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.
(d) On July 24, 2019, the Board of Directors of Lake Shore Bancorp, Inc. (the “Company”) appointed John P. McGrath and Ronald J. Passafaro to the Company’s Board of Directors effective August 1, 2019.
Mr. McGrath is currently the Assistant Treasurer of Moog, Inc., a worldwide designer, manufacturer and systems integrator of high performance precision motion and fluid controls and controls systems for a broad range of applications in aerospace and defense and industrial markets. He has held this position since 2008. He previously held positions in the treasury departments of publicly held banks, including Greater Buffalo Savings Bank, First Niagara Financial Group and Empire of America.
Mr Passafaro is currently the President, CEO and Chairman of the Board of ECR International, a division of BDR Thermea Group, a position he has held since 2015. BDR Thermea, headquartered in the Netherlands, is a global leader providing innovative heating and hot water systems and services for residential and commercial applications marketed in over 100 countries. From 2011 through 2015, Mr. Passafaro held the position of President and CEO and Vice Chairman of the Board for ECR International, a privately held stock company which manufactured and marketed HVAC products, specializing in residential boiler products.
The Boards of Directors of Lake Shore, MHC (the Company’s majority stockholder) and Lake Shore Savings Bank also appointed Mr. McGrath and Mr. Passafaro to their respective boards.
There were no understandings or arrangements with any person regarding these appointments to the Board of the Company. Neither Mr. McGrath nor Mr. Passafaro has participated in any transactions with the Company that, in the aggregate, exceed $120,000.
The Board has determined that Mr. McGrath will be appointed to the Asset/Liability Committee and that Mr. Passafaro will be appointed to the Compensation Committee.
A copy of the press release is attached as Exhibit 99.1 hereto.
Item 5.03Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
(a) On July 24, 2019, the Board of Directors of the Company amended its bylaws effective August 1, 2019 to increase the number of directors from nine members to eleven members.
Item 9.01Financial Statements and Exhibits.
(d) Exhibits
3.2 Amended and Restated Bylaws of Lake Shore Bancorp, Inc.
99.1 Press release of Lake Shore Bancorp, Inc. dated July 25, 2019.
LAKE SHORE BANCORP, INC. Exhibit
EX-3.2 2 lsbk-20190725xex3_2.htm EX-3.2 EX3.2 Amended By Laws AMENDED AND RESTATED BYLAWS OF LAKE SHORE BANCORP,…
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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.
