Lake Shore Bancorp Announces Closing of Conversion Transaction
Lake Shore Bancorp (NASDAQ: LSBK) has successfully completed its mutual-to-stock conversion transaction and related stock offering. The company sold 4,950,460 shares at $10.00 per share, raising gross proceeds of $49.5 million.
As part of the conversion, existing public stockholders' shares were converted at an exchange ratio of 1.3549 new shares for each old share. Following the transaction completion, Lake Shore Bancorp has approximately 7,825,877 shares outstanding. The company's stock is expected to begin trading on the Nasdaq Global Market under the symbol "LSBK" on July 21, 2025.
Lake Shore Bank has also converted from a federal savings bank to a New York chartered commercial bank, operating ten full-service branch locations across Western New York.
Lake Shore Bancorp (NASDAQ: LSBK) ha completato con successo la sua transazione di conversione da mutualistica a societ脿 per azioni e l'offerta azionaria correlata. La societ脿 ha venduto 4.950.460 azioni a 10,00 dollari per azione, raccogliendo un ricavato lordo di 49,5 milioni di dollari.
Come parte della conversione, le azioni degli azionisti pubblici esistenti sono state convertite con un rapporto di scambio di 1,3549 nuove azioni per ogni azione vecchia. Al completamento della transazione, Lake Shore Bancorp conta circa 7.825.877 azioni in circolazione. Si prevede che le azioni della societ脿 inizieranno a essere negoziate sul Nasdaq Global Market con il simbolo "LSBK" a partire dal 21 luglio 2025.
Lake Shore Bank ha inoltre effettuato la conversione da banca federale di risparmio a banca commerciale autorizzata nello Stato di New York, operando con dieci filiali a servizio completo in tutta la Western New York.
Lake Shore Bancorp (NASDAQ: LSBK) ha completado con 茅xito su transacci贸n de conversi贸n de mutual a acciones y la oferta de acciones relacionada. La compa帽铆a vendi贸 4.950.460 acciones a 10,00 d贸lares por acci贸n, recaudando ingresos brutos por 49,5 millones de d贸lares.
Como parte de la conversi贸n, las acciones de los accionistas p煤blicos existentes se convirtieron con una proporci贸n de intercambio de 1,3549 nuevas acciones por cada acci贸n antigua. Tras la finalizaci贸n de la transacci贸n, Lake Shore Bancorp tiene aproximadamente 7.825.877 acciones en circulaci贸n. Se espera que las acciones de la compa帽铆a comiencen a cotizar en el Nasdaq Global Market bajo el s铆mbolo "LSBK" el 21 de julio de 2025.
Lake Shore Bank tambi茅n se ha convertido de un banco federal de ahorro a un banco comercial autorizado en Nueva York, operando diez sucursales con servicio completo en toda la regi贸n de Western New York.
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Lake Shore Bank電� 霕愴暅 鞐半癌 鞝�於曥潃頄夓棎靹� 雺挫殨 欤� 鞚戈皜 靸侅梾鞚�頄�鞙茧 鞝勴櫂頃橃棳 鞗姢韯� 雺挫殨 鞝勳棴鞐� 10臧滌潣 鞝勲┐ 靹滊箘鞀� 歆�鞝愳潉 鞖挫榿頃橁碃 鞛堨姷雼堧嫟.
Lake Shore Bancorp (NASDAQ : LSBK) a r茅ussi la conversion de sa structure mutualiste en soci茅t茅 par actions ainsi que l'offre d'actions associ茅e. La soci茅t茅 a vendu 4 950 460 actions 脿 10,00 dollars chacune, levant ainsi un produit brut de 49,5 millions de dollars.
Dans le cadre de cette conversion, les actions des actionnaires publics existants ont 茅t茅 茅chang茅es 脿 un ratio de 1,3549 nouvelle action pour chaque ancienne action. Apr猫s la finalisation de la transaction, Lake Shore Bancorp compte environ 7 825 877 actions en circulation. Les actions de la soci茅t茅 devraient commencer 脿 锚tre n茅goci茅es sur le Nasdaq Global Market sous le symbole "LSBK" 脿 partir du 21 juillet 2025.
Lake Shore Bank est 茅galement pass茅e d'une banque d'茅pargne f茅d茅rale 脿 une banque commerciale agr茅茅e dans l'脡tat de New York, exploitant dix agences 脿 service complet dans l'ouest de New York.
Lake Shore Bancorp (NASDAQ: LSBK) hat seine Umwandlung von einer Mutual- zu einer Aktiengesellschaft sowie das damit verbundene Aktienangebot erfolgreich abgeschlossen. Das Unternehmen verkaufte 4.950.460 Aktien zu je 10,00 US-Dollar und erzielte einen Bruttoerl枚s von 49,5 Millionen US-Dollar.
