Lake Shore Bancorp closes conversion, raises $49.5M in stock offering

Lake Shore Bancorp, Inc. /MD/

Sold 4,950,460 shares at $10.00 per share for gross proceeds of $49.5M.
Existing public shareholders received 1.3549 new shares per old share; cash for fractional shares.
Approximately 7,825,877 shares outstanding after conversion.
Common stock to begin trading on Nasdaq under symbol LSBK on July 21, 2025.
Bank converted from federal savings to New York chartered commercial bank.

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