Lake Shore Bancorp stockholders approved a plan to convert to a public company and change the bank's charter.
Quiver AI Summary
Lake Shore Bancorp, Inc., the holding company for Lake Shore Savings Bank, announced that on July 1, 2025, its stockholders and members approved the plan to convert from a mutual holding company to a fully public stock holding company and to change the Bank's status from a federal savings bank to a New York chartered commercial bank. The completion of this conversion and the associated stock offering is pending final regulatory approvals and customary closing conditions. Lake Shore Federal Bancorp, which operates ten branches in Western New York, offers various financial services and its stock is traded on NASDAQ under the ticker "LSBK." The release also includes cautionary forward-looking statements regarding potential risks and uncertainties associated with the completion of the transaction.
Potential Positives
- Approval of the Amended and Restated Plan of Conversion and Reorganization by stockholders and members indicates strong support for the company's transition to a fully public stock holding company, which may enhance shareholder value and market presence.
- The conversion from a mutual holding company to a fully public stock holding company positions Lake Shore Bancorp for potential growth opportunities and increased capital through public investment.
- The transition to a New York chartered commercial bank allows the Bank to expand its service offerings and potentially attract a broader customer base within the region.
Potential Negatives
- The company's plan to convert from a mutual holding company to a fully public stock holding company is subject to regulatory approvals, which adds uncertainty and risk to the transaction.
- The press release highlights numerous potential risks and uncertainties, including data loss, economic conditions, and credit quality deterioration, which could adversely affect the company's future performance.
- The shares offered are not insured by the FDIC or any other government agency, indicating a higher risk for investors compared to traditional savings accounts.
FAQ
What is the recent announcement by Lake Shore Bancorp?
Lake Shore Bancorp announced the approval of its conversion from a mutual holding company to a fully public stock holding company.
When was the special meeting held for stockholders?
The special meetings for stockholders took place on July 1, 2025.
What changes will occur for Lake Shore Savings Bank?
The Bank will convert from a federal savings bank to a New York chartered commercial bank.
Is the stock offering guarantee by the government?
No, the shares offered are not insured by the Federal Deposit Insurance Corporation or any government agency.
Where can I find more information about Lake Shore Bancorp?
More information is available on their website at www.lakeshoresavings.com.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$LSBK Hedge Fund Activity
We have seen 7 institutional investors add shares of $LSBK stock to their portfolio, and 6 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- VANGUARD GROUP INC removed 46,292 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $731,413
- GLOBAL RETIREMENT PARTNERS, LLC removed 31,469 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $432,469
- M3F, INC. added 19,140 shares (+17.4%) to their portfolio in Q1 2025, for an estimated $302,412
- BRIDGEWAY CAPITAL MANAGEMENT, LLC removed 14,694 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $232,165
- SUSQUEHANNA INTERNATIONAL GROUP, LLP added 10,147 shares (+inf%) to their portfolio in Q1 2025, for an estimated $160,322
- UBS GROUP AG added 5,256 shares (+339.8%) to their portfolio in Q1 2025, for an estimated $83,044
- GEODE CAPITAL MANAGEMENT, LLC added 2,229 shares (+12.8%) to their portfolio in Q1 2025, for an estimated $35,218
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
DUNKIRK, N.Y., July 01, 2025 (GLOBE NEWSWIRE) -- Lake Shore Bancorp, Inc. (“Lake Shore Federal Bancorp”) (NASDAQ: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), announced today that at special meetings held on July 1, 2025, the stockholders of Lake Shore Federal Bancorp and the members of Lake Shore, MHC (depositors of the Bank) approved the Amended and Restated Plan of Conversion and Reorganization in connection with Lake Shore, MHC’s previously announced plan to convert from the mutual holding company to the fully public stock holding company form of organization and the Bank’s conversion from a federal savings bank to a New York chartered commercial bank.
The closing of the conversion and the stock offering of Lake Shore Bancorp, Inc. remains subject to receipt of final regulatory approvals and customary closing conditions.
This press release is neither an offer to sell nor a solicitation of an offer to buy common stock. The offer is made only by the prospectus when accompanied by a stock order form. The shares of common stock to be offered for sale by Lake Shore Bancorp, Inc. are not savings accounts or savings deposits and are not insured by the Federal Deposit Insurance Corporation or by any other government agency.
About Lake Shore
Lake Shore Federal Bancorp is the mid-tier holding company of Lake Shore Savings Bank, a federally chartered, community-oriented financial institution headquartered in Dunkirk, New York. The Bank has ten full-service branch locations in Western New York, including four in Chautauqua County and six in Erie County. The Bank offers a broad range of retail and commercial lending and deposit services. Lake Shore Federal Bancorp’s common stock is traded on the NASDAQ Global Market as “LSBK”. Additional information about Lake Shore Federal Bancorp is available at
www.lakeshoresavings.com
.
Safe-Harbor
This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are based on current expectations, estimates and projections about Lake Shore Federal Bancorp’s, Lake Shore Bancorp, Inc.’s (collectively, the “Company”) and the Bank’s industry, and management’s beliefs and assumptions. Words such as anticipates, expects, intends, plans, believes, estimates and variations of such words and expressions are intended to identify forward-looking statements. Such statements reflect management’s current views of future events and operations. These forward-looking statements are based on information currently available to the Company as of the date of this release. It is important to note that these forward-looking statements are not guarantees of future performance and involve and are subject to significant risks, contingencies, and uncertainties, many of which are difficult to predict and are generally beyond our control including, but not limited to, that the proposed transaction may not be timely completed, if at all, that required final regulatory approvals are not timely received, if at all, or that other customary closing conditions are not satisfied in a timely manner, if at all , data loss or other security breaches, including a breach of our operational or security systems, policies or procedures, including cyber-attacks on us or on our third party vendors or service providers, economic conditions, the effect of changes in monetary and fiscal policy, inflation, tariffs, unanticipated changes in our liquidity position, climate change, geopolitical conflicts, public health issues, increased unemployment, deterioration in the credit quality of the loan portfolio and/or the value of the collateral securing repayment of loans, reduction in the value of investment securities, the cost and ability to attract and retain key employees, regulatory or legal developments, tax policy changes, dividend policy changes and our ability to implement and execute our business plan and strategy and expand our operations. These factors should be considered in evaluating forward looking statements and undue reliance should not be placed on such statements, as our financial performance could differ materially due to various risks or uncertainties. We do not undertake to publicly update or revise our forward-looking statements if future changes make it clear that any projected results expressed or implied therein will not be realized.
Source: Lake Shore Bancorp, Inc.
Category: Financial
Investor Relations/Media Contact
Kim C. Liddell
President, CEO, and Director
Lake Shore Bancorp, Inc.
31 East Fourth Street
Dunkirk, New York 14048
(716) 366-4070 ext. 1012