Im Rahmen der Umwandlung wurden die Aktien der bestehenden 枚ffentlichen Aktion盲re im Umtauschverh盲ltnis von 1,3549 neuen Aktien f眉r jede alte Aktie umgewandelt. Nach Abschluss der Transaktion hat Lake Shore Bancorp etwa 7.825.877 ausstehende Aktien. Der Handel der Aktien des Unternehmens soll am 21. Juli 2025 unter dem Symbol "LSBK" am Nasdaq Global Market beginnen.
Lake Shore Bank hat zudem die Umwandlung von einer bundesstaatlichen Sparkasse zu einer kommerziellen Bank mit New Yorker Charter vollzogen und betreibt zehn voll ausgestattete Filialen in West-New York.
- Successfully raised $49.5 million through stock offering
- Completed transition to New York chartered commercial bank status
- Maintains strong presence with 10 branch locations in Western New York
- Potential dilution for existing shareholders through new share issuance
- Complex conversion process may cause temporary operational adjustments
Insights
Lake Shore completed mutual-to-stock conversion, raising $49.5M through stock offering while converting to a NY chartered commercial bank.
Lake Shore Bancorp has successfully completed a significant corporate restructuring with three key components. First, Lake Shore, MHC converted from mutual to stock form, transforming its ownership structure. Second, the bank raised
The transaction's exchange mechanics were precisely executed with existing Lake Shore Federal Bancorp public stockholders receiving 1.3549 shares of the new Lake Shore Bancorp common stock for each previously held share. This exchange ratio maintains their proportional ownership percentage in the restructured entity. Following the conversion, approximately 7,825,877 shares of Lake Shore Bancorp common stock are outstanding.
This mutual-to-stock conversion represents a fundamental transformation of Lake Shore's corporate structure and capital position. By raising nearly
DUNKIRK, N.Y., July 18, 2025 (GLOBE NEWSWIRE) -- Lake Shore Bancorp, Inc. (鈥淟ake Shore Bancorp鈥�) (NASDAQ: LSBK), the new holding company for Lake Shore Bank (the 鈥淏ank鈥�), announced that the conversion of Lake Shore, MHC from mutual to stock form, the related stock offering by Lake Shore Bancorp and the Bank鈥檚 conversion from a federal savings bank to a New York chartered commercial bank closed following the close of business today. Lake Shore Bancorp鈥檚 common stock is expected to begin trading on the Nasdaq Global Market under the trading symbol 鈥淟SBK鈥� on July 21, 2025.
As a result of the subscription offering, Lake Shore Bancorp sold a total of 4,950,460 shares of its common stock (approximately the midpoint of the offering range) at a price of
Lake Shore Bancorp鈥檚 transfer agent, Computershare Trust Company, N.A. (鈥淐omputershare鈥�), expects to mail Direct Registration System (鈥淒RS鈥�) Book-Entry statements for shares purchased in the subscription offering and interest checks, on or about July 21, 2025.
As part of the conversion transaction, each outstanding share of Lake Shore Bancorp, Inc., a federal corporation (鈥淟ake Shore Federal Bancorp鈥�) common stock owned by the public stockholders of Lake Shore Federal Bancorp (stockholders other than Lake Shore, MHC) as of the closing date was converted into shares of Lake Shore Bancorp common stock based on an exchange ratio of 1.3549 shares of Lake Shore Bancorp common stock for each share of Lake Shore Federal Bancorp common stock so that Lake Shore Federal Bancorp鈥檚 existing public stockholders will own approximately the same percentage of Lake Shore Bancorp鈥檚 common stock as they owned of Lake Shore Federal Bancorp鈥檚 common stock immediately prior to the conversion, subject to adjustment as disclosed in the prospectus. Cash was issued in lieu of a fractional share of Lake Shore Bancorp common stock based on the offering price of
Stockholders of Lake Shore Federal Bancorp holding shares in street name will receive shares of Lake Shore Bancorp common stock and cash in lieu of fractional shares within their accounts. Stockholders of Lake Shore Federal Bancorp holding shares in certificated form will be mailed a letter of transmittal on or about July 21, 2025. After submitting their stock certificates and a properly completed letter of transmittal to Computershare, stockholders will receive DRS Book-Entry statements reflecting their shares of Lake Shore Bancorp common stock and checks for cash in lieu of fractional shares.
Luse Gorman, PC acted as legal counsel to Lake Shore Bancorp and Lake Shore Federal Bancorp. Raymond James & Associates, Inc. acted as marketing agent for Lake Shore Bancorp in the subscription offering. Kilpatrick Townsend & Stockton LLP acted as legal counsel to Raymond James & Associates, Inc.
About Lake Shore
Lake Shore Bancorp is the holding company of Lake Shore Bank, a New York 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 Bancorp鈥檚 common stock is traded on the NASDAQ Global Market as 鈥淟SBK鈥�. Additional information about Lake Shore 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, possible unforeseen delays in delivering DRS Book-Entry statements or interest checks; delays in the start of trading due to market disruptions or otherwise, 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.
Legal Disclosures
The shares of common stock of Lake Shore Bancorp, Inc. are not savings accounts or deposit accounts and are not insured by the Federal Deposit Insurance Corporation or by any other governmental agency.
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
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