Lake Shore Bancorp, Inc. Announces Results of Special Meetings of Stockholders and Members
Lake Shore Bancorp (NASDAQ: LSBK) announced that stockholders and members have approved the Amended and Restated Plan of Conversion and Reorganization at special meetings held on July 1, 2025. The plan involves two significant changes: the conversion of Lake Shore, MHC from a mutual holding company to a fully public stock holding company, and the Bank's transformation from a federal savings bank to a New York chartered commercial bank.
The transaction's completion remains subject to final regulatory approvals and customary closing conditions. Lake Shore Savings Bank, headquartered in Dunkirk, New York, currently operates ten full-service branch locations across Western New York, with four in Chautauqua County and six in Erie County.
Lake Shore Bancorp (NASDAQ: LSBK) ha annunciato che gli azionisti e i membri hanno approvato il Piano di Conversione e Riorganizzazione Modificato e Ristabilito durante le assemblee straordinarie tenutesi il 1掳 luglio 2025. Il piano prevede due cambiamenti importanti: la trasformazione di Lake Shore, MHC da una societ脿 di holding mutualistica a una societ脿 di holding azionaria completamente pubblica, e la conversione della Banca da banca federale di risparmio a banca commerciale con licenza dello Stato di New York.
Il completamento della transazione 猫 ancora soggetto alle approvazioni regolamentari finali e alle consuete condizioni di chiusura. Lake Shore Savings Bank, con sede a Dunkirk, New York, attualmente gestisce dieci filiali a servizio completo in tutta la Western New York, di cui quattro nella Contea di Chautauqua e sei nella Contea di Erie.
Lake Shore Bancorp (NASDAQ: LSBK) anunci贸 que los accionistas y miembros aprobaron el Plan de Conversi贸n y Reorganizaci贸n Modificado y Restablecido en reuniones especiales celebradas el 1 de julio de 2025. El plan implica dos cambios significativos: la conversi贸n de Lake Shore, MHC de una compa帽铆a de tenencia mutual a una compa帽铆a de tenencia accionaria completamente p煤blica, y la transformaci贸n del Banco de un banco federal de ahorro a un banco comercial con carta de Nueva York.
La finalizaci贸n de la transacci贸n sigue sujeta a las aprobaciones regulatorias finales y a las condiciones habituales de cierre. Lake Shore Savings Bank, con sede en Dunkirk, Nueva York, opera actualmente diez sucursales de servicio completo en el oeste de Nueva York, con cuatro en el condado de Chautauqua y seis en el condado de Erie.
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Lake Shore Bancorp (NASDAQ : LSBK) a annonc茅 que les actionnaires et membres ont approuv茅 le Plan modifi茅 et r茅vis茅 de conversion et de r茅organisation lors des assembl茅es sp茅ciales tenues le 1er juillet 2025. Le plan comprend deux changements majeurs : la conversion de Lake Shore, MHC, d'une soci茅t茅 de portefeuille mutuelle 脿 une soci茅t茅 de portefeuille enti猫rement publique, ainsi que la transformation de la banque d'une banque f茅d茅rale d'茅pargne en une banque commerciale agr茅茅e par l'脡tat de New York.
La finalisation de la transaction reste soumise aux approbations r茅glementaires finales et aux conditions habituelles de cl么ture. Lake Shore Savings Bank, dont le si猫ge est 脿 Dunkirk, New York, exploite actuellement dix agences 脿 service complet dans l'ouest de New York, dont quatre dans le comt茅 de Chautauqua et six dans le comt茅 d'Erie.
Lake Shore Bancorp (NASDAQ: LSBK) gab bekannt, dass die Aktion盲re und Mitglieder den ge盲nderten und neu gefassten Umwandlungs- und Reorganisationsplan bei Sonderversammlungen am 1. Juli 2025 genehmigt haben. Der Plan sieht zwei wesentliche 脛nderungen vor: die Umwandlung von Lake Shore, MHC von einer mutualistischen Holdinggesellschaft in eine vollst盲ndig b枚rsennotierte Aktienholdinggesellschaft sowie die Umwandlung der Bank von einer bundesstaatlichen Sparkasse in eine gewerbliche Bank mit New Yorker Charter.
Der Abschluss der Transaktion steht noch unter dem Vorbehalt der endg眉ltigen beh枚rdlichen Genehmigungen und der 眉blichen Abschlussbedingungen. Die Lake Shore Savings Bank mit Hauptsitz in Dunkirk, New York, betreibt derzeit zehn vollwertige Filialen in West-New York, davon vier im Chautauqua County und sechs im Erie County.
- Stockholders and members approved the conversion plan, indicating strong stakeholder support
- Planned conversion to fully public stock holding company structure could provide greater operational flexibility
- Extensive branch network with 10 locations across Western New York
- Transaction completion still pending final regulatory approvals
- Conversion process subject to various risks and uncertainties
- Potential operational challenges during transition to new charter structure
Insights
Lake Shore Bancorp stockholders approved conversion to fully public company structure and charter change, signaling significant corporate transformation.
Lake Shore Bancorp has secured a critical milestone in its corporate transformation journey. Both stockholders of Lake Shore Federal Bancorp and members of Lake Shore, MHC (the Bank's depositors) have approved the Amended and Restated Plan of Conversion and Reorganization at special meetings held on July 1, 2025.
This approval represents a fundamental structural change with two significant components: (1) conversion from a mutual holding company structure to a fully public stock holding company structure, and (2) transition from a federal savings bank charter to a New York chartered commercial bank.
The mutual-to-stock conversion will completely reshape Lake Shore's ownership structure. Currently, Lake Shore operates under a mutual holding company structure where Lake Shore, MHC likely holds a majority ownership stake in the mid-tier holding company (Lake Shore Federal Bancorp), with remaining shares publicly traded. Post-conversion, the company will be 100% owned by public shareholders, eliminating the mutual holding company layer entirely.
This restructuring typically involves a stock offering where existing public shareholders receive shares in the new entity, while depositors gain subscription rights to purchase shares. The conversion process often provides a capital injection to support future growth initiatives while potentially increasing stock liquidity and strategic flexibility.
The charter conversion from federal to state regulation may provide Lake Shore with enhanced flexibility in its product offerings and operations while potentially reducing certain regulatory burdens. However, the transaction remains contingent on final regulatory approvals and customary closing conditions.
Lake Shore currently maintains ten full-service branch locations across Western New York, with operations focused on retail and commercial banking services.
DUNKIRK, N.Y., July 01, 2025 (GLOBE NEWSWIRE) -- Lake Shore Bancorp, Inc. (鈥淟ake Shore Federal Bancorp鈥�) (NASDAQ: LSBK), the holding company for Lake Shore Savings Bank (the 鈥淏ank鈥�), 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鈥檚 previously announced plan to convert from the mutual holding company to the fully public stock holding company form of organization and the Bank鈥檚 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
听听
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鈥檚 common stock is traded on the NASDAQ Global Market as 鈥淟SBK鈥�. Additional information about Lake Shore Federal Bancorp is available at .
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鈥檚, Lake Shore Bancorp, Inc.鈥檚 (collectively, the 鈥淐ompany鈥�) and the Bank鈥檚 industry, and management鈥檚 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鈥檚 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
FAQ
What changes did Lake Shore Bancorp (LSBK) stockholders approve on July 1, 2025?
How many branches does Lake Shore Savings Bank currently operate?
What regulatory approvals does Lake Shore Bancorp (LSBK) still need for the conversion?
Will Lake Shore Bancorp's (LSBK) stock offering shares be FDIC insured?
Who is the current CEO of Lake Shore Bancorp (LSBK)?
