[SCHEDULE 13D/A] Lake Shore Bancorp, Inc. /MD/ SEC Filing

Rhea-AI Filing Summary

Stilwell-affiliated investors now report a near-10% stake in Lake Shore Bancorp. The Stilwell group collectively beneficially owns 773,675 shares, equal to approximately 9.9% of the 7,825,501 shares outstanding. The filing amends a prior Schedule 13D to say that after an unproductive meeting with management the Group intends to seek board representation at the Issuer's 2026 annual meeting. Recent purchases include $73,085.60 for 5,600 shares and $383,699.40 for 29,400 shares, funded from working capital and possible margin loans. The Group states its purpose is to realize profit from stock appreciation by asserting shareholder rights and notes its activist history across 77 prior public situations.

Positive

• Established activist track record: Group notes activism in 77 prior companies, indicating experience
• Substantial stake disclosed: beneficial ownership of 773,675 shares representing 9.9% of the class
• Clear objective stated: intends to seek board representation at the 2026 annual meeting

Negative

• Potential for proxy contest which can be costly and distracting for management and shareholders
• Use of margin financing noted for purchases, which could introduce leverage-related liquidity pressure on the Group
• Concentrated ownership may create short-term governance volatility if issuer resists engagement

Insights

Corporate Governance Specialist

Stilwell is a substantial activist holder positioning for board seats at the 2026 meeting.

The Group holds 773,675 shares (9.9%) and explicitly intends to pursue board representation at the 2026 annual meeting, a common stepping stone for activists seeking influence over strategy and capital allocation. The filing ties ownership to Stilwell-managed vehicles and clarifies voting/dispositive power is shared through the group structure.

Execution depends on additional share purchases, shareholder support, and the issuer's response; margin-financed positions may affect holding flexibility. Items to watch over the next 6–12 months include reported open-market transactions in Schedule C, any formal nominations or proxy contests, and disclosures from the Issuer about board changes or governance engagement.

Investor Relations Analyst

This disclosure signals a focused activist campaign that could raise near-term governance questions for Lake Shore Bancorp.

The filing clarifies the Group's purpose: profit via asserting shareholder rights and correcting perceived undervaluation. The public quantification of 9.9% ownership may prompt management to engage or to prepare defensive responses; the group notes prior activism in 77 other companies, indicating experience in such campaigns.

Investors should monitor any issuer statements, potential settlement talks, and proxy materials toward the 2026 meeting. The next 3–9 months are critical for signal changes in share accumulation or formal nomination steps.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

Lake Shore Bancorp, Inc. /MD/

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

510700107

(CUSIP Number)

Mr. Joseph Stilwell
200 Calle del Santo Cristo, Segundo Piso
San Juan, PR, 00901
787-985-2193

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

10/06/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 510700107

1

Name of reporting person

Stilwell Activist Fund, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 773,675.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 773,675.00

11

Aggregate amount beneficially owned by each reporting person

773,675.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.9 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 510700107

1

Name of reporting person

Stilwell Activist Investments, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 773,675.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 773,675.00

11

Aggregate amount beneficially owned by each reporting person

773,675.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.9 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 510700107

1

Name of reporting person

STILWELL PARTNERS L P

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 773,675.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 773,675.00

11

Aggregate amount beneficially owned by each reporting person

773,675.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.9 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 510700107

1

Name of reporting person

Stilwell Value LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 773,675.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 773,675.00

11

Aggregate amount beneficially owned by each reporting person

773,675.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.9 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 510700107

1

Name of reporting person

Stilwell Joseph

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 773,675.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 773,675.00

