LAKE SHORE BANCORP, inc. (NASDAQ:LSBK) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 23, 2019, the Board of Directors of Lake Shore Bancorp, Inc. (the “Company”), appointed Steven Schiavone (age 40), Controller, to serve as the Company’s principal accounting officer. Mr. Schiavone has served as the Controller of the Company since March 2008. Prior to that Mr. Schiavone served as the Assistant Vice President and Senior Specialist in the Global Transaction Services Controllers Group at Citigroup, as a Financial Analysis Manager and Officer for Greater Buffalo Savings Bank, and as a Tax Analyst in Corporate Tax and a Financial Analyst in Corporate Reporting for M&T Bank. In connection with the appointment, no material plan, contract or arrangement between Mr. Schiavone and the Company or the Bank was entered into or materially amended nor was any grant or award made or modified under any such plan, contract or arrangement. Mr. Schiavone is not a party to any transaction with the Company or the Bank that would require disclosure under Item 404(a) of the Securities and Exchange Commission Regulation S-K.
Ms. Rachel A. Foley, Chief Financial Officer and Treasurer will continue in her role as the Company’s Principal Financial Officer.
About LAKE SHORE BANCORP, inc. (NASDAQ:LSBK)
Lake Shore Bancorp, Inc. is a savings and loan holding company of Lake Shore Savings Bank (the Bank). The Bank’s loan portfolio consists of real estate loans and other loans. The real estate loans consist of residential one- to four-family, home equity, commercial and construction loans. The Bank’s other loans consists of commercial and consumer loans. The Bank provides all-in-one home equity lines of credit to its customers. The Bank’s primary sources of funds consist of deposits, scheduled amortization and prepayments of loans and securities, maturities and sales of investments and loans, interest earning deposits at other financial institutions and funds provided from operations. The Company operates through over 10 branch offices. It has branches in Chautauqua County, New York, which are located in Dunkirk, Fredonia, Jamestown, Lakewood and Westfield. In Erie County, New York, its branch offices are located in Depew, East Amherst, Hamburg, Kenmore, Orchard Park and Snyder.
