Lake Shore Bancorp 8-K 2009
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): January 1, 2009
LAKE SHORE BANCORP, INC.
(Exact name of registrant as specified in its charter)
125 East Fourth Street, Dunkirk, NY 14048
(Address of principal executive offices) (Zip Code)
Registrants telephone number, including area code: (716) 366-4070
(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:
Effective January 1, 2009, the Board of Directors of Lake Shore Bancorp, Inc. (the Company) approved changes to the base salary of David C. Mancuso, Chief Executive Officer and President and Rachel A. Foley, Chief Financial Officer. For fiscal year 2009, Mr. Mancusos base salary is $266,000 and Ms. Foleys base salary is $130,000. In addition, on February 25, 2009, the Board of Directors approved a one-year extension of Mr. Mancusos employment agreement. Other than as described herein, no changes were made to the terms of these officers employment.
On February 25, 2009, the Companys Board of Directors adopted a new stock repurchase program. The stock repurchase program authorizes the Company to repurchase up to an aggregate of 129,298 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 Companys outstanding common stock that is not owned by Lake Shore, MHC, as of February 25, 2009. The size and timing of any purchases will depend on price, market and business conditions and other factors. This repurchase program supersedes all of the prior Company stock repurchase programs.
A copy of the press release announcing the adoption of the stock repurchase program is attached as Exhibit 99.1 to this report
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: February 27, 2009