VSB Bancorp, Inc. Shareholders Approve Merger With Northfield Bancorp, Inc.

WOODBRIDGE, N.J. and STATEN ISLAND, N.Y., June 24, 2020 (GLOBE NEWSWIRE) -- Northfield Bancorp, Inc. (Nasdaq: NFBK) (“Northfield”), parent company of Northfield Bank, and VSB Bancorp, Inc. (OTCQX: VSBN) (“Victory”), parent company of Victory State Bank, jointly announced that at a special meeting held on June 23, 2020, Victory shareholders approved the proposed Agreement and Plan of Merger providing for the merger of Victory with and into Northfield.

Northfield’s President and CEO, Steven M. Klein, commented, “The combination of Northfield and Victory demonstrates our shared commitment to bringing two locally grown community banks together to serve the Staten Island community.”

"The strong shareholder support we received for this partnership supports the opportunity we see to add value for our employees, customers, community, and shareholders,” added Ralph M. Branca, Victory’s President and CEO. 

“The merger of the two companies will generate synergies for both our customers and shareholders alike,” noted Joseph J. LiBassi, Chairman of the Board of VSB Bancorp.

The merger is expected to occur on or about the close of business on July 1, 2020, and based on such closing date, each share of Victory common stock will be exchanged for 2.0463 shares of Northfield common stock with fractional shares paid out in cash. Victory customers will continue to be able to bank with Victory as they always have, and will receive information on the system integration process in the coming weeks.

About Northfield Bank
Northfield Bank, founded in 1887, currently operates 37 full-service banking offices in Staten Island and Brooklyn, New York, and Mercer, Middlesex, Hunterdon and Union counties, New Jersey.  For more information about Northfield Bank, please visit www.eNorthfield.com.

About Victory State Bank
Victory State Bank began operations in 1997, and operates six full-service locations in Staten Island. For more information about Victory, please visit www.victorystatebank.com.

Forward-Looking Statements: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about (i) the benefits of the merger between Northfield and Victory, including future financial and operating results, cost savings and accretion to reported earnings that may be realized from the merger; (ii) Northfield’s and Victory’s plans, objectives, expectations and intentions and other statements contained in this presentation that are not historical facts; and (iii) other statements identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," or words of similar meaning.  These forward-looking statements are based upon the current beliefs and expectations of Northfield’s and Victory’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control.  In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change.  Actual results may differ materially from the anticipated results discussed in these forward-looking statements.