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Lake Shore Bancorp reaches $500 million in assets

Dunkirk-based Lake Shore Bancorp has reached the $500 million asset mark for the first time.

The parent company of Lake Shore Savings Bank reported having nearly $513 million in assets in the third quarter. Daniel Reininga, president and CEO, called it "a significant milestone" for the bank, which has 11 branches in Chautauqua and Erie counties.

The bank's third quarter net income increased 24 percent from a year ago to $940,000, or 15 cents per diluted share.

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