Lake Shore Bancorp, Inc. - Amendment to Schedule 13D Filing

This filing is the second amendment to the Schedule 13D, originally filed on July 30, 2025, and amended on October 6, 2025. The amendment is filed jointly by Stilwell Activist Fund, L.P., Stilwell Activist Investments, L.P., Stilwell Partners, L.P., Stilwell Value LLC, and Joseph Stilwell. The group beneficially owns 773,675 shares of Lake Shore Bancorp, Inc. common stock, representing approximately 9.9% of the outstanding shares. The purpose of this amendment is to announce the intent to nominate Timothy J. Andruschat for election as a director at the upcoming 2026 annual meeting and to submit a stockholder proposal regarding the acquisition of other financial institutions. The group aims to maximize shareholder value and believes the company's assets are undervalued. They have a history of activist investing, seeking to profit from share price appreciation by asserting shareholder rights. The filing details historical activist actions and current intentions regarding board representation and corporate strategy.