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Lake Shore Bancorp adopts new stock buyback program

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Lake Shore Bancorp adopts new stock buyback program

The board of Lake Shore Bancorp Inc. (MHC) adopted a new stock buyback program on Sept. 6.

The program authorizes the Dunkirk, N.Y.-based company to repurchase up to 116,239 shares, or approximately 5% of its outstanding stock, excluding the shares held by Lake Shore MHC. Shares may be repurchased in open market or private transactions, through block trades and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1.

Lake Shore Bancorp recently completed the repurchase plan adopted in May 2018, acquiring 121,190 shares at an average cost of $15.65 per share.