LAKE SHORE BANCORP, inc. (NASDAQ:LSBK) Files An 8-K Other Events
Item 8.01Other Events.
On February 6, 2019, at a special meeting of members of Lake Shore, MHC (the “MHC”), the mutual holding company of Lake Shore Bancorp, Inc. (the “Company”), the members of the MHC (i.e., depositors of Lake Shore Savings Bank) voted to approve the MHC’s waiver of quarterly dividends declared by the Company on its common stock during the twelve months subsequent to the members approval (i.e., through February 6, 2020), of up to $0.12 per share.
Historically, the MHC has waived its right to receive dividends declared on its shares of the Company’s common stock.However, the Federal Reserve Board adopted interim final regulations that impose additional conditions on the ability of mutual holding companies to waive the receipt of dividends declared by their subsidiaries, including the requirement to obtain member approval prior to a mutual holding company’s decision to waive the receipt of dividends. Following the receipt of member approval, the MHC will apply to the Federal Reserve Board for its non-objection to dividend waivers by the MHC for the next 12 months.If this non-objection is obtained from the Federal Reserve Board prior to March 15, 2019, the expected payment date of the fourth quarter 2018 dividend, the MHC intends to waive its receipt of such dividend.
On February 6, 2019, the Company’s Board of Directors declared a quarterly cash dividend of $0.12 per share on its outstanding common stock.The dividend is payable on March 15, 2019 to shareholders of record as of February 21, 2019.
A copy of the press release is attached as Exhibit 99.1 hereto
Item 9.01Financial Statements and Exhibits.
(d)Exhibits
99.1Press Release of Lake Shore Bancorp, Inc. dated February 7, 2019.
LAKE SHORE BANCORP, INC. Exhibit
EX-99.1 2 lsbk-20190207xex99_1.htm EX-99.1 Press Release Dividend and Meeting Results19 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.