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 February 13, 2009 to the Company’s shareholders of record as of
January 30, 2009. The Company is the majority-owned subsidiary of Lake
Shore, MHC, a federal mutual holding company which owned 58.1% of the
Company’s outstanding shares as of December 31, 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 is participating in the FDIC’s
Transaction Account Guarantee Program, which provides unlimited FDIC
insurance on certain transaction accounts until December 31, 2009.
Accounts eligible for the expanded FDIC insurance include transaction
accounts paying no interest or interest of 0.50% or less.
“We are pleased to be able to offer our customers the expanded FDIC
insurance coverage,” said David C. Mancuso, President and Chief
Executive Officer of Lake Shore Savings Bank. “This will allow our
customers to have additional assurance that their funds are safe and
secure.”
Lake Shore Bancorp is the parent company of Lake Shore Savings Bank, a
community-oriented financial institution operating nine 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
