Lake Shore Bancorp, Inc. Announces Commencement of Stock Offering
Lake Shore Bancorp (NASDAQ: LSBK) has announced the commencement of a stock offering as part of its conversion from a mutual holding company to a stock holding company. The company is offering up to 5,750,000 shares (expandable to 6,612,500) at $10.00 per share. The Bank will convert to a New York commercial bank and be renamed Lake Shore Bank.
The offering prioritizes eligible depositors and the employee stock ownership plan, followed by residents of Chautauqua, Erie, and Cattaraugus counties, and current stockholders. A minimum of 4,250,000 shares must be sold to complete the conversion. Raymond James & Associates is acting as marketing agent for the offering, which runs from May 27 to June 24, 2025.
Lake Shore Bancorp (NASDAQ: LSBK) ha annunciato l'inizio di un'offerta di azioni nell'ambito della sua trasformazione da società holding mutualistica a società holding azionaria. La società offre fino a 5.750.000 azioni (espandibili a 6.612.500) al prezzo di 10,00 $ per azione. La banca si trasformerà in una banca commerciale dello Stato di New York e cambierà nome in Lake Shore Bank.
L'offerta dà priorità ai depositanti idonei e al piano di proprietà azionaria dei dipendenti, seguiti dai residenti delle contee di Chautauqua, Erie e Cattaraugus, e dagli azionisti attuali. Per completare la conversione è necessario vendere almeno 4.250.000 azioni. Raymond James & Associates agisce come agente di marketing per l'offerta, che si svolge dal 27 maggio al 24 giugno 2025.
Lake Shore Bancorp (NASDAQ: LSBK) ha anunciado el inicio de una oferta de acciones como parte de su conversión de una sociedad mutualista a una sociedad anónima. La compañía ofrece hasta 5.750.000 acciones (ampliables a 6.612.500) a 10,00 $ por acción. El banco se convertirá en un banco comercial de Nueva York y cambiará su nombre a Lake Shore Bank.
La oferta prioriza a los depositantes elegibles y al plan de propiedad accionaria de los empleados, seguido por los residentes de los condados de Chautauqua, Erie y Cattaraugus, y los accionistas actuales. Se deben vender al menos 4.250.000 acciones para completar la conversión. Raymond James & Associates actúa como agente de marketing para la oferta, que se extiende del 27 de mayo al 24 de junio de 2025.
Lake Shore Bancorp (NASDAQ: LSBK)는 상호지주회사에서 주식지주회사로 전환하는 과정의 일환으로 주식 공모를 시작한다고 발표했습니다. 회사는 5,750,000주까지(최대 6,612,500주까지 확대 가능) 주당 10.00달러에 주식을 제공합니다. 은행은 뉴욕 상업은행으로 전환하며 이름을 Lake Shore Bank로 변경할 예정입니다.
이번 공모는 적격 예금자와 직원 주식 소유 계획에 우선권을 부여하며, 이어서 Chautauqua, Erie, Cattaraugus 카운티 거주자 및 현재 주주에게 기회가 주어집니다. 전환을 완료하려면 최소 4,250,000주가 판매되어야 합니다. Raymond James & Associates가 이번 공모의 마케팅 대행을 담당하며, 공모 기간은 2025년 5월 27일부터 6월 24일까지입니다.
Lake Shore Bancorp (NASDAQ : LSBK) a annoncé le lancement d'une offre d'actions dans le cadre de sa conversion d'une société de portefeuille mutuelle en société de portefeuille par actions. La société propose jusqu'à 5 750 000 actions (extensibles à 6 612 500) au prix de 10,00 $ par action. La banque deviendra une banque commerciale de l'État de New York et sera renommée Lake Shore Bank.
L'offre donne la priorité aux déposants éligibles et au plan d'actionnariat salarié, suivis par les résidents des comtés de Chautauqua, Erie et Cattaraugus, ainsi que par les actionnaires actuels. Un minimum de 4 250 000 actions doit être vendu pour finaliser la conversion. Raymond James & Associates agit en tant qu'agent marketing pour l'offre, qui se déroule du 27 mai au 24 juin 2025.
Lake Shore Bancorp (NASDAQ: LSBK) hat den Beginn eines Aktienangebots im Rahmen seiner Umwandlung von einer Mutual Holding Company in eine Aktienholding angekündigt. Das Unternehmen bietet bis zu 5.750.000 Aktien (erweiterbar auf 6.612.500) zu 10,00 $ pro Aktie an. Die Bank wird zu einer New Yorker Geschäftsbank umgewandelt und in Lake Shore Bank umbenannt.
Das Angebot priorisiert berechtigte Einleger und den Mitarbeiter-Aktienbesitzplan, gefolgt von Einwohnern der Landkreise Chautauqua, Erie und Cattaraugus sowie aktuellen Aktionären. Mindestens 4.250.000 Aktien müssen verkauft werden, um die Umwandlung abzuschließen. Raymond James & Associates fungiert als Marketingagent für das Angebot, das vom 27. Mai bis zum 24. Juni 2025 läuft.
