Lake Shore Bancorp, Inc. Names Gary W. Winger Board Chairman

  Lake Shore Bancorp, Inc. Names Gary W. Winger Board Chairman

Business Wire

DUNKIRK, N.Y. -- January 29, 2013

Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ Global Market: LSBK), the
holding company for Lake Shore Savings Bank (the “Bank”), today announced that
its Board of Directors has named Gary W. Winger to succeed Michael E. Brunecz
as Chairman of the Board of Directors effective May 22, 2013. At that time,
Mr. Winger will also succeed Mr. Brunecz as Chairman of the Board of Directors
for Lake Shore, MHC, (the “MHC”) the mutual holding company that owns 61.4% of
the Company’s outstanding common stock. Mr. Brunecz, who has served as a
director since 1984 and as the Chairman since 1993, has reached the mandatory
retirement age.

Mr. Winger, a director of the Company since 1997, has served as the Vice
Chairman since 2010 and as the Chairman of the Compensation Committee since
2006. He is a current member of the Audit Committee and past member of the
Asset-Liability Committee. He is a principal of Compass Consulting, Inc., a
firm that provides consulting services in the area of higher education. Mr.
Winger was previously the Dean of Administration and Chief Financial Officer
at Jamestown Community College, as well as the Chief Development Officer and
Executive Director for the Jamestown Community College Foundation. He is
currently a trustee for the Jamestown YWCA organization and has previously
served as Treasurer of the Jamestown Community College Faculty Student
Association, as past Chairman of the United Way Campaign for Southern
Chautauqua County and as a board member in the Jamestown, New York area for
the Adult Day Care Center, the Dispute Settlement Center and the Chautauqua
County Charter Commission. Mr. Winger and his wife, Gretchen, have two grown
children and reside in Ashville, New York.

“We are pleased to announce the appointment of Mr. Winger as Chairman of the
Board. Mr. Winger’s in-depth knowledge of banking, along with his strong
leadership skills, will benefit our organization and the Bank’s commitment to
our customers and our communities,” stated Company President and CEO, Daniel
P. Reininga. “Mr. Winger’s appointment will continue the outstanding legacy
left by Mr. Brunecz’s knowledge and leadership over the last 29 years, which
has positively impacted the Bank’s growth and success.”

In addition, the Company’s Board of Directors announced that James P. Foley,
DDS, who has served as a director since 1983, will also be stepping down
effective May 22, 2013 as a result of reaching the mandatory retirement age.

“On behalf of the Company we would like to thank both Mr. Brunecz and Dr.
Foley for their combined 59 years of service. During their tenure and under
their leadership and guidance, the Company has grown from one branch office to
10 branch locations throughout Chautauqua and Erie counties, and asset size
has increased from approximately $60 million to nearly $500 million,” stated
Mr. Reininga.

About Lake Shore

Lake Shore Bancorp, Inc. (NASDAQ Global Market: LSBK) is the parent company of
Lake Shore Savings Bank, a community-oriented financial institution operating
ten full-service branch locations in Western New York. The Company had total
assets of $498.7 million and total deposits of $392.6 million as of September
30, 2012. Headquartered in Dunkirk, New York, Lake Shore has full-service
branch locations in Dunkirk, Fredonia, Jamestown, Lakewood, Westfield, Orchard
Park, East Amherst, Kenmore, Depew and Hamburg, offering a broad range of
retail and commercial lending and deposit services. The Company’s common stock
is traded on the NASDAQ Global Market as “LSBK”. Additional information about
the Company is available at www.lakeshoresavings.com.

Safe-Harbor

This release contains certain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, that are based on
current expectations, estimates and projections about the Company’s and the
Bank’s industry, and management’s beliefs and assumptions. Words such as
anticipates, expects, intends, plans, believes, estimates and variations of
such words and expressions are intended to identify forward-looking
statements. Such statements are not guarantees of future performance and are
subject to certain risks, uncertainties and assumptions that are difficult to
forecast. Therefore, actual results may differ materially from those expressed
or forecast in such forward-looking statements. The Company and Bank undertake
no obligation to update publicly any forward-looking statements, whether as a
result of new information or otherwise.

Contact:

Investor/Media Contact:
Lake Shore Bancorp, Inc.
Rachel A. Foley, 716-366-4070 ext. 1220
Chief Financial Officer
 
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