Lake Shore Bancorp, Inc. Announces Fourth Quarter 2020 Dividend
Lake Shore Bancorp, Inc.
Dunkirk, New York, UNITED STATES
DUNKIRK, N.Y., Feb. 05, 2021 (GLOBE NEWSWIRE) -- 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.