Lake Shore Bancorp, Inc. Declares First Quarter 2024 Dividend
26 Abril 2024 - 11:24AM
Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ: LSBK), the
holding company for Lake Shore Savings Bank (the “Bank”), announced
yesterday that it received the written approval from the Federal
Reserve Bank of Philadelphia (the “Reserve Bank”) to pay a cash
dividend of $0.18 per share to its stockholders.
Additionally, the Reserve Bank also issued a
non-objection to Lake Shore, MHC (the “MHC”), the Company’s mutual
holding company parent, to waive the MHC’s receipt of cash
dividends on its common stock up to $0.72 per share during the
twelve-month period ending April 2, 2025 (the “Dividend Waivers”).
As the Company has previously disclosed, the MHC received the
approval of its members (depositors of Lake Shore Savings Bank) for
the Dividend Waivers on April 2, 2024.
On April 25, 2024, the Board of Directors
declared a cash dividend of $0.18 per share on its outstanding
common stock. The dividend is expected to be paid on May 10, 2024
to stockholders of record as of May 6, 2024.
The MHC, which holds 3,636,875, or 64.0%, of the
Company’s total outstanding common stock as of March 31, 2024, has
elected to waive receipt of the dividend on its shares.
About Lake ShoreLake Shore
Bancorp, Inc. (NASDAQ Global Market: LSBK) 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 eleven full-service branch locations in
Western New York, including five in Chautauqua County and six in
Erie County. The Bank offers a broad range of retail and commercial
lending and deposit services. The Company’s common stock is traded
on the NASDAQ Global Market as “LSBK”. Additional information about
the Company 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 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 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, compliance with the Bank’s
Consent Order and an Individual Minimum Capital Requirement both
issued by the Office of the Comptroller of the Currency, compliance
with the Written Agreement with the Federal Reserve Bank of
Philadelphia, 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, 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, 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 ContactTaylor M.
GildenChief Financial Officer and TreasurerLake Shore Bancorp,
Inc.31 East Fourth StreetDunkirk, New York 14048(716) 366-4070 ext.
1065
Lake Shore Bancorp (NASDAQ:LSBK)
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