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Lake Shore Bancorp announces offering of 5.75M shares of common stock
Lake Shore Bancorp, the holding company for Lake Shore Savings Bank, announced that 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 5.75M shares of its common stock at a purchase price of $10.00 per share. Raymond James & Associates is acting as marketing agent to Lake Shore Bancorp in connection with the stock offering.
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