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

ME Staff 8-k
-
0
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

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.



(b)  On April 7, 2020, the Board of Directors of Lake Shore Bancorp, Inc. (the “Company”) announced that Mr. Kevin M. Sanvidge will succeed Mr. Gary W. Winger as Chairman of the Board of Directors of the Company and Lake Shore Savings Bank (the “Bank”) effective at the Annual Meeting of Shareholders, to be held on May 20, 2020.  At that time, Mr. Sanvidge will also succeed Mr. Winger as Chairman of the Board of Directors for Lake Shore, MHC (the “MHC”), the mutual holding company that holds 61.4% of the Company’s outstanding common stock.  Mr. Winger, who has served on the Board since 1997, will be stepping down as a director on May 20, 2020 due to reaching the mandatory retirement age.  Mr. Winger has served as the Chairman of the Board since 2013, and over his tenure as a director has served on the following board committees:  Compensation, Governance and Nominating, Asset Liability and Loan.  He is a principal of Compass Consulting, Inc., a firm that provides consulting services in the area of higher education.  Mr. Winger stepped down as the interim Vice President of Administrative Services at Corning Community College in June 2019 and previously served as the Dean of Administration and Development and Chief Financial and Development Officer of Jamestown Community College for 27 years. 



Mr. Sanvidge has served on the Board of Directors since 2012, has served as the Vice Chairman of the Board for the Company and the MHC since May 2018, is the current Chairman of the Compensation Committee and is a member of the Governance and Nominating Committee.  Mr. Sanvidge is retired from his position as Chief Executive Officer and Administrative Director of the Chautauqua County Industrial Development Agency (“IDA”), a position he held from June 2014 until December 2017.  He was previously the Executive Vice President of Administration and Supply Chain at Cliffstar Corporation in Dunkirk, New York, a private label juice and beverage manufacturer, a position he held from 2006 until 2012.

















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.