NEW YORK, June 23 /PRNewswire/ -- A joint initiative between Victory State Bank and the New York City Housing Authority (NYCHA) is set to present public-housing residents on Staten Island an added convenience: The opportunity to pay their monthly rent through any one of five Victory State Bank branches in the borough.

Victory State Bank operates five full-service locations on Staten Island - the main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank.

This is the first time that public housing residents on the Island have been provided with the option of paying their rent through a bank branch. The new program also will present additional financial-education opportunities for public housing residents.

"Victory State Bank, Staten Island's only locally based community bank, is proud to partner with the New York City Housing Authority in this joint effort to bring underserved and unbanked individuals into mainstream banking," said Ralph Branca, president and CEO of Victory State Bank. "The goal of this partnership is to provide an inexpensive and safe way for residents to pay their rent and to encourage them to establish checking and savings accounts. By utilizing our low-cost banking products, the residents will have the opportunity to enjoy the many benefits of a banking relationship as we help them meet their financial needs."

Currently, residents can pay their monthly rents via mail to NYCHA's rent- payment processing center, known as "Lockbox," at authorized check-cashing locations, or online through the Housing Authority's e-payment system.

Victory State Bank will process NYCHA rent payments for $1, which will be charged to the resident.

VSB Bancorp, Inc. (Nasdaq: VSBN) is the one-bank holding company for Victory State Bank. Victory State Bank is a Staten Island-based commercial bank, which commenced operations on Nov. 17, 1997. The bank's initial capitalization of $7 million was primarily raised within the community of Staten Island, N.Y. The Bancorp's total equity has increased to $25.1 million, primarily through the retention of earnings. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online at http://victorystatebank.com/default.htm.

CONTACT: Barton Horowitz
RELEVANT PUBLIC RELATIONS LLC
HEADQUARTERS: 718-682-1509
E-MAIL: Bhorowitz@RelevantPR.com

OR

Sheila Stainback, NYCHA
212-306-3322

SOURCE Victory State Bank