Lake Shore Bancorp, Inc. Announces Fourth Quarter 2020 Dividend
05 Febrero 2021 - 4:01PM
Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ Global Market:
LSBK), the holding company for Lake Shore Savings Bank (the
“Bank”), announced that the Company’s Board of Directors approved a
$0.13 per share cash dividend on its common stock, payable on March
15, 2021, to shareholders of record as of February 26, 2021. Based
on the Company’s closing stock price of $13.50 on February 3, 2021,
the implied dividend yield for the Company’s common stock is
currently 3.85%.
On February 3, 2021, Lake Shore, MHC (the
“MHC”), which holds 3,636,875 shares, or 62.5% of the Company’s
total outstanding common stock, held a special meeting of its
members (the members are depositors of Lake Shore Savings Bank).
During this special meeting, the members approved a proposal for
the MHC to waive its right to receive dividends declared by the
Company on its common stock (up to an aggregated amount of $0.54
per share) during the next 12 months. More than 55% of the votes
eligible were cast. Of the votes cast, 96.5% were in favor of the
proposal.
Following the receipt of member approval, the
MHC will apply to the Federal Reserve Board for its non-objection
to dividend waivers by the MHC for the next 12 months. If this
non-objection is obtained from the Federal Reserve Board prior to
March 15, 2021, the expected dividend payment date, the MHC intends
to waive its receipt of the dividend.
“We appreciate the annual efforts of our members
to vote for the MHC dividend waiver,” stated Daniel P. Reininga,
President and CEO. “This vote allows us to preserve capital at the
mid-tier holding company and at the Bank so that we can leverage
our resources to support the banking needs of our customers and
communities.”
Company ProfileLake 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, with five
locations in Chautauqua County, New York and six locations in Erie
County, New York. The Company had total assets of $682.2 million
and total deposits of $560.3 million as of December 31, 2020. 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-HarborThis 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.
Investor/Media Contact
Rachel A. FoleyChief Financial OfficerLake Shore Bancorp, Inc.31
East Fourth StreetDunkirk, New York 14048(716) 366-4070 ext.
1020
Lake Shore Bancorp (NASDAQ:LSBK)
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