Lake Shore Bancorp in Dunkirk, N.Y., which is working through a regulatory issue, has added a former KeyCorp executive to its board.
The $714 million-asset company said in a press release that Ann Segarra had joined the board on Oct. 27. She is the unit business officer at the College of Arts and Science of the University at Buffalo.
Segarra also spent 35 years as a bank, including 28 years at First Niagara and KeyBank. Key bought First Niagara. At one point, she was director of internal audit.
“We are extremely pleased to welcome Ann Segarra to our board,” Kevin Sanvidge, Lake Shore’s chairman, said in the release. “Ann will strengthen and deepen the Board’s financial services knowledge and brings with her outstanding leadership qualities to help us better serve our customers and community.”
Lake Shore has been working through a written agreement with the Federal Reserve that bars it from making a number of capital-related moves without Fed approval. It also has a consent order with the Office of the Comptroller of the Currency that listed its bank as being in a “troubled condition.”
Lake Shore, which suspended its division, had to create a compliance committee to monitor and is required to submit monthly reports to the bank’s board and the OCC.