- New stock offering provides opportunity for capital raising at $10.00 per share
- Conversion to commercial bank status could provide more operational flexibility
- Minimum threshold of 4,250,000 shares ensures significant capital injection if successful
- Potential dilution for existing shareholders
- Success depends on meeting minimum share sale requirement
- Complex regulatory and shareholder approval process required for completion
Insights
Lake Shore's conversion to stock holding company with offering of up to 5.75M shares represents significant corporate restructuring.
Lake Shore Bancorp is undertaking a major corporate restructuring through the conversion of its mutual holding company (Lake Shore, MHC) to a stock holding company structure. This transformation involves offering up to 5,750,000 shares (potentially increasing to 6,612,500) at
The offering structure follows the typical community bank conversion process, with priority given to eligible depositors and the employee stock ownership plan, followed by local residents and existing public shareholders. The minimum viable offering size is 4,250,000 shares, which would raise at least
This conversion represents a fundamental corporate transformation rather than just a capital raise. Mutual holding company conversions typically benefit existing public shareholders, as they maintain their ownership while the company obtains substantial new capital without dilution proportional to the capital raised. The conversion eliminates the mutual holding company structure, which often holds a majority ownership stake, resulting in a fully public company with enhanced stock liquidity and potentially improved valuation multiples.
Regulatory and shareholder approvals remain pending conditions, with Raymond James serving as the marketing agent. The subscription period runs from May 27 through June 24, 2025, giving eligible participants a limited window to participate in this structural transformation.
DUNKIRK, N.Y., May 23, 2025 (GLOBE NEWSWIRE) -- Lake Shore Bancorp, Inc. (“Lake Shore Federal Bancorp”) (NASDAQ: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), announced today that Lake Shore Bancorp, Inc. (“Lake Shore Bancorp”), a newly formed Maryland corporation and the proposed successor holding company of the Bank, is commencing its offering of common stock in connection with the proposed conversion of Lake Shore, MHC from a mutual holding company to a stock holding company. As part of the conversion, the Bank will convert its charter to a New York commercial bank and will be renamed Lake Shore Bank.
Lake Shore Bancorp is offering for sale up to 5,750,000 shares of its common stock (subject to increase to up to 6,612,500 shares) at a purchase price of
All questions concerning the conversion and stock offering or requests for stock offering materials should be directed to the Stock Information Center at (800) 552-2535 (toll-free). The Stock Information Center will be open Monday through Friday between 10:00 a.m. and 4:00 p.m., Eastern Time, beginning on May 27, 2025 and through June 24, 2025, the scheduled expiration date of the subscription offering. The Stock Information Center will be closed on bank holidays.
Lake Shore Bancorp must sell at least 4,250,000 shares of its common stock in the stock offering in order to complete the conversion and stock offering. Completion of the conversion and stock offering is also subject to the receipt of final regulatory approvals, the approvals of the stockholders of Lake Shore Federal Bancorp and the members of Lake Shore, MHC, and other customary closing conditions.
Raymond James & Associates, Inc., is acting as marketing agent to Lake Shore Bancorp in connection with the stock offering.
About Lake Shore
Lake Shore Federal Bancorp 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 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 Federal Bancorp’s common stock is traded on the NASDAQ Global Market as “LSBK”. Additional information about Lake Shore Federal Bancorp 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 Lake Shore Federal Bancorp’s, Lake Shore Bancorp’s (collectively, the “Company”) 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, that the proposed transaction may not be timely completed, if at all, that required final regulatory, stockholder and member approvals are not timely received, if at all, or that other customary closing conditions are not satisfied in a timely manner, if at all, 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.
Important Additional Information and Where to Find It
Lake Shore Bancorp has filed with the Securities and Exchange Commission (the “SEC”) a registration statement on Form S-1 that includes a proxy statement of Lake Shore Federal Bancorp and a prospectus of Lake Shore Bancorp, as well as other relevant documents 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, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. When filed, these documents and other documents relating to the proposed transaction can be obtained free of charge from the SEC’s website at www.sec.gov. Alternatively, these documents, when available, can be obtained free-of-charge from the Company upon written request to Lake Shore Bancorp, Inc., 31 East Fourth Street, Dunkirk, New York 14048, Attention: Taylor M. Gilden, or by calling (716) 366-4070 ext. 1065.
Participants in the Solicitation
The Company and its directors and its executive officers may be deemed to be participants in the solicitation of proxies with respect to the proposed transaction. Information regarding the Company’s directors and executive officers is available in Lake Shore Federal Bancorp’s definitive proxy statement for its 2025 Annual Meeting of Stockholders, filed with the SEC on April 11, 2025. Other information regarding the participants in the proxy solicitation will be contained in the proxy statement, the prospectus, and other relevant materials filed with the SEC, as described above.
This press release is neither an offer to sell nor a solicitation of an offer to buy common stock. The offer is made only by the prospectus when accompanied by a stock order form. The shares of common stock to be offered for sale by Lake Shore Bancorp are not savings accounts or savings deposits and are not insured by the Federal Deposit Insurance Corporation or by any other government 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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