Newly opened banking facility is the sixth full-service branch of the only community-based business bank on Staten Island
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, drivethru 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.
“Victor y 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.