Lake Shore Savings Bank's Consent Order has been terminated by the OCC, indicating significant operational improvements.
Quiver AI Summary
Lake Shore Savings Bank announced the termination of a Consent Order issued by the Office of the Comptroller of the Currency (OCC), which mandated improvements in areas such as information technology, security, and anti-money laundering measures. The OCC also lifted the Bank's "Troubled Condition" status, reflecting the significant progress made in addressing these operational issues. CEO Kim C. Liddell highlighted the swift remediation efforts and expressed pride in the team's commitment to customer service. Lake Shore Bancorp, Inc., the parent company of the bank, operates as a community-oriented financial institution in New York, with a focus on various lending and deposit services.
Potential Positives
- Termination of the Consent Order by the OCC signifies that Lake Shore Savings Bank has successfully addressed compliance and operational issues, improving regulatory standing.
- The removal of the "Troubled Condition" status enhances the Bank's reputation and could foster greater trust among customers and investors.
- The Bank's management commendably expedited the remediation process, demonstrating effective leadership and commitment to operational excellence.
- Positive progress in regulatory compliance may lead to increased business opportunities and potential growth in customer relationships and market confidence.
Potential Negatives
- Receiving a termination notice for the Consent Order from the OCC suggests previous operational deficiencies that may raise concerns about the Bank's governance and risk management practices.
- The mention of "Troubled Condition" status indicates past significant issues that could impact investor confidence and the company's reputation.
- Warnings about possible significant risks and uncertainties in the forward-looking statements could contribute to skepticism about the Bank's future performance.
FAQ
What recent regulatory announcement was made about Lake Shore Savings Bank?
On December 3, 2024, the OCC terminated the Consent Order and "Troubled Condition" status for Lake Shore Savings Bank.
Why was the Consent Order issued to Lake Shore Savings Bank?
The Consent Order was issued due to deficiencies related to information technology, security, and compliance with the Bank Secrecy Act/Anti-Money Laundering.
What does the termination of the Consent Order indicate?
The termination signifies the Bank's significant and speedy progress in addressing operational issues identified by its primary regulator, the OCC.
Who is the CEO of Lake Shore Bancorp, Inc.?
Kim C. Liddell is the President, CEO, and Director of Lake Shore Bancorp, Inc.
Where can I find more information about Lake Shore Bancorp, Inc.?
Additional information is available on their website at .
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$LSBK Insider Trading Activity
$LSBK insiders have traded $LSBK stock on the open market 6 times in the past 6 months. Of those trades, 6 have been purchases and 0 have been sales.
Here's a breakdown of recent trading of $LSBK stock by insiders over the last 6 months:
- KEVIN M. SANVIDGE has traded it 2 times. They made 2 purchases, buying 4,379 shares and 0 sales.
- TAYLOR M GILDEN (Chief Financial Officer) purchased 400 shares.
- ANN M SEGARRA has traded it 3 times. They made 3 purchases, buying 23,500 shares and 0 sales.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$LSBK Hedge Fund Activity
We have seen 8 institutional investors add shares of $LSBK stock to their portfolio, and 8 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- STILWELL VALUE LLC added 21,893 shares (+21.9%) to their portfolio in Q3 2024
- COURIER CAPITAL LLC added 18,813 shares (+inf%) to their portfolio in Q3 2024
- SUSQUEHANNA INTERNATIONAL GROUP, LLP removed 17,241 shares (-100.0%) from their portfolio in Q3 2024
- BRIDGEWAY CAPITAL MANAGEMENT, LLC removed 13,056 shares (-45.3%) from their portfolio in Q3 2024
- GEODE CAPITAL MANAGEMENT, LLC added 6,978 shares (+66.3%) to their portfolio in Q3 2024
- VANGUARD GROUP INC removed 5,659 shares (-10.5%) from their portfolio in Q3 2024
- UBS GROUP AG removed 4,752 shares (-100.0%) from their portfolio in Q3 2024
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Full Release
DUNKIRK, N.Y., Dec. 03, 2024 (GLOBE NEWSWIRE) -- On December 3, 2024, Lake Shore Savings Bank ("Bank"), the wholly-owned federal savings bank subsidiary of Lake Shore Bancorp, Inc. ("Company") received termination notice of the Consent Order by the Office of the Comptroller of the Currency ("OCC"), the Bank's primary federal regulator. The Consent Order required the Bank to correct deficiencies related to information technology, security, automated clearing house, audit, management, and Bank Secrecy Act / Anti-Money Laundering. In addition to the termination of the Consent Order, the OCC terminated the "Troubled Condition" status.
"Our primary goal has been remediation of the operational issues identified by our primary regulator," stated Kim C. Liddell, President, CEO, and Director. "The early lifting of the Consent Order by the OCC reflects the significant and speedy progress our team made. I am proud of the team and their continued focus on serving our customers and communities."
About Lake Shore
Lake Shore Bancorp, Inc. (NASDAQ Global Market: LSBK) 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 ten full-service branch locations in Western New York, including four in Chautauqua County and six in Erie County. The Bank offers a broad range of retail and commercial lending and deposit services. The Company's common stock is traded on the NASDAQ Global Market as "LSBK". Additional information about the Company is available at
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Safe-Harbor
This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are based on current expectations, estimates and projections about the Company's and the Bank's industry, and management's beliefs and assumptions. Words such as anticipates, expects, intends, plans, believes, estimates and variations of such words and expressions are intended to identify forward-looking statements. Such statements reflect management's current views of future events and operations. These forward-looking statements are based on information currently available to the Company as of the date of this release. It is important to note that these forward-looking statements are not guarantees of future performance and involve and are subject to significant risks, contingencies, and uncertainties, many of which are difficult to predict and are generally beyond our control including, but not limited to, compliance with the Written Agreement with the Federal Reserve Bank of Philadelphia, data loss or other security breaches, including a breach of our operational or security systems, policies or procedures, including cyber-attacks on us or on our third party vendors or service providers, economic conditions, the effect of changes in monetary and fiscal policy, inflation, unanticipated changes in our liquidity position, climate change, geopolitical conflicts, public health issues, increased unemployment, deterioration in the credit quality of the loan portfolio and/or the value of the collateral securing repayment of loans, reduction in the value of investment securities, the cost and ability to attract and retain key employees, regulatory or legal developments, tax policy changes, dividend policy changes, and our ability to implement and execute our business plan and strategy and expand our operations. These factors should be considered in evaluating forward looking statements and undue reliance should not be placed on such statements, as our financial performance could differ materially due to various risks or uncertainties. We do not undertake to publicly update or revise our forward-looking statements if future changes make it clear that any projected results expressed or implied therein will not be realized.
Source: Lake Shore Bancorp, Inc.
Category: Financial
Investor Relations/Media Contact
Kim C. Liddell
President, CEO, and Director
Lake Shore Bancorp, Inc.
31 East Fourth Street
Dunkirk, New York 14048
(716) 366-4070 ext. 1012
