Lake Shore Bancorp declares USD 0.08 dividend.
BANKING AND CREDIT NEWS-February 13, 2017-Lake Shore Bancorp declares USD 0.08 dividend
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Lake Shore Bancorp, Inc. (NASDAQ: LSBK) board of directors has approved a USD 0.08 per share cash dividend on its common stock, payable on March 13, 2017, to shareholders of record as of February 23, 2017, the company said.
Based on the company's closing stock price of USD 15.90 on February 7, 2017, the implied dividend yield for the company's common stock is currently 2.01%.
Historically, the MHC has waived its right to receive dividends declared on its shares of the company's common stock. The Federal Reserve board has adopted interim final regulations that impose conditions on the ability of mutual holding companies to waive the receipt of dividends from their subsidiaries, such as the requirement to obtain the approval of the MHC's members for the MHC to waive the receipt of dividends over a 12 month period.
Lake Shore Bancorp is the mid-tier holding company of Lake Shore Savings Bank, a federally chartered, community-oriented financial institution headquartered in Dunkirk, New York. The Bank has 11 branch locations in Western New York, with five locations in Chautauqua County, New York and six locations in Erie County, New York.
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