Lake Shore Bancorp, Inc. Announces Management Changes
January 23, 2019 at 06:15 pm
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On January 23, 2019, the Board of Directors of Lake Shore Bancorp, Inc. appointed Steven Schiavone (age 40), Controller, to serve as the Company’s principal accounting officer. Mr. Schiavone has served as the Controller of the Company since March 2008. Prior to that Mr. Schiavone served as the Assistant Vice President and Senior Specialist in the Global Transaction Services Controllers Group at Citigroup, as a Financial Analysis Manager and Officer for Greater Buffalo Savings Bank, and as a Tax Analyst in Corporate Tax and a Financial Analyst in Corporate Reporting for M&T Bank. In connection with the appointment, no material plan, contract or arrangement between Mr. Schiavone and the Company or the Bank was entered into or materially amended nor was any grant or award made or modified under any such plan, contract or arrangement. Ms. Rachel A. Foley, Chief Financial Officer and Treasurer will continue in her role as the Company’s Principal Financial Officer.
Lake Shore Bancorp, Inc. is the mid-tier holding company of Lake Shore Savings Bank (the Bank), a federally chartered, community-oriented financial institution headquartered in Dunkirk, New York. The Bank has 11 full-service branch locations in Western New York, including five in Chautauqua County and six in Erie County. The Bank offers a range of retail and commercial lending and deposit services. The Bankâs principal business consists of attracting retail deposits from the general public in the areas surrounding its branch offices and investing those deposits, together with funds generated from operations, primarily in commercial real estate loans, one-to four-family residential mortgage loans, home equity lines of credit and, to a lesser extent, commercial business loans, consumer loans, and investment securities. Its primary sources of funds for lending and investments are deposits, borrowings, brokered deposits, receipts of principal and interest payments on loans and securities.
LAKE SHORE BANCORP, INC. 
