On Tuesday, Lake Shore Savings Bank, the wholly owned federal savings bank subsidiary of Lake Shore Bancorp, Inc received termination notice of the Consent Order by the Office of the Comptroller of the Currency (“OCC”), the Bank’s primary federal regulator.

The Consent Order required the Bank to correct deficiencies related to information technology, security, automated clearing house, audit, management, and Bank Secrecy Act / Anti-Money Laundering. In addition to the termination of the Consent Order, the OCC terminated the “Troubled Condition” status.

“Our primary goal has been remediation of the operational issues identified by our primary regulator,” stated Kim C. Liddell, president, CEO, and director. “The early lifting of the Consent Order by the OCC reflects the significant and speedy progress our team made. I am proud of the team and their continued focus on serving our customers and communities.”

Lake Shore Bancorp, Inc. is the mid-tier holding company of Lake Shore Savings Bank, a federally chartered, community-oriented financial institution headquartered in Dunkirk, New York. The Bank has ten full-service branch locations in Western New York, including four in Chautauqua County and six in Erie County. The Bank offers a broad range of retail and commercial lending and deposit services. The Company’s common stock is traded on the NASDAQ Global Market as “LSBK”. Additional information about the Company is available at www.lakeshoresavings.com.