LSBK.NASDAQLake Shore Bancorp, INC
SCHEDULE: Stilwell Group Secures Board Seat at Lake Shore Bancorp
Sentiment:
Shareholder Activism Update
Activist investor Stilwell Group reaches a standstill agreement with Lake Shore Bancorp, securing a board seat for its nominee Dennis Pollack and withdrawing its proxy contest.
Summary
- Stilwell Activist Fund and its affiliates (the "Group") have entered into a Standstill Agreement with Lake Shore Bancorp, Inc. (the "Issuer").
- Dennis Pollack, an individual selected by the Group, has been appointed to the board of directors of the Issuer and its wholly-owned subsidiary, Lake Shore Bank.
- The Issuer has agreed to nominate and support Mr. Pollack's election to the board at the upcoming 2026 annual meeting of stockholders for a term expiring at the 2029 annual meeting.
- The Group has withdrawn its previous nomination of Timothy J. Andruschat for director and its shareholder proposal calling for no acquisition of other financial institutions until the Issuer's common stock consistently trades above its book value.
- The Group beneficially owns an aggregate of 773,675 shares of Common Stock, constituting approximately 9.9% of the 7,836,100 shares outstanding as of March 11, 2026.
- The Group's stated purpose in acquiring shares is to maximize shareholder value and profit from appreciation in market price, believing the Issuer's asset value is not adequately reflected in the current market price.
Sentiment
Score: 7
Explanation: StockSavvy.ai views this as a moderately positive development. The resolution of a potential proxy fight and the appointment of an activist-backed director can bring stability and a renewed focus on shareholder value, though specific financial improvements are yet to be seen.
Positives
- Resolution of a potential proxy contest, reducing uncertainty and potential disruption for Lake Shore Bancorp, Inc.
- Appointment of an activist-backed director (Dennis Pollack) to the board, potentially leading to increased focus on shareholder value and strategic improvements.
- The board's expansion by one seat to accommodate the new director demonstrates responsiveness to shareholder concerns.
- The Stilwell Group has a long history of successfully driving shareholder value initiatives in other companies, often leading to sales or significant share repurchases.
Negatives
- No specific financial improvements or targets for Lake Shore Bancorp, Inc. are detailed in this amendment.
- The Group's previous shareholder proposal (no acquisitions below book value) was withdrawn, though the underlying concern about valuation likely remains a focus for the new director.
- The Standstill Agreement imposes restrictions on the activist group's future actions, limiting immediate aggressive moves or further share accumulation.
Risks
- The Group's belief that the value of the Issuer's assets is not adequately reflected in the current market price suggests potential undervaluation or underperformance.
- Future disagreements between the activist-backed director and the existing board could arise despite the standstill agreement, potentially leading to internal friction.
- The Standstill Agreement restricts the Group from acquiring additional shares or selling to other activist investors without consent, potentially limiting future activist pressure if performance does not improve.
Future Outlook
The Standstill Agreement aims to foster a collaborative approach between the activist investor and Lake Shore Bancorp's management, with a focus on maximizing shareholder value. The appointment of an activist-backed director suggests a strategic shift towards potentially enhancing the company's market valuation relative to its assets. The Group may seek to make additional purchases or sales of shares, subject to the agreement's terms, and will continue to review its position.
Industry Context
StockSavvy.ai notes that activist investor engagement, particularly in the regional banking sector, is a common strategy to unlock shareholder value. Often, these engagements target companies perceived as undervalued, especially those trading below book value, by advocating for strategic changes such as M&A, share repurchases, or improved capital allocation. The Stilwell Group's extensive history of activism in 78 other publicly-traded companies, many of which are financial institutions, underscores a consistent strategy of asserting shareholder rights to drive appreciation in market price.
Comparison to Industry Standards
- The filing does not provide specific financial results for Lake Shore Bancorp, Inc. to compare against industry benchmarks.
- The Stilwell Group's track record, as detailed in Schedule A, includes engagements with numerous financial institutions like Security of Pennsylvania Financial Corp., Cameron Financial Corporation, Community Financial Corp., and many others, often leading to sales or mergers. This suggests a pattern of identifying and engaging with companies that may be underperforming relative to their potential or industry peers, particularly concerning their market price versus book value.
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
| Director | NA | Dennis Pollack | 2026-03-17 | Appointed pursuant to a Standstill Agreement with Stilwell Activist Fund, expanding the board by one seat. |
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Board Expansion | The board of directors of Lake Shore Bancorp, Inc. and its wholly-owned subsidiary, Lake Shore Bank, will each be expanded by one board seat. | 2026-03-17 | Increases board size to accommodate an activist-backed director, potentially enhancing oversight and shareholder representation and aligning with activist goals. |
| Shareholder Proposal Withdrawal | The Group withdrew its shareholder proposal calling for no acquisition of any other financial institution by the Issuer until its common stock consistently trades above its book value. | 2026-03-17 | Removes a specific constraint on potential M&A activity, though the underlying concern about valuation likely remains a focus for the new director and the board. |
| Standstill Agreement | The Group agreed to various restrictions, including not soliciting proxies against board recommendations, not initiating shareholder proposals, not seeking additional board representatives, and not acquiring additional shares or selling to certain beneficial owners without consent. | 2026-03-17 | Provides a period of stability and reduces immediate activist pressure, allowing the board and new director to work collaboratively without immediate threat of further proxy contests. |
Legal Proceedings
- Stilwell Value LLC consented to an SEC administrative cease and desist order on September 25, 2024, for failing to timely file certain beneficial ownership reports on Schedule 13D and 13G. The order required Stilwell Value LLC to cease and desist from future violations and imposed a $75,000 civil monetary penalty. Remedial acts were promptly undertaken, and Stilwell Value LLC has satisfied the obligations of the Order.
Related Party Transactions
- Members of the Group have agreed to reimburse Dennis Pollack's travel expenses incurred with respect to attending meetings of the board of the Company and the Bank, respectively.
Stakeholder Impact
- Shareholders: Potential for increased focus on maximizing shareholder value due to activist representation on the board. Reduced uncertainty from a resolved proxy contest.
- Management/Board: Increased oversight and potential pressure to improve performance and valuation. Collaboration with an activist-backed director is now mandated by the agreement.
- Employees/Customers/Suppliers/Creditors: No direct immediate impact mentioned, but strategic changes driven by a focus on shareholder value could indirectly affect these groups in the long term, potentially through M&A or operational adjustments.
Next Steps
- Lake Shore Bancorp, Inc. will nominate and support Dennis Pollack for election to its board of directors at the upcoming 2026 annual meeting of stockholders.
- The Group may seek to make additional purchases or sales of shares of Common Stock, subject to the terms of the Standstill Agreement.
- The Group may, at any time, review or reconsider its positions and formulate plans or proposals with respect to Lake Shore Bancorp, Inc.
Key Dates
| Date | Description |
|---|---|
| 2000-05-01 | Stilwell Group filed original 13D for Security of Pennsylvania Financial Corp. (SPN). |
| 2000-06-02 | SPN announced acquisition by Northeast Pennsylvania Financial Corp. |
| 2000-07-07 | Stilwell Group filed original 13D for Cameron Financial Corporation (Cameron). |
| 2000-10-06 | Cameron announced its sale to Dickinson Financial Corp. |
| 2000-12-15 | Stilwell Group filed original 13D for Oregon Trail Financial Corp. (OTFC). |
| 2001-01-01 | Stilwell Group met with OTFC management to discuss shareholder value. |
| 2001-01-04 | Stilwell Group filed original 13D for Community Financial Corp. (CFIC). |
| 2001-01-25 | CFIC announced sale of a subsidiary. |
| 2001-02-23 | Stilwell Group filed original 13D for Montgomery Financial Corporation (Montgomery). |
| 2001-03-30 | CFIC announced merger with First Financial Corporation. |
| 2001-04-20 | Stilwell Group met with Montgomery management to suggest a sale. |
| 2001-06-05 | Montgomery announced hiring an investment banker to explore a sale. |
| 2001-06-14 | Stilwell Group filed original 13D for HCB Bancshares, Inc. (HCBB). |
| 2001-07-24 | Montgomery announced merger with Union Community Bancorp. |
| 2001-08-01 | Start of period for OTFC share repurchases after proxy statement filing. |
