Lake Shore Bancorp, Inc. Appoints Dennis Pollack to Board of Directors Following Standstill Agreement with Stilwell Group
DUNKIRK, N.Y. – March 18, 2026 – Lake Shore Bancorp, Inc. (NASDAQ: LSBK), the holding company for Lake Shore Bank, announced a significant development for shareholders and the investment community: Dennis Pollack has been appointed to the Boards of Directors of both the Company and the Bank, effective March 17, 2026. This appointment comes as part of a standstill agreement reached with The Stilwell Group, an activist investment firm known for its shareholder engagement.
Key Highlights for Investors
- Board Appointment: Dennis Pollack, an experienced executive with a proven track record as President and CEO of several banks and as a director at numerous public banking institutions, has joined the Boards of Directors. His addition is expected to strengthen the company’s governance and oversight capabilities.
- Standstill Agreement: The agreement with Stilwell Group includes the appointment of Pollack and will remain effective until the 2029 Annual Meeting of Stockholders. The provisions include customary standstill and voting commitments, limiting further shareholder activism from Stilwell during this period.
- Governance & Strategic Focus: Kim C. Liddell, President, CEO, and Director, emphasized that Pollack’s appointment enhances governance and the depth of expertise in key oversight areas, reinforcing the company’s commitment to shareholder interests and the execution of strategic priorities.
- Shareholder Value: Megan Parisi, Director of Communications for The Stilwell Group, expressed confidence that Pollack’s leadership and insight will help the company maximize shareholder value, reflecting the activist investor’s endorsement of the appointment.
Why This Matters to Shareholders
- Potential Impact on Share Price: The involvement of the Stilwell Group, an activist investor, and the resulting board changes could signal a renewed strategic direction or governance improvements, which are factors that often attract investor attention and may influence share price volatility in the near term.
- Standstill Agreement: The terms of the standstill agreement assure shareholders of a period of governance stability, reducing the likelihood of further activist disruptions until after the 2029 Annual Meeting. This stability can provide management with the runway needed to execute on its long-term strategies.
- Forward-Looking Statements: Lake Shore Bancorp reminded investors that the press release contains forward-looking statements subject to significant risks and uncertainties, including economic conditions, regulatory changes, and the company’s ability to execute its business plan. These risks could materially affect future performance.
About Lake Shore Bancorp
Lake Shore Bancorp, Inc. is the holding company for Lake Shore Bank, a community-oriented financial institution headquartered in Dunkirk, New York. The Bank operates ten full-service branch locations in Western New York, offering a comprehensive suite of retail and commercial lending and deposit services. Its common stock trades on the NASDAQ Global Market under the symbol “LSBK.” For more information, visit www.mylsbank.com.
Investor Relations Contact
Kim C. Liddell
President, CEO, and Director
Lake Shore Bancorp, Inc.
1 East Fourth Street, Dunkirk, NY 14048
Phone: (716) 366-4070 ext. 1012
Disclaimer: This article contains forward-looking statements based on current expectations and projections about Lake Shore Bancorp, Inc. Actual results may differ materially due to various risks and uncertainties. Investors are encouraged to review all public filings and consult with their financial advisors before making investment decisions. This article does not constitute investment advice.
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