Lake Shore Bancorp, Inc. announced that Daniel P. Reininga as Chief Executive Officer of the Company, Lake Shore Savings Bank and Lake Shore, MHC will retire from all of his positions effective March 10, 2023. In connection with Mr. Reininga's retirement, Jeffrey Werdein, age 56, who currently serves as Executive Vice President, Commercial Division of the Bank, has been appointed Interim Principal Executive Officer of the Company and the MHC effective March 10, 2023. Mr. Werdein has been Executive Vice President, Commercial Division of the Bank since 2014.

A description of the compensation arrangements between the Bank and Mr. Werdein can be found in the Company's proxy statement for its 2022 annual meeting of stockholders, filed with the Securities and Exchange Commission on April 7, 2022 and as subsequently updated by the Current Report on Form 8-K filed with the SEC on December 28, 2022.