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Lake Shore Bancorp adopts new stock repurchase plan

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Lake Shore Bancorp adopts new stock repurchase plan

Lake Shore Bancorp Inc. (MHC)'s board adopted a new stock repurchase program, which authorizes the company to repurchase up to 121,190 shares of the company's common stock, according to a press release.

The amount of common stock subject to the repurchase program represents 5% of the Dunkirk, N.Y.-based company's outstanding common stock that is not owned by Lake Shore MHC.

As of May 16, there were 34,101 shares remaining in the existing repurchase plan, which was terminated as a result of the adoption of the new plan. The company repurchased 83,600 shares under the existing repurchase plan at an average cost of $15.29 per share since the plan's inception in December 2015.