# EDGAR Filing Document

**Accession Number:** 0002059653
**File Stem:** 0000921895-26-000505
**Filing Date:** 2026-2
**Character Count:** 5634
**Document Hash:** 8695b312e527ab3cb3e194aabf17c64c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000921895-26-000505.hdr.sgml**: 20260219

**ACCESSION NUMBER**: 0000921895-26-000505

**CONFORMED SUBMISSION TYPE**: DFAN14A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260219

**DATE AS OF CHANGE**: 20260218

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lake Shore Bancorp, Inc. /MD/
- **CENTRAL INDEX KEY:** 0002059653
- **STANDARD INDUSTRIAL CLASSIFICATION:** SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** DFAN14A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42754
- **FILM NUMBER:** 26651099

**BUSINESS ADDRESS:**
- **STREET 1:** 31 EAST FOURTH STREET
- **CITY:** DUNKIRK
- **STATE:** NY
- **ZIP:** 14048
- **BUSINESS PHONE:** 7163664070

**MAIL ADDRESS:**
- **STREET 1:** 31 EAST FOURTH STREET
- **CITY:** DUNKIRK
- **STATE:** NY
- **ZIP:** 14048
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Stilwell Joseph
- **CENTRAL INDEX KEY:** 0001113303

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** DFAN14A

**MAIL ADDRESS:**
- **STREET 1:** 111 BROADWAY, 12TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10006

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** STILWELL JOSEPH
- **DATE OF NAME CHANGE:** 20000502

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**SCHEDULE 14A**

(Rule 14a-101)

INFORMATION REQUIRED IN PROXY STATEMENT

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934

(Amendment No.)

Filed by the Registrant ☐

Filed by a Party other than the Registrant ☒

Check the appropriate box:

☐ Preliminary Proxy Statement

☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

☐ Definitive Proxy Statement

☐ Definitive Additional Materials

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ Soliciting Material Under § 240.14a-12

---

| |
|:---|
| LAKE SHORE BANCORP, INC. |
| (Name of Registrant as Specified In Its Charter) |
| Stilwell Activist Investments, L.P.<br> Stilwell Activist Fund, L.P.<br> Stilwell Partners, L.P.<br> Stilwell Value LLC<br> Joseph Stilwell<br> Timothy J. Andruschat |
| (Name of Persons(s) Filing Proxy Statement, if other than the Registrant) |

---

Payment of Filing Fee (Check all boxes that apply):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ No fee required

☐ Fee paid previously with preliminary materials

☐ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11

Joseph Stilwell and certain affiliated entities (collectively, "Stilwell"), together with the other participants named herein, intend to file a preliminary proxy statement and accompanying universal proxy card with the Securities and Exchange Commission (the "SEC") to be used to solicit votes for a business proposal and the election of Stilwell's highly-qualified director nominee at the 2026 annual meeting of shareholders (the "Annual Meeting") of Lake Shore Bancorp, Inc., a Maryland corporation (the "Company").

On February 18, 2026, Stilwell filed Amendment No. 2 to its Schedule 13D ("Amendment No. 2") disclosing its delivery of its notice of intent to submit a business proposal and nominate a highly-qualified director candidate at the Annual Meeting, which was delivered to the Company on February 17, 2026. A copy of Amendment No. 2 is attached hereto as Exhibit 1 and is incorporated herein by reference.

**CERTAIN INFORMATION CONCERNING THE PARTICIPANTS**

STILWELL STRONGLY ADVISES ALL SHAREHOLDERS OF THE COMPANY TO READ ANY PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE AT <u>HTTP://WWW.SEC.GOV</u>. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF PROXY MATERIALS WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST.

The participants in the proxy solicitation are currently anticipated to be Stilwell Activist Investments, L.P., a Delaware limited partnership ("Stilwell Activist Investments"), Stilwell Activist Fund, L.P., a Delaware limited partnership ("Stilwell Activist Fund"), Stilwell Partners, L.P., a Delaware limited partnership ("<u>Stilwell Partners</u>"), Stilwell Value LLC, a Delaware limited liability company, Joseph Stilwell and Timothy J. Andruschat.

As of the date hereof, Stilwell Activist Investments directly owns 469,195 shares of common stock, par value $0.01 per share, of the Company (the "Common Stock"), including 439,795 shares held in record name. As of the date hereof, Stilwell Activist Fund directly owns 89,328 shares of Common Stock. As of the date hereof, Stilwell Partners directly owns 215,152 shares of Common Stock. Stilwell Value LLC, as the general partner of each of Stilwell Activist Investments, Stilwell Activist Fund, and Stilwell Partners, may be deemed to beneficially own the 773,675 shares of Common Stock owned directly by Stilwell Activist Investments, Stilwell Activist Fund, and Stilwell Partners. Mr. Stilwell, as the managing member and sole owner of Stilwell Value LLC, may be deemed to beneficially own the 773,675 shares of Common Stock owned directly by Stilwell Activist Investments, Stilwell Activist Fund, and Stilwell Partners. As of the date hereof, Mr. Andruschat does not beneficially own any securities of the Company.

### Attached PDF Documents

**Attachment 1:** `ex1dfan14a10318032_021826.pdf`

_No text found in this document._