Bank. “The bank is fortunate to have a strong capital position; we believe in keeping a close eye on the bottom line and making choices based upon the best interests of Victory State’s investors and customers.”
Prior to moving forward, the company’s Board of Directors considered a variety of factors, said Ralph Branca, president and CEO of Victory State Bank.
The board, he said, authorized the delisting and deregistration of the company’s common stock after concluding that the consequences of remaining a SEC-reporting company, including the significant costs (accounting, legal and administrative) associated with registration, outweighed the benefits of trading on a national exchange.
“Incentives guiding our decision involved cost-cutting measures, improved efficiency, the mission of Victory State Bank to remain transparent, and a smooth transition into the OTCQB marketplace,” Branca said.
Specifically influencing the board’s decision, he said, were the significant costs, direct and indirect, associated with the preparation and filing of periodic reports with the SEC.
Following the delisting from NASDAQ, VSB Bancorp and its wholly owned subsidiary, Victory State Bank, will continue to file required reports with the Federal Reserve, FDIC and the New York State Department of Financial Services, and the company will continue to engage an independent public accountant for the annual audit of its financial statements.
VSB Bancorp plans to file Form 15 with the SEC on or about Dec. 23 to terminate the registration of the common stock pursuant to Section 12(g)(4) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and to notify the SEC of the automatic suspension of its public reporting obligations under Sections 13(a) and 15(d) of the Exchange Act.
VSB Bancorp will continue to prepare and publish quarterly and annual financial results in a more abbreviated form than its current periodic SEC reports. The company will continue to mail shareholders the periodic information as it currently does.
ABOUT VICTORY STATE BANK
VSB Bancorp Inc. is the one-bank holding company for Victory State Bank.
Victory State Bank, Staten Island’s only community-based commercial bank, commenced operations on Nov. 17, 1997.
The bank’s initial capitalization of $7 million was primarily raised in the Staten Island community. The Bancorp’s total equity increased to $27.5 million, primarily through the retention of earnings.
Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. Victory State Bank may be reached at 718-979-1100 or visited online http://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 VSB Bancorp Inc. 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. VSB Bancorp Inc. 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 VSB Bancorp Inc. under the PSLRA’s safe harbor provisions.
Media Contact: Barton Horowitz