DUNKIRK, N.Y. - Lake Shore Savings Bank, a subsidiary of Lake Shore Bancorp, Inc. (NASDAQ:LSBK), has announced the termination of a Consent Order by the Office of the Comptroller of the Currency (OCC). The $76 million market cap bank, which has delivered a 19.94% return year-to-date, received news that the regulatory directive addressing issues in information technology, security, and compliance has been lifted alongside its Troubled Condition status.
The Consent Order, originally put in place to mandate the correction of various deficiencies, has been concluded earlier than anticipated. This resolution signifies the bank's swift action in addressing the operational challenges identified by the OCC.
Kim C. Liddell, President, CEO, and Director of Lake Shore Savings Bank, expressed pride in the team's efforts to remediate the issues. "The early lifting of the Consent Order by the OCC reflects the significant and speedy progress our team made," Liddell stated.
Lake Shore Savings Bank operates as a community-focused financial institution with ten full-service branches in Western New York. The bank provides a variety of retail and commercial lending and deposit services, offering an attractive 5.35% dividend yield to investors. According to InvestingPro analysis, the bank trades at 0.84 times book value and has maintained profitability over the last twelve months. Following the announcement, the company's common stock continues to trade on the NASDAQ Global Market under the ticker symbol LSBK.
The termination of the Consent Order and Troubled Condition status is a positive development for the bank, indicating improved regulatory compliance and operational stability. InvestingPro subscribers can access detailed financial health metrics and additional insights about the bank's operational performance, with multiple ProTips available for informed decision-making. The company's forward-looking statements caution that there are still various risks and uncertainties that could affect future performance, including but not limited to economic conditions and changes in regulatory or legal frameworks.
This news is based on a press release statement from Lake Shore Bancorp, Inc. and reflects the company's current position with respect to the regulatory matters addressed by the OCC.
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