LAKE SHORE BANCORP, inc. (NASDAQ:LSBK) Files An 8-K Other Events
Item 8.01Other Events.



On January 3, 2017, Lake Shore Bancorp, Inc. (the “Company”), the holding company for Lake Shore Savings Bank (the “Bank”), announced that Lake Shore, MHC (the “MHC”), the mutual holding company that owns 59.7% of the Company’s outstanding common stock, will hold a special meeting of its members to vote on a proposal to authorize the MHC to waive its right to receive dividends aggregating up to $0.32 per share that may be declared by the Company in the 12 months subsequent to the approval of the proposal by members. The special meeting will be held on February 8, 2017.



There can be no assurance that the members will approve the dividend waiver or that the Federal Reserve will not object to the waiver even if it is approved by members at the special meeting.  If the proposed dividend waiver is not approved by members or the Federal Reserve, the Board of Directors of the Company intends to reduce the proposed quarterly dividend from $0.08 per outstanding share to $0.04 per outstanding share.



































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.

LAKE SHORE BANCORP, inc. (NASDAQ:LSBK) Recent Trading Information

LAKE SHORE BANCORP, inc. (NASDAQ:LSBK) closed its last trading session 00.00 at 16.15 with 390 shares trading hands.