Lake Shore Bancorp, Inc., the holding company for Lake Shore Savings Bank, announced today that Lake Shore Bancorp, Inc., a newly formed Maryland corporation and the proposed successor holding company of the Bank, is commencing its offering of common stock in connection with the proposed conversion of Lake Shore, MHC from a mutual holding company to a stock holding company. As part of the conversion, the Bank will convert its charter to a New York commercial bank and will be renamed Lake Shore Bank.

Lake Shore Bancorp is offering for sale up to 5,750,000 shares of its common stock (subject to increase to up to 6,612,500 shares) at a purchase price of $10 per share. The shares will be offered for sale to eligible depositors of the Bank and to its employee stock ownership plan.

Any shares of common stock not subscribed for in the subscription offering may be offered for sale in a community offering, with a first preference given to natural persons (including trusts of natural persons) residing in the New York counties of Chautauqua, Erie and Cattaraugus and a second preference given to public stockholders of Lake Shore Federal Bancorp as of the close of business on May 5 and then to the general public.

All questions concerning the conversion and stock offering or requests for stock offering materials should be directed to the Stock Information Center at (800) 552-2535 (toll-free). The Stock Information Center will be open Monday through Friday between 10 a.m. and 4 p.m., Eastern Time, beginning on Tuesday and through June 24, 2025, the scheduled expiration date of the subscription offering. The Stock Information Center will be closed on bank holidays.

Lake Shore Bancorp must sell at least 4,250,000 shares of its common stock in the stock offering in order to complete the conversion and stock offering. Completion of the conversion and stock offering is also subject to the receipt of final regulatory approvals, the approvals of the stockholders of Lake Shore Federal Bancorp and the members of Lake Shore, MHC, and other customary closing conditions.

Raymond James & Associates, Inc., is acting as marketing agent to Lake Shore Bancorp in connection with the stock offering.