| 2001-08-16 | Stilwell Group started soliciting proxies to elect Kevin D. Padrick to OTFC board. |
| 2001-09-04 | Stilwell Group reported standstill agreement with HCBB. |
| 2001-10-12 | OTFC shareholders elected Stilwell Group's candidate. |
| 2001-10-22 | John G. Rich appointed to HCBB board. |
| 2001-12-31 | End of period for OTFC share repurchases. |
| 2002-01-18 | Michigan's Insurance Department approved Stilwell Group's request for American Physicians Capital, Inc. (ACAP). |
| 2002-01-29 | Stilwell Group noticed intention to nominate two directors at ACAP's 2002 annual meeting. |
| 2002-01-31 | HCBB announced a modified Dutch tender auction to repurchase 20% of its shares. |
| 2002-02-20 | Stilwell Group entered into a three-year standstill agreement with ACAP. |
| 2002-03-12 | Stilwell Group entered into a standstill agreement with OTFC. |
| 2002-11-25 | Stilwell Group filed original 13D for American Physicians Capital, Inc. (ACAP). |
| 2003-02-26 | OTFC and FirstBank NW Corp. announced their merger. |
| 2003-06-30 | Stilwell Group filed original 13D for FPIC Insurance Group, Inc. (FPIC). |
| 2003-08-12 | Florida's Insurance Department approved Stilwell Group's request for FPIC. |
| 2003-08-12 | HCBB announced hiring an investment banker to explore alternatives. |
| 2003-10-31 | OTFC merger completed. |
| 2003-11-06 | ACAP announced a reserve charge and exploration of options. |
| 2003-11-10 | FPIC invited Stilwell Group's nominee, John G. Rich, to join the board. |
| 2003-12-02 | ACAP announced early retirement of its president and CEO. |
| 2003-12-23 | ACAP named R. Kevin Clinton its new president and CEO. |
| 2004-01-14 | HCBB announced its sale to Rock Bancshares, Inc. |
| 2004-03-29 | Stilwell Group filed original 13D for Community Bancshares, Inc. (COMB). |
| 2004-06-08 | Stilwell Group disclosed selling FPIC shares, decreasing holdings below 5%. |
| 2004-06-24 | ACAP announced focus on core business to maximize shareholder value. |
| 2004-11-10 | ACAP invited Joseph Stilwell to sit on the board and entered a new standstill agreement. |
| 2005-06-20 | Stilwell Group filed original 13D for Prudential Bancorp, Inc. of Pennsylvania (PBIP). |
| 2005-08-01 | Stilwell Group announced proxy solicitation to oppose PBIP management stock benefit plans. |
| 2005-11-21 | Stilwell Group amended 13D for COMB, stating it should be sold. |
| 2005-12-01 | Stilwell Group solicited proxies to withhold votes on PBIP director election. |
| 2006-01-01 | PBIP decided not to put stock benefit plans to a vote at the 2006 annual meeting. |
| 2006-01-06 | Stilwell Group disclosed names of three COMB board nominees. |
| 2006-01-19 | Stilwell Group filed original 13D for SCPIE Holdings Inc. (SKP). |
| 2006-04-06 | PBIP announced secret FDIC letter and special meeting for stock plans. |
| 2006-04-19 | PBIP postponed special meeting. |
| 2006-05-01 | COMB announced its sale to The Banc Corporation. |
| 2006-09-01 | Federal Reserve followed FDIC's position on PBIP stock plans. |
| 2006-10-04 | Stilwell Group sued PBIP, MHC, and directors in federal court. |
| 2006-12-01 | Stilwell Group solicited proxies to withhold votes on PBIP directors at 2007 annual meeting. |
| 2006-12-14 | SKP agreed to place Joseph Stilwell on its board. |
| 2007-03-07 | Stilwell Group publicized PBIP election results via billboard advertisements. |
| 2007-04-01 | Stilwell Group engaged in proxy solicitation at ROMA's first annual meeting. |
| 2007-07-27 | Stilwell Group filed original 13D for Roma Financial Corp. (ROMA). |
| 2007-08-15 | Court dismissed some claims against PBIP, sustained breach of fiduciary duties. |
| 2007-10-16 | Joseph Stilwell resigned from SKP board after approval of an inferior sale. |
| 2007-11-01 | ACAP standstill agreement terminated, Stilwell representatives remained on board. |
| 2007-11-05 | Stilwell Group filed original 13D for NorthEast Community Bancorp, Inc. (NECB). |
| 2007-11-21 | Stilwell Group disclosed selling ROMA shares, decreasing holdings below 5%. |
| 2007-12-01 | Stilwell Group filed proxy materials for PBIP 2008 annual meeting. |
| 2008-05-08 | ACAP representatives re-elected to three-year terms. |
| 2008-05-22 | Stilwell Group voluntarily discontinued lawsuit against PBIP. |
| 2008-05-30 | Stilwell Group filed original 13D for Malvern Bancorp, Inc. (MLVF). |
| 2008-06-01 | PBIP case scheduled for trial. |
| 2008-06-11 | Stilwell Group filed notice to appeal portions of PBIP lawsuit dismissal. |
