UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

______________________________

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

______________________________

Date of report (Date of earliest event reported):  December 8, 2015

 

 

LAKE SHORE BANCORP, inc.

(Exact name of registrant as specified in its charter)

 

 

31 East Fourth Street, Dunkirk, NY 14048

(Address of principal executive offices) (Zip Code)

 

Registrant's telephone number, including area code: (716) 366-4070

 

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[   ]   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[   ]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[   ]   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[   ]   Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c))

 

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Item 8.01Other Events.

 

On December 8, 2015, the Company’s Board of Directors adopted a new stock repurchase program. The stock repurchase program authorizes the Company to repurchase up to an aggregate of 117,701 shares of its outstanding common stock.  Any purchases under the program will be made via open market transactions, negotiated block transactions or otherwise, including pursuant to a repurchase plan administered in accordance with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended, at the discretion of management. The amount of common stock subject to the repurchase program represents 5% of the Company’s outstanding common stock that is not owned by Lake Shore, MHC, as of December 4, 2015. The size and timing of any purchases will depend on price, market and business conditions and other factors.  

 

The Company’s Board of Directors also reported that as of December 9, 2015, there were 1,410 shares remaining in its existing repurchase plan.  The existing repurchase plan was terminated as a result of the adoption of the new plan.  The Company repurchased 115,100 shares under the existing repurchase plan at an average cost of $11.82 per share since the plan’s inception in November 2010. 

 

A copy of the press release announcing the adoption of the stock repurchase program is attached as Exhibit 99.1 to this report.

 

Item 9.01Financial Statements and Exhibits.

 

(d)   Exhibits

 

99.1  Press release of Lake Shore Bancorp, Inc. dated December 11, 2015.

 

 

 

 

 

 

 

 

 

 

 

 

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

Date: December 11, 2015

 

 

 

 

 

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