11

Aggregate amount beneficially owned by each reporting person

773,675.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.9 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.01 per share
(b)	Name of Issuer: Lake Shore Bancorp, Inc. /MD/
(c)	Address of Issuer's Principal Executive Offices: 31 EAST FOURTH STREET, DUNKIRK, NEW YORK , 14048.
Item 2.	Identity and Background
(a)	This is the first amendment (the "First Amendment") to the Schedule 13D, which was filed on July 30, 2025 (the "Original Schedule 13D"). This First Amendment is being filed jointly by Stilwell Activist Fund, L.P., a Delaware limited partnership ("Stilwell Activist Fund"); Stilwell Activist Investments, L.P., a Delaware limited partnership ("Stilwell Activist Investments"); Stilwell Partners, L.P., a Delaware limited partnership ("Stilwell Partners"); Stilwell Value LLC, a Delaware limited liability company ("Stilwell Value LLC") and the general partner of Stilwell Activist Fund, Stilwell Activist Investments, and Stilwell Partners; and Joseph Stilwell, the managing member and owner of Stilwell Value LLC (collectively, "we" or "us"). The filers of this statement are collectively referred to herein as the "Group." The joint filing agreement of the members of the Group was filed as Exhibit 1 to the Original Schedule 13D. This statement is filed by Joseph Stilwell with respect to the shares of common stock, par value $0.01 per share (the "Common Stock") of Lake Shore Bancorp, Inc. (the "Issuer") beneficially owned by Joseph Stilwell, including shares of Common Stock held in the names of Stilwell Activist Fund, Stilwell Activist Investments, and Stilwell Partners, in Joseph Stilwell's capacities as the managing member and owner of Stilwell Value LLC, which is the general partner of Stilwell Activist Fund, Stilwell Activist Investments, and Stilwell Partners.
(b)	The business address of Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Partners, and Stilwell Value LLC is 111 Broadway, 12th Floor, New York, New York 10006. The business address of Joseph Stilwell is 200 Calle del Santo Cristo, Segundo Piso, San Juan, Puerto Rico 00901.
(c)	The principal employment of Joseph Stilwell is investment management. Stilwell Activist Fund, Stilwell Activist Investments, and Stilwell Partners are private investment partnerships engaged in the purchase and sale of securities for their own accounts. Stilwell Value LLC serves as the general partner of Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Partners, and related partnerships.
(d)	During the past five years, no member of the Group has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	During the past five years, no member of the Group has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws or finding any violation with respect to such laws, except as indicated in Schedule B, attached hereto and incorporated herein by reference.
(f)	Joseph Stilwell is a citizen of the United States.
Item 3.	Source and Amount of Funds or Other Consideration
	Since we last reported purchases and/or acquisitions of Common Stock, Stilwell Partners has not expended any monies to acquire shares of Common Stock. Since we last reported purchases and/or acquisitions of Common Stock, Stilwell Activist Fund has expended $73,085.60 to acquire 5,600 shares of Common Stock. Such funds were provided from Stilwell Activist Fund's working capital and may, from time to time, be provided in part by margin account loans from subsidiaries of Interactive Brokers or Morgan Stanley extended in the ordinary course of business. Since we last reported purchases and/or acquisitions of Common Stock, Stilwell Activist Investments has expended $383,699.40 to acquire 29,400 shares of Common Stock. Such funds were provided from Stilwell Activist Investments' working capital and may, from time to time, be provided in part by margin account loans from subsidiaries of Interactive Brokers or Morgan Stanley extended in the ordinary course of business. All purchases of shares of Common Stock made by the Group using funds borrowed from subsidiaries of Morgan Stanley, J.P. Morgan or Interactive Brokers, if any, were made in margin transactions on their usual terms and conditions. All or part of the shares of Common Stock owned by members of the Group may from time to time be pledged with one or more banking institutions or brokerage firms as collateral for loans made by such entities to members of the Group. Such loans generally bear interest at a rate based on the broker's call rate from time to time in effect. Such indebtedness, if any, may be refinanced with other banks or broker-dealers.
Item 4.	Purpose of Transaction
	We are filing this First Amendment to report that following an unproductive meeting with management, after due consideration, we intend to seek board representation at the Issuer's 2026 annual meeting of shareholders. Our purpose in acquiring shares of Common Stock of the Issuer is to profit from the appreciation in the market price of the shares of Common Stock through asserting shareholder rights. We do not believe the value of the Issuer's assets is adequately reflected in the current market price of the Issuer's Common Stock. Members of the Group may seek to make additional purchases or sales of shares of Common Stock. Except as described in this filing, no member of the Group has any plans or proposals which relate to, or could result in, any of the matters referred to in paragraphs (a) through (j), inclusive, of Item 4 of Schedule 13D. Members of the Group may, at any time and from time to time, review or reconsider their positions and formulate plans or proposals with respect thereto. Since 2000, members or affiliates of the Group have taken an 'activist position' in 77 other publicly-traded companies. In each instance, our purpose has been to profit from the appreciation in the market price of the shares we held by asserting shareholder rights. In addition, we believed that the values of the companies' assets were not adequately reflected in the market prices of their shares. Our actions with respect to such publicly-traded companies are described in Schedule A, attached hereto and incorporated herein by reference.
Item 5.	Interest in Securities of the Issuer
(a)	The members of the Group beneficially own an aggregate of 773,675 shares of Common Stock. The percentages used in this filing are calculated based on 7,825,501 shares of Common Stock outstanding as of August 8, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 12, 2025. The purchases and sales of Common Stock reported in this item, if any, were made in open-market transactions. Each of Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Partners, Stilwell Value LLC and Joseph Stilwell may be deemed to beneficially own 773,675 shares of Common Stock, constituting approximately 9.9% of the shares of Common Stock outstanding.
(b)	Each of Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Partners, Stilwell Value LLC and Joseph Stilwell may be deemed to share the power to vote and dispose of 773,675 shares of Common Stock owned in the aggregate by Stilwell Activist Fund, Stilwell Activist Investments, and Stilwell Partners. Because he is the managing member and owner of Stilwell Value LLC, which is the general partner of each of Stilwell Activist Fund, Stilwell Activist Investments, and Stilwell Partners, Joseph Stilwell has the power to direct the affairs of each of Stilwell Activist Fund, Stilwell Activist Investments, and Stilwell Partners, including the voting and disposition of shares of Common Stock held in the name of each of Stilwell Activist Fund, Stilwell Activist Investments, and Stilwell Partners. Therefore, Joseph Stilwell is deemed to share voting and disposition power with each of Stilwell Activist Fund, Stilwell Activist Investments, and Stilwell Partners with regard to those shares of Common Stock. Because he is the managing member and owner of Stilwell Value LLC, Joseph Stilwell has the power to direct the affairs of Stilwell Value LLC. Stilwell Value LLC is the general partner of each of Stilwell Activist Fund, Stilwell Activist Investments, and Stilwell Partners. Therefore, Stilwell Value LLC may be deemed to share with Joseph Stilwell voting and disposition power with regard to the shares of Common Stock held by each of Stilwell Activist Fund, Stilwell Activist Investments, and Stilwell Partners.
(c)	Within the past sixty days, each of Stilwell Activist Fund and Stilwell Activist Investments purchased shares of Common Stock in the open market as set forth in Schedule C, attached hereto and incorporated herein by reference. Within the past sixty days, Stilwell Partners has not purchased or sold any shares of Common Stock. Stilwell Value LLC and Joseph Stilwell have not purchased or sold any shares of Common Stock.
(d)	No person other than Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Partners, Stilwell Value LLC and Joseph Stilwell is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the shares of Common Stock.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Other than the Joint Filing Agreement filed as Exhibit 1 to the Original Schedule 13D, there are no contracts, arrangements, understandings or relationships among the persons named in Item 2 hereof and between such persons and any person with respect to any securities of the Issuer, including but not limited to transfer or voting of any of the securities, finders' fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, divisions of profits or losses, or the giving or withholding of proxies, except for sharing of profits. See Items 1 and 2 above regarding disclosure of the relationships between the Group, which disclosure is incorporated herein by reference.
Item 7.	Material to be Filed as Exhibits.
	Schedule A - Stilwell Activist History Schedule B - Item 2(e) Schedule C - Transactions in Securities Exhibit 1 - Joint Filing Agreement, dated July 30, 2025, filed with the Original Schedule 13D.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Stilwell Activist Fund, L.P.