| 2008-11-01 | Stilwell Group entered settlement and expense agreement with PBIP. |
| 2008-11-07 | Stilwell Group filed original 13D for Kingsway Financial Services Inc. (KFS). |
| 2008-12-29 | Stilwell Group filed original 13D for First Savings Financial Group, Inc. (FSFG). |
| 2009-01-07 | Stilwell Group entered settlement agreement with KFS, CEO resigned. |
| 2009-03-12 | Stilwell Group filed original 13D for Alliance Bancorp, Inc. of Pennsylvania (ALLB). |
| 2009-04-23 | KFS board reconstituted. |
| 2009-11-03 | All legacy directors resigned from KFS board. |
| 2009-12-01 | Stilwell Group reported beneficial ownership in FSFG fell below 5%. |
| 2010-03-05 | Stilwell Group reported ownership in PBIP dropped below 5%. |
| 2010-07-01 | Stilwell Group served demand on NECB to inspect shareholder list. |
| 2010-08-01 | NECB produced shareholder list to Stilwell Group. |
| 2010-08-11 | ALLB announced intention to undertake a second-step offering. |
| 2010-10-08 | Stilwell Group filed original 13D for Wayne Savings Bancshares, Inc. (WAYN). |
| 2010-10-18 | Stilwell Group filed original 13D for Standard Financial Corp. (STND). |
| 2010-10-22 | ACAP acquired by The Doctors Company. |
| 2010-10-26 | Stilwell Group demanded MLVF pursue derivative action against directors. |
| 2010-11-01 | Stilwell Group sent letter to NECB board demanding expansion for second-step conversion. |
| 2010-12-29 | ALLB plan of conversion and reorganization approved by depositors. |
| 2011-01-03 | Stilwell Group filed original 13D for Home Federal Bancorp, Inc. of Louisiana (HFBL). |
| 2011-02-07 | Stilwell Group filed original 13D for Wolverine Bancorp, Inc. (WBKC). |
| 2011-02-28 | Stilwell Group filed original 13D for SP Bancorp, Inc. (SPBC). |
| 2011-03-28 | Stilwell Group filed original 13D for Eureka Financial Corp. (EKFC). |
| 2011-04-01 | Stilwell Group filed original 13D for Harvard Illinois Bancorp, Inc. (HARI). |
| 2011-04-11 | Stilwell Group filed original 13D for Fraternity Community Bancorp, Inc. (FRTR). |
| 2011-04-18 | Stilwell Group filed original 13D for Sunshine Financial, Inc. (SSNF). |
| 2011-06-03 | Stilwell Group sued MLVF directors in Chester County, Pennsylvania. |
| 2011-07-05 | Stilwell Group filed original 13D for Jacksonville Bancorp, Inc. (JXSB). |
| 2011-07-11 | Stilwell Group filed original 13D for Naugatuck Valley Financial Corporation (NVSL). |
| 2011-08-24 | Stilwell Group filed original 13D for Colonial Financial Services, Inc. (COBK). |
| 2011-09-12 | Stilwell Group filed original 13D for First Financial Northwest, Inc. (FFNW). |
| 2011-09-21 | Stilwell Group filed original 13D for Poage Bankshares, Inc. (PBSK). |
| 2011-09-29 | Stilwell Group filed original 13D for United Insurance Holdings Corp. (UIHC). |
| 2011-10-01 | Stilwell Group filed lawsuit against NECB in New York state court. |
| 2011-10-07 | Stilwell Group filed original 13D for Provident Financial Holdings, Inc. (PROV). |
| 2011-10-24 | Stilwell Group filed original 13D for ASB Bancorp, Inc. (ASBB). |
| 2011-11-09 | Judge overruled MLVF director defendants' preliminary objections. |
| 2011-11-21 | Stilwell Group filed original 13D for Sound Financial, Inc. (SNFL). |
| 2012-01-01 | Stilwell Group nominated a director for HARI's 2012 annual meeting. |
| 2012-01-17 | MLVF announced intention to undertake a second-step conversion. |
| 2012-01-19 | Stilwell Group filed original 13D for West End Indiana Bancshares, Inc. (WEIN). |
| 2012-03-05 | Stilwell Group filed original 13D for IF Bancorp, Inc. (IROQ). |
| 2012-05-07 | Stilwell Group filed original 13D for Anchor Bancorp (ANCB). |
| 2012-07-23 | Stilwell Group filed original 13D for Georgetown Bancorp, Inc. (GTWN). |
| 2012-08-22 | SNFL announced completion of its second-step conversion. |
| 2012-09-21 | Stilwell Group filed original 13D for Fairmount Bancorp, Inc. (FMTB). |
| 2012-10-11 | MLVF conversion and stock offering completed. |
| 2012-10-22 | Stilwell Group filed original 13D for Hamilton Bancorp, Inc. (HBK). |
| 2012-11-21 | Stilwell Group disclosed selling ALLB shares, decreasing holdings below 5%. |
| 2012-11-23 | Stilwell Group filed original 13D for Polonia Bancorp, Inc. (PBCP). |
| 2012-11-29 | Stilwell Group filed original 13D for TF Financial Corporation (THRD). |
| 2012-12-17 | Stilwell Group disclosed selling UIHC shares, decreasing holdings below 5%. |
| 2013-01-03 | Stilwell Group filed original 13D for Home Federal Bancorp, Inc. of Louisiana (HFBL). |
