VSB Bancorp, has announced that Merton Corn, who has been the president of its subsidiary Victory State Bank has retired. Raffaele Branca has been elected as president and CEO of both Victory State Bank and VSB Bancorp to succeed Mr Corn.

Mr Branca was previously the executive vice president and CFO of both Victory State Bank and VSB Bancorp.

Joseph LiBassi, chairman of the board of VSB Bancorp, said: Mert has been a fixture in banking on Staten Island for thirty years. Many residents of the local communities we serve live in homes that were built with financing assistance provided through Mert’s leadership in building a bridge between the banking industry and local building trades. Although Mert is leaving his position as president and CEO, we are gratified that he will remain as a director and we look forward to his continued guidance and expertise.

Mr LiBassi, commenting on Mr Branca’s promotion, said: We are pleased to be able to bring Ralph into the position of president and CEO to continue our tradition of strong and competent leadership.