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One bank stands out in Chautauqua County and especially in Dunkirk as being the oldest and largest bank with corporate offices in the community: Lake Shore Savings. Founded in 1891 as Lake Shore Savings and Loan Association, the bank elected Marshall Littlefield Hinman as its first president. In public and in private life, Mr. Hinman earned the lasting respect of the community. As a businessman he took part in the organization of the Brooks Locomotive Works, eventually becoming president of the organization. As a public servant, he served the community as president of the Dunkirk Board of Education, elected in 1886, Mayor of Dunkirk, elected in 1885, and as President of the Board of Water Commissioners, elected in 1889. It was this exemplary involvement and dedication to the community that forged the way for the principals that continue to guide the bank to this very day. By historically taking a conservative approach to investing, Lake Shore Savings has shown steady growth and the ability to confidently meet the financial needs of local citizens. Their focus is on putting the needs of their customers first and foremost. There is an unmistakable pride and connection when you meet with any one of the banks' representatives, from senior management to the tellers behind the counter ... these are members of the community. As we flash forward, the year 2008 marks Lake Shore Savings' 117th year of service to Chautauqua County. With David Mancuso as President and Chief Executive Officer, the bank continues its legacy of community involvement and service. Mr. Mancuso is currently a board member and Capital Campaign Chair of the Dunkirk Free Library and a Fredonia College Foundation Board Member and serves as a member of the Fredonia College Capital Campaign Committee. It's a policy of the Lake Shore Savings that all of their managers be personally involved in local community organizations. Many of the bank's managers and personnel serve the community in several organizations as member and leaders. "Serving isn't approached as an attempt to build business relationships, but is seen as an opportunity to help build and support our community. It becomes contagious. I believe in staying close to our communities. There is simply no substitute for local knowledge, involvement and commitment," said Mr. Mancuso. Over the years there is much to be celebrated and grateful for. Lake Shore Savings is the largest local bank employer with corporate offices in Chautauqua County. Focused on providing opportunity for home ownership and small business development, Lake Shore Savings is the #1 lender in Dunkirk and Fredonia and among the top lenders providing housing loans for Chautauqua County. Traditionally Lake Shore Savings has been able to offer its customers favorable rates on loans and CDs. This has been accomplished through the years by maintaining high quality assets in their lending portfolio. This has also been accomplished through savvy business management and community awareness. Lake Shore employees live, work and serve in the communities where their branches are located, giving them first hand knowledge of each market. Taking great pride in being well informed about collateral values and borrower risks, they are able to maintain and adhere to solid underwriting standards. Of significant importance is their focus on providing loans that borrowers can afford. Lake Shore Savings supports its markets through a Community Reinvestment Fund. This program makes money available to area clubs, sports teams, civic groups, schools, charitable organizations and other non-profit groups. Brooks Memorial Hospital alone has received contributions totaling nearly $150,000. Another of the bank's more notable contributions was a gift of $125,000 to the Fredonia College Foundation. The donation funded the construction of a signature clock tower and carillon erected on the SUNY campus to help launch the Foundation's 175th Anniversary. Additionally, Lake Shore Savings has established a scholarship program for children of employees enrolled at SUNY Fredonia. Of particular note within the community, the Dunkirk Free Library is currently in construction phase of a new Handicap accessible entrance, Lake Shore Savings gave $75,000 for the project. From supporting Little League teams to second homes to a state of the art Starbucks on the Fredonia College campus, Lake Shore Savings is dedicated to helping families, businesses and institutions reach their goals. When John Kijinski became dean of the College of Arts and Sciences at SUNY Fredonia he and his wife Karen were happy to find Lake Shore's Patty Bertges to be a trusted mortgage advisor. " She was such a treat to work with, John said. "Patty served as kind of an ambassador for the community". John and Karen purchased their two-story colonial in September 2007. Now Lake Shore Savings is their bank. John said, "I like that it's a local bank, and one that's really committed to the community." When the opportunity presents itself, take a ride through the SUNY campus in Fredonia and visit the newly renovated University Commons. You'll find a Sparkling