LAKE SHORE BANCORP, inc. (NASDAQ:LSBK) Files An 8-K Other EventsItem 8.01Other Events.
On November 26, 2018, Lake Shore Savings Bank (the “Bank”), the wholly-owned subsidiary of Lake Shore Bancorp, Inc. (the “Company”), filed an application with the Office of the Comptroller of the Currency seeking approval to convert the Bank’s charter from a federal savings bank to a national bank under the name “Lake Shore Bank, National Association.”The Bank’s conversion to a national bank charter will enable it to engage in business activities authorized for national banks, including establishing deposit and account relationships with New York municipalities and other public entities.Currently, under New York law, municipalities and public entities in New York may not deposit funds with either state- or federally-chartered savings banks.In connection with the Bank’s charter conversion, the Company and Lake Shore, MHC (the “MHC”), the majority stockholder of the Company, have filed applications seeking approval from the Board of Governors of the Federal Reserve System to become bank holding companies.In order to become bank holding companies, the Company and the MHC will be required to eliminate their federal charters, and will reincorporate as a Maryland corporation and a Delaware non-stock corporation, respectively.After the Bank’s charter conversion and the Company’s reincorporation in Maryland, the Company will remain in the public mutual holding company structure with the same stock ownership percentages that existed prior to the charter conversions.
A copy of the press release announcing the Bank’s filing of the charter conversion application is included as exhibit 99.1 to this report and is incorporated herein by reference.
Item 9.01Financial Statements and Exhibits.
(d)Exhibits
99.1Press Release of Lake Shore Bancorp, Inc. dated November 28, 2018.
LAKE SHORE BANCORP, INC. ExhibitEX-99.1 2 lsbk-20181128xex99_1.htm EX-99.1 Press Release for Charter Change Lake Shore Savings Bank has Filed an Application to Convert to a National Bank Charter DUNKIRK,…To view the full exhibit click here
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.
