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Lake Shore Bancorp Announces Stock Offering for Proposed Conversion from Mutual to Stock Holding Company

Strategic Insights

— 2 min read

As part of its proposal to convert from a mutual holding company to a stock holding company, Lake Shore Bancorp, Inc. (the "Company") has commenced an offering of up to 5,750,000 shares of its common stock at a purchase price of $10.00 per share. The shares will be offered to eligible depositors of the Bank and its employee stock ownership plan. If not subscribed for in the subscription offering, shares may be offered in a community offering with a preference given to natural persons residing in certain New York counties. The proposed conversion and stock offering are contingent upon final regulatory approvals, stockholder, and member approvals, as well as other customary closing conditions.

Key Takeaways:

  • Lake Shore Bancorp, Inc. is offering up to 5,750,000 shares of its common stock at $10.00 per share as part of its proposed conversion from a mutual holding company to a stock holding company.
  • Shares will be offered to eligible depositors of the Bank and its employee stock ownership plan, with a first preference given to natural persons residing in Chautauqua, Erie, and Cattaraugus counties.
  • If not subscribed for in the subscription offering, shares may be offered in a community offering with a preference given to natural persons residing in the aforementioned counties and then to the general public.
  • The proposed conversion and stock offering are contingent upon final regulatory approvals, stockholder, and member approvals, as well as other customary closing conditions.
  • Lake Shore Bancorp has filed a registration statement with the Securities and Exchange Commission (SEC) that includes a proxy statement and a prospectus concerning the proposed transaction.
  • Stockholders of Lake Shore Federal Bancorp are urged to read the registration statement, the proxy statement, and the prospectus carefully and any other relevant documents filed with the SEC.
  • Snowball (Bank Director).
  • A copy of Lake Shore Bancorp’s stock offering materials will be mailed to eligible depositors, and information about the offering can be obtained from the Stock Information Center at (800) 552-2535.

Statistics:

  • The stock offering price is $10.00 per share.
  • The proposed conversion and stock offering are contingent upon the sale of at least 4,250,000 shares of common stock.
  • The Bank has ten full-service branch locations in Western New York.
  • The Bank offers a broad range of retail and commercial lending and deposit services.

Sources:

  • "Lake Shore Bancorp, Inc. Announces Stock Offering for Proposed Conversion from Mutual to Stock Holding Company," Source: Lake Shore Bancorp, Inc., (Source release date May 23, 2025, Distribution date May 23, 2025)

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