Lake Shore Bancorp, Inc. (the “Company”)
(NASDAQ Global Market: LSBK), the holding company for Lake Shore Savings
Bank (the “Bank”),
announced today that its Board of Directors declared a quarterly cash
dividend of $0.05 per share on its outstanding common stock. The
dividend is payable on November 14, 2008 to the Company’s
shareholders of record as of October 30, 2008. The Company is the
majority-owned subsidiary of Lake Shore, MHC, a federal mutual holding
company which owned 57.4% of the Company’s
outstanding shares as of September 30, 2008. Lake Shore, MHC has filed a
regulatory notice of its intent to waive dividends paid on the shares of
the Company it owns.
The Company also announced that it has executed an agreement with First
Niagara Financial Group to purchase the former Greater Buffalo Savings
Bank branch office located on Delaware Avenue in Kenmore, New York. The
Company currently anticipates that the new branch will open on December
1, 2008. This will be the 9th branch location
for Lake Shore Savings Bank.
“We are pleased to be able to execute our
strategic plan and expand our presence in Erie County,”
said David C. Mancuso, President and Chief Executive Officer of Lake
Shore Savings Bank. “We will be able to
provide customers in Kenmore and its surrounding areas with an option to
do their banking with a 'community bank' that has been in existence
since 1891.”
Lake Shore Bancorp is the parent company of Lake Shore Savings Bank, a
community-oriented financial institution operating eight full-service
branch locations in western New York offering a broad array of retail
and commercial lending and deposit services. Traded on the NASDAQ Global
Market as LSBK, Lake Shore Bancorp can also be found on the web at www.lakeshoresavings.com.
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 the
Company’s 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 are not guarantees of future performance and are subject to
certain risks, uncertainties and assumptions that are difficult to
forecast. Therefore, actual results may differ materially from
those expressed or forecast in such forward-looking statements. The
Company and Bank undertake no obligation to update publicly any
forward-looking statements, whether as a result of new information or
otherwise.
Lake Shore Bancorp, Inc.
Rachel A. Foley, CFO, 716-366-4070
