 Tracy S. Bennett |
Lake Shore Bancorp said Monday that has named a new independent director to its board of directors and audit committee to regain compliance with Nasdaq stock market listing rules.
In a filing with the Securities and Exchange Commission, Lake Shore said its board elected Tracy S. Bennett, a vice president at the State University of New York at Fredonia, on Feb. 24 to serve on both the board and the audit committee. It said it then received a letter from Nasdaq two days later notifying it that it was back in compliance with the market's Listing Rule 5605.
That rule requires that a majority of the board of directors be comprised of independent directors who are not employed directly by the company. The company had violated the rule earlier in the month after former director Paul Kolkmeyer resigned, and Nasdaq on Feb. 18 gave the company several months to fix the violation. With the naming of Bennett, "this matter is now closed," the company said.
Bennett, who will be paid the same as other non-employee directors, has been the vice president for administration at SUNY Fredonia since 1997. He is responsible for supervising and developing a $90 million campus-wide budget and a $300 million capital budget plan, while managing employees in financial services, human resources, facilities and campus services.
He is also president of the SUNY Fredonia Faculty-Student Association and serves on several campus committees. Additionally, he owns a tax preparation business in Westfield and is a certified public accountant.
"With Mr. Bennett's background and experience, we are confident he will be an asset to our board," said Michael E. Brunecz, Lake Shore chairman.
