Lake Shore Bancorp Completes Conversion to Stock Form, Expected to Begin Trading on Nasdaq on July 21

Strategic Insights -

Lake Shore Bancorp, Inc. has successfully completed its conversion from a mutual to stock form, a development that is expected to enhance the company's growth prospects. The conversion allowed the company to raise $49.5 million through a stock offering, and its common stock is set to begin trading on the Nasdaq Global Market under the symbol "LSBK" on July 21, 2025. As a result of this transaction, the company will be better positioned to expand its operations and improve its competitiveness in the market.

Key Takeaways:

  • The conversion of Lake Shore, MHC to stock form and the related stock offering raised $49.5 million for the company, which will be used to support its growth plans.
  • The company's common stock is expected to begin trading on the Nasdaq Global Market under the symbol "LSBK" on July 21, 2025.
  • The conversion transaction involved the exchange of shares of Lake Shore Federal Bancorp common stock held by public stockholders for shares of Lake Shore Bancorp common stock based on an exchange ratio of 1.3549.
  • Approximately 7,825,877 shares of Lake Shore Bancorp common stock are outstanding after the completion of the conversion and stock offering.
  • Luse Gorman, PC acted as legal counsel to Lake Shore Bancorp and Lake Shore Federal Bancorp, while 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.
  • The company's common stock is traded on the NASDAQ Global Market as "LSBK".

Statistics:

  • The company raised a total of $49.5 million through a stock offering.
  • Approximately 7,825,877 shares of Lake Shore Bancorp common stock are outstanding after the completion of the conversion and stock offering.
  • The exchange ratio for the conversion transaction was 1.3549.
  • The company's common stock is expected to begin trading on the Nasdaq Global Market on July 21, 2025.

Sources:

  • Lake Shore Bancorp, Inc.
  • GlobeNewswire
  • Nasdaq Global Market