Lake Shore Bancorp delays declaration of dividend

theflyonthewall.com

On January 18, Lake Shore Bancorp, the holding company for Lake Shore Savings Bank, announced that Lake Shore, MHC, the mutual holding company that owns 61.4% of the company’s outstanding common stock, 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 28c per share that may be declared by the company in the 12 months subsequent to the approval of the proposal by members. The special meeting will be held on February 26. As a result of the timing of the member vote, the company’s Board of Directors has determined to delay the declaration of its quarterly cash dividend that normally would have been declared at the end of January to March.

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