 Lake Shore Bancorp, Inc. the Company NASDAQ Global Market: LSBK, the holding company for Lake Shore Savings Bank the Bank, announced that the Companys Board of Directors approved a 0.12 per share cash dividend on its common stock, payable on March 16, 2020, to shareholders of record as of February 24, 2020. Based on the Companys closing stock price of 15.35 on February 4, 2020, the implied dividend yield for the Companys common stock is currently 3.13. On February 5, 2020, Lake Shore, MHC the MHC, which holds 3,636,875 shares, or 61.4 of the Companys total outstanding common stock, obtained the approval of its members depositors of Lake Shore Savings Bank at a special meeting of members to waive the MHCs receipt of this dividend, as well as any future quarterly dividends declared by the Company on its common stock up to an aggregated amount of 0.50 per share during the 12 months subsequent to the members approval of the dividend waiver proposal. 