new Starbucks, a bookstore with merchandise and convenience items as well as a spacious cafe' with a variety of food stations. "Other financial institutions balked at an arrangement where we would build and pay for a campus building, then turn it over to the state," said Charles Notaro, from the Faculty Student Association, SUNY Fredonia. In the end Lake Shore Savings structured a deal to help finance the $23 million, 45,000-square foot addition and renovation of what was once Cranston Hall. Lake Shore Savings is a bank that is growing, accomplishing new goals and reaching out to new communities as it continues to play an important supportive role right here in Dunkirk. The Dunkirk bank opened its second branch in Fredonia, in, 1987. Since then, Lake Shore Savings has expanded to eight full-service branches serving Dunkirk, Fredonia, Westfield, Jamestown, Hamburg, Orchard Park and East Amherst with 13 ATMs located throughout Chautauqua and Erie counties. Unlike many banks with several branch locations, "full service" to Lake Shore Savings means that customers can get all their banking services accomplished at the location of their choice. Originally chartered as a savings and loan association, the bank converted to a federal mutual holding company in April 2006. As part of that process, Lake Shore Bancorp became a public company with consolidated assets of over $354 million. Now on Wall Street, Lake Shore's stock symbol is LSBK, but here and in the communities they serve they're still known as Lake Shore Savings, the friendly, personal bank. As a publicly-traded company they are even better positioned to serve existing clients and have a greater opportunity to extend their time tested style into new markets. In its first full year as a publicly traded company Lake Shore Bancorp performed well for shareholders. Their success is particularly noteworthy given the challenging environment faced by all financial service companies in 2007. Lake Shore president and CEO Dave Mancuso takes great pride in the fact that the Bank did not participate in the sub prime lending practices that have created so much unrest and losses throughout the banking industry. As a result, the bank's sound lending practices have paid off, enabling them to increase their loan portfolio while decreasing debt, the bottom-line being that Lake Shore Savings was able to help more families secure affordable home mortgages, and more entrepreneurs and organizations find productive financial solutions. In keeping pace with technology and the banking needs of its customers, Lake Shore Savings continues to add new convenient products and services. Along with debit cards and ATM locations throughout the communities they serve the bank also offers electronic banking providing Internet banking, on line bill pay and e-statements to its customers. During 2007 Lake Shore Savings introduced an "enhanced" home equity line of credit product. This new product enables borrowers to split the repayment of loan proceeds between fixed and adjustable rates. The customer borrows on a master line of credit and can then take portions of that line and "term" them out at a fixed rate for a set time period. As the customer pays down the term loan, the funds become available again for use on the line of credit. This flexible option has been well received by their customers. They also introduced commercial overdraft line of credit and Small Business Administration (SBA) loan products. Constantly working on new products and service improvements in 2008 Lake Shore Savings will introduce a "remote deposit capture" service for business customers. This will enable customers to scan checks and electronically transmit them to the bank for deposit. This new service will save time and allow customers quicker access to their funds. This year the bank also plans to offer debit cards to business customers, allowing them make purchases without having to write paper checks. Also this month Lake Shore Savings will add the expertise and services of Nancy La Tulip. With 16 years of progressive leadership experience creating and expanding commercial lending departments, Ms. La Tulip strengthens Lake Shore Savings ability to expand their retail banking services to the community. Moving forward, Lake Shore Savings has expressed their goal as continuing to grow business in existing locations, focused on outstanding customer and community service. "We will work hard to be the Best community bank in Western New York offering flexible, affordable mortgage solutions and remain committed to meeting customer needs through all phases of life," said David Mancuso. While continuing to grow their business in existing locations and expanding their branch network, Lake Shore Savings remains focused on the importance of customer and community service. With an expressed business and service philosophy of "Putting People First" Lake Shore Savings remains a testament to the founders of this community and the values they represent. Looking back to where this began, we can all take a little pride knowing this is a story that started right here in our community.

 

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