0001341318-19-000059.txt : 20190909 0001341318-19-000059.hdr.sgml : 20190909 20190909162314 ACCESSION NUMBER: 0001341318-19-000059 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20190909 ITEM INFORMATION: Other Events FILED AS OF DATE: 20190909 DATE AS OF CHANGE: 20190909 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LAKE SHORE BANCORP, INC. CENTRAL INDEX KEY: 0001341318 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 204729288 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-51821 FILM NUMBER: 191083296 BUSINESS ADDRESS: STREET 1: 31 EAST FOURTH STREET CITY: DUNKIRK STATE: NY ZIP: 14048 BUSINESS PHONE: 716-366-4070 MAIL ADDRESS: STREET 1: 31 EAST FOURTH STREET CITY: DUNKIRK STATE: NY ZIP: 14048 FORMER COMPANY: FORMER CONFORMED NAME: Lake Shore Bancorp, Inc. DATE OF NAME CHANGE: 20051012 8-K 1 lsbk-20190909x8k.htm 8-K 8K for New Stock Purchase Plan

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported):  September 6,  2019



LAKE SHORE BANCORP, inc.

(Exact name of registrant as specified in its charter)



 

 

 

 

United States

 

000-51821

 

20-4729288

(State or other jurisdiction of incorporation)

 

(Commission File Number)

 

(IRS Employer Identification No.)

31 East Fourth Street, Dunkirk, NY 14048

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (716) 366-4070



Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[   ]   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[   ]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[   ]   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[   ]   Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐ 



If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐





 

 

Tile of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.01 per share

LSBK

The Nasdaq Stock Market LLC



 



Item 8.01Other Events.



On September 6, 2019, the Company’s Board of Directors adopted a new stock repurchase program. The stock repurchase program authorizes the Company to repurchase up to an aggregate of 116,239 shares, or approximately 5% of its outstanding shares, excluding the shares held by Lake Shore, MHC.  The repurchase program permits shares to be repurchased in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission.

 

Repurchases will be made at management’s discretion at prices management considers to be attractive and in the best interests of both the Company and its shareholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance.  Open market purchases will be conducted in accordance with the limitations set forth in Rule 10b-18 of the Securities and Exchange Commission and other applicable legal requirements.



The repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases.  The repurchase program does not obligate the Company to purchase any particular number of shares.



The Company’s Board of Directors also reported that it had completed the repurchase of shares from the stock repurchase plan put in place during May 2018.  The Company repurchased 121,190 shares under the prior repurchase plan at an average cost of $15.65 per share since the plan’s inception in May 2018.



 











































 





SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



 

LAKE SHORE BANCORP, inc.

By:

/s/ Rachel A. Foley

Name:

Rachel A. Foley

Title:

Chief Financial Officer and Treasurer



 



Date: September 9, 2019