Daniel P. Reininga became President and Chief Executive Officer for Lake Shore Savings Bank on January 28, 2011. He was previously appointed the Executive Vice President and Chief Operations Officer of the company on January 1, 2010.
Rachel A. Foley is Chief Financial Officer and Treasurer of Lake Shore Bancorp, Inc. She joined Lake Shore Savings Bank as Controller in March 1999 and was promoted to Chief Financial Officer in March 2006. Her prior work experience includes being a Financial Audit Supervisor at M&T Bank in Buffalo, New York.
These two experienced banking executives are focused on building a strong business in upstate New York. “The Erie County marketplace is still very robust when it comes to commercial lending, and that is where great opportunities exist for a bank of our size. We continue to focus on the right kind of loans with the right kind of risk metrics without compromising our risk standards or underwriting standards. Commercial lending is a very, very important opportunity for us to continue to serve and meet the needs of commercial banking clients, primarily focusing on commercial real estate loans. There is also a real interest in maintaining the residential loan portfolio to meet our customers’ needs as well.”
One growth area is the increase in medical education in the area. “We are seeing multifamily, as I said previously, as a real opportunity in the Buffalo marketplace with the “eds, meds and beds” phenomenon that continues. As medical schools and hospitals are locating their campuses in downtown Buffalo and bringing a tremendous number of medical students and jobs to the downtown corridor, housing needs have grown substantially there.”
The residential growth is also driving commercial loans. “We also have financing deals related to commercial real estate investment properties that are a reasonable risk with national tenants. They would include some medium-box retailers as in Dollar General (NYSE:DG) and Family Dollar (NYSE:FDO). Those would be units that are being built by high net worth individuals as part of a real estate investment portfolio that is diversified for those individuals.”
To get all the details of the growth strategy for Lake Shore Savings (NASDAQ:LSBK), read the entire interview in the Wall Street Transcript.