| 2013-01-22 | Stilwell Group filed original 13D for United Community Bancorp (UCBA). |
| 2013-02-07 | Stilwell Group disclosed selling HFBL shares, decreasing holdings below 5%. |
| 2013-02-25 | Stilwell Group filed original 13D for HopFed Bancorp, Inc. (HFBC). |
| 2013-03-19 | Stilwell Group disclosed selling STND shares, decreasing holdings below 5%. |
| 2013-04-08 | Stilwell Group filed original 13D for Jefferson Bancshares, Inc. (JFBI). |
| 2013-05-20 | Stilwell Group filed original 13D for United-American Savings Bank (UASB). |
| 2013-08-09 | Stilwell Group met with SPBC management to assess shareholder value. |
| 2013-08-23 | Stilwell Group met with ASBB management to assess shareholder value. |
| 2013-09-05 | Stilwell Group notified MLVF of intention to nominate John P. O'Grady. |
| 2013-12-01 | ROMA acquired by Investors Bancorp, Inc. |
| 2013-12-18 | Stilwell Group reached agreement with COBK for director appointment. |
| 2013-10-28 | Stilwell Group filed original 13D for Delanco Bancorp, Inc. (DLNO). |
| 2014-01-23 | JFBI's sale to HomeTrust Bancshares, Inc. announced. |
| 2014-02-13 | Stilwell Group reported intention to seek NVSL board representation. |
| 2014-02-25 | Stilwell Group reported intention to seek FMTB board representation. |
| 2014-03-12 | Stilwell Group reached agreement with NVSL for representative to join board. |
| 2014-03-17 | Stilwell Group filed original 13D for Carroll Bancorp, Inc. (CROL). |
| 2014-03-25 | Corissa B. Porcelli joined COBK's board of directors. |
| 2014-04-14 | FFCO announced its sale to CB Financial Services, Inc. |
| 2014-04-21 | Stilwell Group filed original 13D for Sugar Creek Financial Corp. (SUGR). |
| 2014-05-05 | SPBC announced its sale to Green Bancorp Inc. |
| 2014-06-04 | THRD announced its sale to National Penn Bancshares, Inc. |
| 2014-07-18 | Stilwell Group disclosed selling ASBB shares to ASBB. |
| 2014-09-10 | COBK announced its sale to Cape Bancorp, Inc. |
| 2014-09-15 | Stilwell Group filed original 13D for Seneca-Cayuga Bancorp, Inc. (SCAY). |
| 2014-09-23 | Stilwell Group filed original 13D for Pinnacle Bancshares, Inc. (PCLB). |
| 2014-11-14 | PCLB announced continuation of its share repurchase plan. |
| 2014-11-18 | Corissa B. Porcelli appointed to FRTR board of directors. |
| 2014-11-25 | Stilwell Group terminated standstill agreement with MLVF. |
| 2014-12-03 | WMPN announced and completed plan to repurchase 10% of shares. |
| 2015-01-09 | Stilwell Group filed original 13D for MB Bancorp, Inc. (MBCQ). |
| 2015-02-09 | Stilwell Group filed original 13D for Ben Franklin Financial, Inc. (BFFI). |
| 2015-04-01 | COBK cash/stock deal completed. |
| 2015-04-16 | FMTB's sale announced. |
| 2015-04-01 | Stilwell Group began soliciting votes for HARI nominee for 2015 annual meeting. |
| 2015-05-11 | Stilwell Group filed original 13D for Alamogordo Financial Corp. (ALMG). |
| 2015-05-21 | HARI announced sale of its subsidiary bank. |
| 2015-06-04 | NVSL announced its sale to Liberty Bank. |
| 2015-07-21 | Stephen S. Burchett elected as a director for PBSK. |
| 2015-09-03 | EKFC announced its sale to NexTier, Inc. |
| 2015-10-13 | FRTR's sale announced. |
| 2015-10-26 | Stilwell Group filed original 13D for FSB Community Bankshares, Inc. (FSBC). |
| 2015-11-09 | Stilwell Group disclosed selling UCBA shares to UCBA, decreasing holdings below 5%. |
| 2015-11-12 | Stilwell Group disclosed selling WEIN shares in the open market. |
| 2015-12-30 | UASB announced its sale to Emclaire Financial Corp. |
| 2016-01-15 | NVSL cash deal completed. |
| 2016-01-25 | Stilwell Group filed original 13D for Central Federal Bancshares, Inc. (CFDB). |
| 2016-02-05 | Corissa B. Porcelli appointed to SSNF board of directors. |
| 2016-03-03 | FSBC announced and later completed a second-step conversion. |
| 2016-03-07 | ALMG announced and later completed a second-step conversion. |
| 2016-03-10 | Stilwell Group filed original 13D for First Federal of Northern Michigan Bancorp, Inc. (FFNM). |
| 2016-03-30 | MBCQ announced and completed plan to repurchase 10% of shares. |
| 2016-04-11 | Stilwell Group disclosed selling WMPN shares, decreasing holdings below 5%. |
| 2016-05-13 | FRTR cash deal completed. |
| 2016-05-25 | PCLB announced a new repurchase plan. |
| 2016-06-02 | PBCP's sale to Prudential Bancorp, Inc. announced. |
| 2016-07-07 | Stilwell Group called for ANCB's sale to the highest bidder. |
| 2016-08-01 | Sale of HARI's subsidiary bank completed. |
| 2016-08-10 | Stilwell Group entered settlement agreement with HARI. |
