Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ Global Market: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), today announced that its Board of Directors has named Gary W. Winger to succeed Michael E. Brunecz as Chairman of the Board of Directors effective May 22, 2013. At that time, Mr. Winger will also succeed Mr. Brunecz as Chairman of the Board of Directors for Lake Shore, MHC, (the “MHC”) the mutual holding company that owns 61.4% of the Company’s outstanding common stock. Mr. Brunecz, who has served as a director since 1984 and as the Chairman since 1993, has reached the mandatory retirement age. Mr. Winger, a director of the Company since 1997, has served as the Vice Chairman since 2010 and as the Chairman of the Compensation Committee since 2006. He is a current member of the Audit Committee and past member of the Asset-Liability Committee. He is a principal of Compass Consulting, Inc., a firm that provides consulting services in the area of higher education. Mr. Winger was previously the Dean of Administration and Chief Financial Officer at Jamestown Community College, as well as the Chief Development Officer and Executive Director for the Jamestown Community College Foundation. He is currently a trustee for the Jamestown YWCA organization and has previously served as Treasurer of the Jamestown Community College Faculty Student Association, as past Chairman of the United Way Campaign for Southern Chautauqua County and as a board member in the Jamestown, New York area for the Adult Day Care Center, the Dispute Settlement Center and the Chautauqua County Charter Commission. Mr. Winger and his wife, Gretchen, have two grown children and reside in Ashville, New York. “We are pleased to announce the appointment of Mr. Winger as Chairman of the Board. Mr. Winger’s in-depth knowledge of banking, along with his strong leadership skills, will benefit our organization and the Bank’s commitment to our customers and our communities,” stated Company President and CEO, Daniel P. Reininga. “Mr. Winger’s appointment will continue the outstanding legacy left by Mr. Brunecz’s knowledge and leadership over the last 29 years, which has positively impacted the Bank’s growth and success.”
Shares of Lake Shore Bancorp (Nasdaq:LSBK) have taken a tremendous swing upward. The stock is trading at $14 as of 9:30 a.m. ET, 33.3% above Wednesday's closing price of $10.50. Volume is at 580, 0.5 times the daily average of 1,200.