The Bank Slate


Lake Shore in N.Y. announces CEO’s retirement plans

Lake Shore Bancorp in Orchard Park, N.Y., is in the market for a new president and CEO.

The $700 million-asset company said in a press release that Daniel Reininga plans to retire in May. The board plans to conduct a national search for Reininga’s successor.

Reininga, who joined the bank in 1994 as an outside director and became chief operating officer in 2010, has been CEO for the past 12 years.

“Dan served the bank with distinction through periods of rapid growth, as well as the aftermath of the Great Recession and through the Covid pandemic,” Kevin Sanvidge, the company’s chairman, said in the release.

“Lake Shore is serving more communities and consumers than ever before, and much of that is due to Dan’s vision, and his team’s execution of his vision,” Sanvidge added.

Lake Shore has been operating under a written agreement with the Office of the Comptroller of the Currency that instructed the company to improve its practices tied to IT security and controls and IT risk governance.

The company disclosed in March that someone gained unauthorized access to data in its internal systems.

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