| 2016-08-29 | Stilwell Group agreed not to seek ANCB board representation in consideration of Gordon Stephenson's appointment. |
| 2016-10-06 | GTWN announced its sale to Salem Five Bancorp. |
| 2016-10-11 | Stilwell Group disclosed selling FFNW shares in the open market. |
| 2016-10-14 | Stilwell Group disclosed selling shares of Bancorp 34, Inc. (converted ALMG) in the open market. |
| 2016-12-07 | Stilwell Group disclosed selling MLVF shares, decreasing holdings below 5%. |
| 2016-12-09 | Stilwell Group disclosed selling shares of FSB Bancorp, Inc. (converted FSBC) in the open market. |
| 2016-12-13 | Stilwell Group disclosed selling PCLB shares in the open market. |
| 2016-12-20 | WAYN announced CEO H. Stewart Fitz Gibbon III's unexplained resignation. |
| 2017-03-20 | Stilwell Group filed original 13D for First Advantage Bancorp (FABK). |
| 2017-04-11 | ANCB's announced sale to Washington Federal, Inc. |
| 2017-05-01 | Stilwell Group sent letter to HFBC stockholders detailing conflicts of interest. |
| 2017-05-04 | Stilwell Group filed complaint in Delaware Court of Chancery against HFBC. |
| 2017-05-01 | Corissa B. Porcelli appointed to DLNO board of directors. |
| 2017-06-14 | WBKC's sale to Horizon Bancorp announced. |
| 2017-07-03 | Stilwell Group filed original 13D for Wheeler Real Estate Investment Trust, Inc. (WHLR). |
| 2017-07-28 | Stilwell Group disclosed selling SUGR shares in the open market. |
| 2017-09-25 | Stilwell Group disclosed selling PROV shares, decreasing holdings below 5%. |
| 2017-10-04 | HFBC announced amendment of prejudicial bylaw. |
| 2017-10-18 | DLNO's sale to First Bank announced. |
| 2017-12-04 | Stilwell Group announced nominees for WHLR's 2018 election of directors. |
| 2017-12-06 | SSNF's sale to The First Bancshares, Inc. announced. |
| 2017-12-28 | Stilwell Group filed original 13D for Alcentra Capital Corp (ABDC). |
| 2018-01-05 | Stilwell Group informed ABDC management about seeking board representation if no share repurchases. |
| 2018-01-16 | FFNM's sale to Mackinac Financial Corporation announced. |
| 2018-01-18 | JXSB's sale to CNB Bank Shares, Inc. announced. |
| 2018-01-25 | PVBC appointed Dennis Pollack to its board after regulatory approval. |
| 2018-01-29 | Jon Wheeler fired from WHLR board. |
| 2018-01-29 | Stilwell Group served letter to SCAY board demanding second-step conversion. |
| 2018-02-07 | Vice Chancellor J. Travis Laster granted Stilwell Group's motion for attorneys' fees against HFBC. |
| 2018-02-20 | Stilwell Group reached agreement with MBCQ, Corissa B. Porcelli appointed to board. |
| 2018-02-23 | HFBC filed Form 8-K regarding Special Litigation Committee findings. |
| 2018-02-23 | Stilwell Group formally demanded HFBC board take action against attorneys for malpractice. |
| 2018-04-02 | SSNF cash/stock deal completed. |
| 2018-04-10 | Stilwell Group entered Standstill Agreement with HFBC, Mark D. Alcott appointed to board. |
| 2018-04-18 | Mark D. Alcott's appointment to HFBC board became effective. |
| 2018-04-30 | DLNO stock deal completed. |
| 2018-05-24 | Stilwell Group announced withholding proxy votes on KFS CEO re-election. |
| 2018-07-11 | PBSK's sale to City Holding Company announced. |
| 2018-07-17 | ANCB's sale to FS Bancorp, Inc. at a higher price announced. |
| 2018-09-05 | KFS board announced CEO transition. |
| 2018-10-23 | HBK's sale to Orrstown Financial Services, Inc. announced. |
| 2018-12-03 | Stilwell Group announced intent to seek BFFI board representation. |
| 2018-12-07 | PBSK stock deal completed. |
| 2019-01-07 | HFBC's sale to First Financial Corporation announced. |
| 2019-01-25 | Stilwell Group announced nominees for ABDC's 2019 election of directors. |
| 2019-02-22 | Stilwell Group served notice to nominate Ralph Sesso for BFFI board. |
| 2019-05-21 | Stilwell Group met with CFDB management and board, called for sale. |
| 2019-06-12 | Stilwell Group re-served demand for SCAY second-step conversion. |
| 2019-07-16 | BFFI's sale to Corporate America Family Credit Union announced. |
| 2019-07-18 | Stilwell Group sold WTWB shares to WTWB. |
| 2019-07-27 | HFBC cash/stock deal completed. |
| 2019-08-13 | ABDC's sale to Crescent Capital BDC, Inc. announced. |
| 2019-09-04 | Stilwell Group served demand for inspection of SCAY's books and records. |
| 2019-09-05 | MBCQ's sale to BV Financial, Inc. announced. |
| 2019-09-24 | Stilwell Group disclosed selling IROQ shares, decreasing holdings below 5%. |
