Printer Friendly

LAKE SHORE BANCORP, INC., BOARD TO ACCEPT PROPOSALS

 CHICAGO, Sept. 21 /PRNewswire/ -- The board of directors of Lake Shore Bancorp, Inc. (NASDAQ-NMS: LSNB), today announced that it has determined to solicit proposals for a business combination involving the company.
 As disclosed on Aug. 25, 1993, the company had received an indication from another bank holding company of its interest in a possible transaction with the company. In response, the company retained Donaldson, Lufkin & Jenrette to assist in assessing the company's strategic options, including the alternative of remaining independent. The board met on Sept. 20 to review the company's options.
 "The board has carefully considered a full range of options for the company. It has determined that it would be in the best interest of the shareholders to seek a transaction," said James W. Aldrich, chairman and chief executive officer.
 The company will forward preliminary materials to the parties who have contacted it and, perhaps, other viable companies.
 "If we ultimately proceed to a written agreement, it might be expected in late November," stated James W. Aldrich. "Regulatory requirements suggest that a closing would take place six to nine months after the signing of a definitive agreement. Of course, if none of the proposals is adequate, or if circumstances otherwise change, our board has reserved the right to change direction and have the company pursue its corporate strategy as an independent publicly held institution."
 The company is a bank holding company which owns Lake Shore National Bank in Chicago, and Bank of Hinsdale, Hinsdale, Ill. Average assets for the first half of 1993 were $1.16 billion.
 -0- 9/21/93
 /CONTACT: Randolph F. Williams of Lake Shore Bancorp, 312-915-5794/


CO: Lake Shore Bancorp, Inc. ST: Illinois IN: FIN SU:

TW -- NY012 -- 4048 09/21/93 09:55 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 21, 1993
Words:290
Previous Article:20 BANKS READY TO USE 'ASSIST,' SEI'S NEW FINANCIAL PLANNING SOFTWARE
Next Article:IMCERA'S MALLINCKRODT MEDICAL UNIT ACQUIRES DAR S.p.A OF MIRANDOLA, ITALY, EUROPEAN LEADER IN ANESTHESIA, RESPIRATORY CARE PRODUCTS
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters