Item 8.01Other Events.
On January 6, 2020, Lake Shore Bancorp, Inc. (the "Company"), the holding
company for Lake Shore Savings Bank, announced that Lake Shore, MHC (the "MHC"),
the mutual holding company that owns 61.1% of the Company's outstanding shares
of common stock as of September 30, 2019, will hold a special meeting of its
members to vote on a proposal to authorize the MHC to waive its right to receive
dividends aggregating up to $0.50 per share that may be declared by the Company
in the 12 months subsequent to the approval of the proposal by the MHC's
members. The special meeting will be held on February 5, 2020.
There can be no assurance that the MHC's members will approve the dividend
waiver or that the Board of Governors of the Federal Reserve System ("Federal
Reserve") will not object to the waiver even if it is approved by members at the
special meeting. If the proposed dividend waiver is not approved by members or
objected to by the Federal Reserve, the Board of Directors of the Company
intends to reduce the proposed annual dividend from $0.50 per outstanding share
to $0.24 per outstanding share.
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses
LAKE SHORE BANCORP, INC. 
