Lake Shore in N.Y. aims to raise at least $40M from second-step conversion
Lake Shore Bancorp in Dunkirk, N.Y., could raise up to $64 million from its planned second-step conversion.
The $686 million-asset company disclosed in a registration statement that it plans to sell about 5.8 million to 6.6 million shares of common stock at $10 each. Net proceeds could range from $40.3 million to $63.7 million.
Lake Shore said it could use the proceeds for a variety of purposes, including investing in securities, buying back stock, paying dividends, or acquisitions. The company said it does not have any acquisitions in the works for now.