| 2019-10-23 | FABK's sale to Reliant Bancorp, Inc. announced. |
| 2019-10-24 | Stilwell Group announced nominees for WHLR's annual meeting. |
| 2019-11-11 | Stilwell Group filed motion to compel production of SCAY books and records. |
| 2020-01-17 | CFDB's sale to Southern Missouri Bancorp, Inc. announced. |
| 2020-01-21 | Stilwell Group filed original 13D for Garrison Capital, Inc. (GARS). |
| 2020-02-29 | MBCQ all-cash deal completed. |
| 2020-03-06 | CROL's sale to Farmers and Merchants Bancshares, Inc. announced. |
| 2020-04-01 | Stilwell Group sold GARS stake. |
| 2020-04-07 | Judge denied SCAY's motion to dismiss lawsuit. |
| 2020-04-13 | WHLR CEO fired. |
| 2020-05-06 | SCAY announced intention to second-step. |
| 2020-05-07 | Stilwell Group filed original 13D for Cincinnati Bancorp, Inc. (CNNB). |
| 2020-05-27 | Stilwell Group filed original 13D for Parkway Acquisition Corp. (PKKW). |
| 2020-06-01 | Judge ordered SCAY to begin production of board materials. |
| 2020-08-05 | Federal Reserve notified Stilwell Group of no objection to buy additional SFBC shares up to 14.99%. |
| 2020-09-21 | Corissa B. Porcelli elected to KFS board of directors. |
| 2020-11-04 | NECB announced it would undertake a second-step conversion. |
| 2020-11-23 | Stilwell Group filed original 13D for Peoples Financial Corporation (PFBX). |
| 2020-12-28 | Stilwell Group filed original 13D for ICC Holdings, Inc. (ICCH). |
| 2021-01-12 | SCAY completed its second-step conversion and ceased to exist. |
| 2021-01-13 | Generations Bancorp NY, Inc. (GBNY) began trading. |
| 2021-07-12 | NECB completed its second-step conversion. |
| 2021-07-15 | E. J. Borrack elected to WHLR board of directors. |
| 2021-11-24 | Stilwell Group disclosed selling PKKW shares in the open market. |
| 2021-12-10 | Federal Reserve notified Stilwell Group of no objection to buy additional CIBH shares up to 14.99%. |
| 2022-05-23 | Stilwell Group sold WAYN shares to WAYN, decreasing holdings below 5%. |
| 2022-05-31 | Stilwell Group served demand for inspection of PFBX books and records. |
| 2022-07-22 | Stilwell Group filed complaint in Chancery Court of Harrison County, Mississippi against PFBX. |
| 2022-09-21 | Stilwell Group disclosed selling CNNB shares in the open market, decreasing holdings below 5%. |
| 2022-12-20 | BRBW's sale to Mid Penn Bancorp, Inc. announced. |
| 2023-05-15 | Stilwell Group filed original 13D for Provident Bancorp, Inc. (PVBC). |
| 2023-05-19 | Megan Parisi elected to WHLR board of directors. |
| 2023-05-22 | SICP terminated its registration with the SEC. |
| 2023-06-30 | Stilwell Group demanded PFBX pursue derivative action against directors. |
| 2023-07-18 | Special Chancellor partially granted Stilwell Group's motion for summary judgment against PFBX. |
| 2023-08-01 | Federal Reserve Bank of Boston notified Stilwell Group of no objection to buy additional PVBC shares up to 14.99%. |
| 2023-08-11 | Federal Reserve Bank of Chicago notified Stilwell Group of no objection to buy additional OTTW shares up to 19.99%. |
| 2023-09-18 | Stilwell Group filed original 13D for IF Bancorp, Inc. (IROQ) (re-filed). |
| 2023-09-18 | Federal Reserve notified Stilwell Group of no objection to buy additional SFBC shares up to 19.99%. |
| 2023-09-29 | Stilwell Group filed a derivative complaint on behalf of PFBX against its directors. |
| 2023-10-28 | Stilwell Group entered into a standstill agreement with PVBC. |
| 2023-12-18 | Stilwell Group served shareholder records inspection demand on Silvergate Capital Corporation (SICP). |
| 2024-02-02 | Stilwell Group served notice of intent to nominate Mark D. Alcott for OTTW board. |
| 2024-02-14 | SFBC announced nomination of Corissa B. Porcelli for election to its board. |
| 2024-02-16 | Stilwell Group filed suit in Maryland Circuit Court to compel SICP to hold an annual meeting. |
| 2024-03-08 | Stilwell Group served notice of intent to nominate Joseph Stilwell for ICCH board. |
| 2024-03-20 | Stilwell Group entered into a Standstill Agreement with OTTW. |
| 2024-03-20 | OTTW announced appointment of Mark D. Alcott to its board of directors. |
| 2024-04-09 | Stilwell Group served notice of intent to nominate Joseph Stilwell for SICP board. |
| 2024-05-23 | Maryland Circuit Court granted Stilwell Group's petition and ordered SICP to hold an annual meeting. |
| 2024-05-28 | Stilwell Group submitted shareholder proposal for prompt sale of IROQ. |
| 2024-05-29 | Corissa B. Porcelli elected to SFBC's board. |
| 2024-06-08 | ICCH announced merger with Mutual Capital Group, Inc. |
