LAKE SHORE BANCORP, inc. (NASDAQ:LSBK) Files An 8-K Other Events
Item 8.01Other Events.
On March 7, 2019, Lake Shore, MHC (the “MHC”), the mutual holding company of Lake Shore Bancorp, Inc. (the “Company”), received notice of the non-objection of the Federal Reserve Bank of Philadelphia to waive its right to receive dividends paid by the Company during the twelve months ending February 6, 2020, up to $0.12per share on a quarterly basis.
It is expected that the MHC will waive dividends declared by the Company during the twelve months ending February 6, 2020, except to the extent dividends are needed to fund the MHC’s continuing operations. Lake Shore, MHC, which owns 60.6% of the Company’s outstanding common stock as of March 7, 2019has elected to waive its right to receive the dividend to be paid on March 15, 2019.
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.