Signature:	/s/ Megan Parisi
Name/Title:	Megan Parisi, Member of Stilwell Value LLC, its General Partner
Date:	10/06/2025

Stilwell Activist Investments, L.P.

Signature:	/s/ Megan Parisi
Name/Title:	Megan Parisi, Member of Stilwell Value LLC, its General Partner
Date:	10/06/2025

STILWELL PARTNERS L P

Signature:	/s/ Megan Parisi
Name/Title:	Megan Parisi, Member of Stilwell Value LLC, its General Partner
Date:	10/06/2025

Stilwell Value LLC

Signature:	/s/ Megan Parisi
Name/Title:	Megan Parisi, Member
Date:	10/06/2025

Stilwell Joseph

Signature:	/s/ Joseph Stilwell
Name/Title:	Joseph Stilwell*
Date:	10/06/2025

Megan Parisi

Signature:	/s/ Megan Parisi
Name/Title:	*Megan Parisi, Attorney-in-Fact
Date:	10/06/2025

FAQ

What stake does the Stilwell Group report in Lake Shore Bancorp (LSBK)?

The Group reports beneficial ownership of 773,675 shares, equal to approximately 9.9% of the 7,825,501 outstanding shares.

What is the Stilwell Group's stated intention for LSBK?

The Group intends to seek board representation at the 2026 annual meeting after an unproductive meeting with management.

How were recent purchases funded?

Recent purchases included $73,085.60 (5,600 shares) and $383,699.40 (29,400 shares), funded from each partnership's working capital and possibly margin loans.

Do the Stilwell filers act together?

Yes. The filing is joint: Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Partners, Stilwell Value LLC and Joseph Stilwell are the Group and share voting and dispositive power.

What should investors watch next for LSBK?

Watch for Schedule C disclosures of additional purchases, any issuer responses or proxy materials, and formal nomination filings ahead of the 2026 annual meeting.