Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ Global Market: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), is pleased to announce that on February 24, 2010 its Board of Directors appointed Tracy S. Bennett to serve as a director to fill the remaining term of Paul Kolkmeyer, who resigned from the board on February 3, 2010. Mr. Bennett’s appointment was effective immediately and he was also appointed to serve on the Audit Committee. Mr. Bennett is the Vice President for Administration at the State University of New York at Fredonia, a position he has held since 1997. Mr. Bennett is also the President of the SUNY Fredonia Faculty-Student Association and serves on a number of campus committees. Mr. Bennett owns a tax preparation business in Westfield, New York and is a certified public accountant in New York State. As a result of this appointment, the Company has regained compliance with the Nasdaq Listing Rule 5605, which requires that a majority of the board of directors be comprised of independent directors and on February 26, 2010, the Company received a letter from Nasdaq indicating that this matter is now closed.
“With Mr. Bennett's background and experience we are confident he will be an asset to our Board,” said Michael E. Brunecz, Chairman of the Board of Directors of Lake Shore Bancorp and Lake Shore Savings Bank.
The Company also announced that its Board of Directors authorized a new program to repurchase up to 122,642 shares of the Company’s common stock. This amount represents 5% of the Company’s outstanding common stock that is not owned by Lake Shore, MHC, as of February 23, 2010. This repurchase program supersedes all of the prior Company stock repurchase programs. Any purchases under the program will be made through open market transactions, negotiated block transactions or otherwise, including pursuant to a repurchase plan administered in accordance with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended, at the discretion of management. The amount and exact timing of any purchases will depend on market conditions and a variety of other factors, at the discretion of management, and there is no assurance that the Company will repurchase shares during any period.