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.
Appointment of Executive Vice President of Retail, Sales and Marketing
On August 3, 2020, Lake Shore Bancorp, Inc. (the “Company”), the holding company of Lake Shore Savings Bank announced the appointment of Susan C. Ballard as Executive Vice President of Retail, Sales and Marketing, effective August 1, 2020 (the “Effective Date”). Ms. Ballard has been a member of the Company’s Board of Directors since 2012 and most recently served on its Loan, Compensation and Nominating and Governance Committees, and as the current Chairperson of the Compensation Committee. Ms. Ballard resigned her position on the Board and related committees, effective July 31, 2020. Ms. Ballard was formerly the Branch Director for Hunt Real Estate ER.
Following the Effective Date, Ms. Ballard will no longer receive compensation that is provided to non-employee directors with respect to her service on the Board.
A copy of the press release is attached as Exhibit 99.1 hereto.
Item 9.01Financial Statements and Exhibits.
99.1 Press release of Lake Shore Savings Bank dated August 3, 2020
LAKE SHORE BANCORP, INC. Exhibit
EX-99.1 2 lsbk-20200803xex99_1.htm EX-99.1 Press Release – Director-Employee FOR IMMEDIATE RELEASE August 3,…
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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.