United-Guardian Issues Press Release; Lake Shore Bancorp Announces Plan of Conversion and Reorganization

United-Guardian, Inc. recently made public a press release on January 30, 2025, as part of its Regulation FD Disclosure. The company issued a press release regarding this disclosure, attached as Exhibit 99.1 to their Form 8-K filing.

Additionally, Lake Shore Bancorp, Inc. (NASDAQ: LSBK) issued a notable announcement on the same day. Lake Shore Bancorp, the parent of Lake Shore Savings Bank, disclosed that its parent mutual holding company, Lake Shore, MHC, has approved a Plan of Conversion and Reorganization. This plan involves transitioning from the mutual holding company structure to the stock holding company structure, with the expectation of seeking regulatory approval for its charter conversion into a New York-chartered commercial bank.

Currently, Lake Shore, MHC possesses roughly 63.4% of the common stock of Lake Shore Bancorp, Inc. acquired during the Bank’s reorganization and the subsequent initial public offering in 2006. As part of the proposed transition, a new stock holding company known as the New Bank Holding Company will succeed the existing Lake Shore Bancorp, Inc. The New Bank Holding Company plans to offer shares of its common stock to the depositors of the Bank through a subscription offering. Additionally, eligible account holders of the Bank as of December 31, 2023, are to receive non-transferable subscription rights for the stock.

The completion of this proposed transaction is anticipated to occur in the third quarter of 2025, subject to regulatory approvals and the agreement of both Lake Shore Bancorp’s shareholders and the members of Lake Shore, MHC. Further details regarding the stock offering and the transaction will be disseminated to shareholders and members post-regulatory approval.

Lake Shore Bancorp, Inc., the holder of Lake Shore Savings Bank, operates as a community-oriented financial entity in Dunkirk, New York. The Bank has a strong presence with ten full-service branches across Western New York, offering various commercial and retail lending services. Lake Shore Bancorp, Inc. trades its common stock on the NASDAQ Global Market under the symbol “LSBK.”

Investors and other stakeholders are advised to keep an eye out for further information in the official registration statements with the Securities and Exchange Commission (SEC) regarding these significant corporate moves.

This press release serves as a valuable insight into the unfolding events at both United-Guardian, Inc. and Lake Shore Bancorp, Inc., setting the stage for potential shifts in their operational structures and future endeavors.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read United-Guardian’s 8K filing here.

United-Guardian Company Profile

United-Guardian, Inc manufactures and markets cosmetic ingredients, pharmaceuticals, medical lubricants, and proprietary specialty industrial products in the United States and internationally The company offers cosmetic ingredients, including LUBRAJEL, a line of water-based gel formulation for sensory enhancement, lubrication, and texture to personal care products; LUBRAJEL NATURAL for skin moisturizing; LUBRAJEL MARINE that develops natural products using naturally derived polymers; LUBRAJEL OlL NATURAL, which makes luxuriant textures without adding viscosity; LUBRAJEL TERRA, a multifunctional, moisturizing hydrogel products; LUBRASIL II SB, a formulation of LUBRAJEL; LUBRAJEL II XD; B-122, a powdered lubricant used in the manufacture of pressed powders, eyeliners, rouges, and industrial products; and ORCHID COMPLEX, an oil-soluble base for extract of fresh orchids used in fragrance products, such as perfumes and toiletries.