The Bank Slate


Lake Shore CEO to retire in wake of reg order

The CEO of Lake Shore Bancorp will retire just weeks after the Dunkirk, N.Y., company’s bank was classified as being in a “troubled condition” by the Office of the Comptroller of the Currency.

The $700 million-asset company disclosed in a regulatory filing that Daniel Reininga will also retire as president on March 10.

Lake Shore said that Jeffrey Werdein, executive vice president of the bank’s commercial division, was appointed interim principal executive officer.

Lake Shore, which agreed to a consent order on Feb. 9, suspended its quarterly dividend to focus capital resources on fixing “operational, compliance and governance deficiencies described in the order.”

The consent order replaced a written agreement that had been in place since last July.

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