| 2024-08-09 | California Superior Court ordered SICP to produce records. |
| 2024-09-06 | Maryland Circuit Court denied SICP's motion to stay order to hold annual meeting. |
| 2024-09-17 | SICP mailed proxy materials and notice for annual meeting. |
| 2024-09-17 | SICP filed for Chapter 11 bankruptcy protection. |
| 2024-09-18 | Appellate Court denied SICP's motion to stay Circuit Court's order. |
| 2024-09-19 | SICP moved Bankruptcy Court for a temporary restraining order. |
| 2024-09-24 | GBNY announced its sale to ESL Federal Credit Union. |
| 2024-09-25 | Stilwell Value LLC consented to an SEC administrative cease and desist order. |
| 2024-09-25 | Bankruptcy Court denied SICP's request for a temporary restraining order. |
| 2024-09-27 | Joseph Stilwell elected to SICP board of directors. |
| 2024-10-17 | Court denied PFBX directors' motion to dismiss derivative complaint. |
| 2024-11-05 | Stilwell Group filed original 13D for Central Plains Bancshares, Inc. (CPBI). |
| 2024-12-20 | Court issued order allowing Stilwell Group to seek discovery in PFBX derivative complaint. |
| 2025-01-10 | PFBX directors filed an interlocutory appeal with the Supreme Court of Mississippi. |
| 2025-04-01 | Mississippi Supreme Court denied PFBX directors' interlocutory appeal. |
| 2025-05-13 | Stilwell Group reached a settlement with SICP, approved by Bankruptcy Court. |
| 2025-05-14 | Federal Reserve Bank of Chicago notified Stilwell Group of no objection to buy additional IROQ shares up to 19.99%. |
| 2025-06-05 | PVBC's sale to NB Bancorp, Inc. announced. |
| 2025-07-30 | Original Schedule 13D filed for Lake Shore Bancorp, Inc. by the Group. |
| 2025-08-26 | Stilwell Group served notice of intent to nominate Scott J. Dworschak for IROQ board. |
| 2025-09-16 | Stilwell Group entered into a standstill agreement with IROQ. |
| 2025-09-24 | IROQ appointed Scott J. Dworschak to its board. |
| 2025-10-06 | First Amendment to Schedule 13D filed for Lake Shore Bancorp, Inc. |
| 2025-10-30 | IROQ announced its sale to ServBanc Holdco, Inc. |
| 2025-10-30 | Stilwell Group filed original 13D for Catalyst Bancorp, Inc. (CLST). |
| 2026-01-20 | Stilwell Group served notice of intent to nominate Stewart F. Peck for PFBX board. |
| 2026-02-12 | Stilwell Group entered into an amendment to the Standstill Agreement with OTTW. |
| 2026-02-13 | Stilwell Group entered into an Agreement with CIB Marine Bancshares, Inc. (CIBH). |
| 2026-02-16 | CIBH announced appointment of Dennis Pollack to its board of directors. |
| 2026-02-17 | Group served notice of intent to nominate Timothy J. Andruschat and submitted a shareholder proposal for Lake Shore Bancorp, Inc. |
| 2026-02-18 | Second Amendment to Schedule 13D filed for Lake Shore Bancorp, Inc. |
| 2026-03-11 | Shares outstanding (7,836,100) as of this date, used for percentage calculation for Lake Shore Bancorp, Inc. |
| 2026-03-17 | Standstill Agreement with Lake Shore Bancorp, Inc. dated and entered into. |
| 2026-03-17 | Lake Shore Bancorp, Inc. filed its Annual Report on Form 10-K. |
| 2026-03-18 | Lake Shore Bancorp, Inc. filed a Form 8-K announcing the Standstill Agreement. |
| 2026-03-18 | Third Amendment to Schedule 13D filed for Lake Shore Bancorp, Inc. |
| 2026-01-01 | Upcoming annual meeting of stockholders where Dennis Pollack will be nominated and supported for election to Lake Shore Bancorp, Inc. board. |
| 2026-03-31 | Condition for IROQ to substantially implement matters approved by stockholders at its 2024 annual meeting. |
| 2028-01-01 | Term expiration for Dennis Pollack on CIBH board. |
| 2029-01-01 | Year Mr. Pollack's board term is expected to expire at Lake Shore Bancorp, Inc. |
Recommendation
holdThe resolution of the proxy contest and the appointment of an activist-backed director to the board of Lake Shore Bancorp, Inc. is a positive step towards potentially unlocking shareholder value and improving corporate governance. However, without specific financial performance data or clear strategic initiatives outlined for the company itself, a 'hold' recommendation is prudent. Investors should monitor the company's future performance and the impact of the new board member on strategic decisions and capital allocation.
Keywords
Lake Shore Bancorp, Stilwell Activist Fund, Schedule 13D, Activist Investor, Corporate Governance, Board Appointment, Standstill Agreement, Shareholder Value, Regional Bank, Proxy Contest
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.