DUNKIRK, NY, Feb. 11 10, 2022 (GLOBE NEWSWIRE) — Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ Global Market: LSBK), the holding company of Lake Shore Savings Bank (the “Bank”), announced that the Board of Directors of the Company has approved a cash dividend of $0.16 per share on its common stock, payable March 17, 2022, to shareholders of record as of February 24, 2022. Based on the Company’s closing share price of $14.86 on February 10, 2022, the implied dividend yield of the Company’s common shares is currently 4.31%.
On February 9, 2022, Lake Shore, MHC (the “MHC”), which holds 3,636,875 shares, or 63.9% of the total outstanding common shares of the Company, held a special meeting of its members (members are depositors of Lake Shore Savings Bank). At this special meeting, members approved a proposal that MHC waive its right to receive dividends declared by the Company on its common stock (up to an aggregate amount of $0.68 per share) over the next 12 months. More than 56% of the eligible votes were cast. Of the votes cast, 96.1% were in favor of the proposal.
Following receipt of member approval, MHC will seek the Federal Reserve Board’s no objection to waivers of dividends by MHC for the next 12 months. If such non-objection is obtained from the Federal Reserve Board prior to March 17, 2022, the scheduled dividend payment date, MHC intends to waive receipt of the dividend.
“We appreciate the continued support of our depositors in maintaining MHC’s dividend exemption for ten consecutive years,” said Daniel P. Reininga, President and Chief Executive Officer. “The depositors’ vote to waive dividends enables the Bank and its intermediary holding company to better utilize its resources to meet the banking needs of our customers and communities.”
Lake Shore Bancorp, Inc. (NASDAQ Global Market: LSBK) is the intermediate holding company of Lake Shore Savings Bank, a community-oriented, federally chartered financial institution headquartered in Dunkirk, New York. The Bank has eleven full-service branches in Western New York, with five branches in Chautauqua County, New York and six branches in Erie County, New York. The Company had total assets of $714.1 million and total deposits of $593.7 million as of December 31, 2021. The Bank offers a wide range of lending and deposit services to individuals and businesses. The Company’s common stock trades on the NASDAQ Global Market under the name “LSBK”. Additional company information is available at www.lakeshoresavings.com.
This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on current expectations, estimates and projections about the Company’s and the Bank’s industry, and management’s beliefs and assumptions. . Words such as anticipate, expect, intend, plan, believe, estimate and variations of such words and phrases are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Accordingly, actual results may differ materially from those expressed or anticipated in such forward-looking statements. The Company and the Bank undertake no obligation to publicly update any forward-looking statements, whether as a result of new information or otherwise.
Rachel A. Foley
Lake Shore Bancorp, Inc.
31 East Fourth Street
Dunkirk, New York 14048
(716) 366-4070 ext. 1020