SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 3)

Lake Shore Bancorp, Inc. /MD/

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

510700107

(CUSIP Number)

Mr. Joseph Stilwell
200 Calle del Santo Cristo, Segundo Piso
San Juan, PR, 00901
787-985-2193

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

03/17/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. Checkbox not checked

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP Number(s):

510700107

Name of reporting person

Stilwell Activist Fund, L.P.

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

SEC use only

Source of funds (See Instructions)

WC, OO

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox not checked

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 773,675.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 773,675.00

Aggregate amount beneficially owned by each reporting person

773,675.00

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in Row (11)

9.9 %

Type of Reporting Person (See Instructions)

SCHEDULE 13D

CUSIP Number(s):

510700107

Name of reporting person

Stilwell Activist Investments, L.P.

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

SEC use only

Source of funds (See Instructions)

WC, OO

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox not checked

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 773,675.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 773,675.00

Aggregate amount beneficially owned by each reporting person

773,675.00

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in Row (11)

9.9 %

Type of Reporting Person (See Instructions)

SCHEDULE 13D

CUSIP Number(s):

510700107

Name of reporting person

STILWELL PARTNERS L P

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

SEC use only

Source of funds (See Instructions)

WC, OO

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox not checked

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 773,675.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 773,675.00

Aggregate amount beneficially owned by each reporting person

773,675.00

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in Row (11)

9.9 %

Type of Reporting Person (See Instructions)

SCHEDULE 13D

CUSIP Number(s):

510700107

Name of reporting person

Stilwell Value LLC

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

SEC use only

Source of funds (See Instructions)

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox checked

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 773,675.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 773,675.00

Aggregate amount beneficially owned by each reporting person

773,675.00

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in Row (11)

9.9 %

Type of Reporting Person (See Instructions)

SCHEDULE 13D

CUSIP Number(s):

510700107

Name of reporting person

Stilwell Joseph

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

SEC use only

Source of funds (See Instructions)

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox not checked

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 773,675.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 773,675.00

Aggregate amount beneficially owned by each reporting person

773,675.00

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in Row (11)

9.9 %

Type of Reporting Person (See Instructions)

SCHEDULE 13D

Item 1.

Security and Issuer

(a)

Title of Class of Securities:

Common Stock, par value $0.01 per share

(b)

Name of Issuer:

Lake Shore Bancorp, Inc. /MD/

(c)

Address of Issuer's Principal Executive Offices:

31 EAST FOURTH STREET, DUNKIRK, NEW YORK , 14048.

Item 2.

Identity and Background

(a)

This is the third amendment (the "Third Amendment") to the original Schedule 13D, which was filed on July 30, 2025 (the "Original Schedule 13D"), and amended on October 6, 2025 (the "First Amendment"), and on February 18, 2026 (the "Second Amendment"). This Third Amendment is being filed jointly by Stilwell Activist Fund, L.P., a Delaware limited partnership ("Stilwell Activist Fund"); Stilwell Activist Investments, L.P., a Delaware limited partnership ("Stilwell Activist Investments"); Stilwell Partners, L.P., a Delaware limited partnership ("Stilwell Partners"); Stilwell Value LLC, a Delaware limited liability company ("Stilwell Value LLC") and the general partner of Stilwell Activist Fund, Stilwell Activist Investments, and Stilwell Partners; and Joseph Stilwell, the managing member and owner of Stilwell Value LLC (collectively, "we" or "us"). The filers of this statement are collectively referred to herein as the "Group." The joint filing agreement of the members of the Group was filed as Exhibit 1 to the Original Schedule 13D. This statement is filed by Joseph Stilwell with respect to the shares of common stock, par value $0.01 per share (the "Common Stock") of Lake Shore Bancorp, Inc. /MD/ (the "Issuer") beneficially owned by Joseph Stilwell, including shares of Common Stock held in the names of Stilwell Activist Fund, Stilwell Activist Investments, and Stilwell Partners, in Joseph Stilwell's capacities as the managing member and owner of Stilwell Value LLC, which is the general partner of Stilwell Activist Fund, Stilwell Activist Investments, and Stilwell Partners.

(b)

The business address of Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Partners, and Stilwell Value LLC is 111 Broadway, 12th Floor, New York, New York 10006. The business address of Joseph Stilwell is 200 Calle del Santo Cristo, Segundo Piso, San Juan, Puerto Rico 00901.

(c)

The principal employment of Joseph Stilwell is investment management. Stilwell Activist Fund, Stilwell Activist Investments, and Stilwell Partners are private investment partnerships engaged in the purchase and sale of securities for their own accounts. Stilwell Value LLC serves as the general partner of Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Partners, and related partnerships.

(d)

During the past five years, no member of the Group has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).

(e)

During the past five years, no member of the Group has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws or finding any violation with respect to such laws, except as indicated in Schedule B, attached hereto and incorporated herein by reference.

(f)

Joseph Stilwell is a citizen of the United States.

Item 3.

Source and Amount of Funds or Other Consideration

Since we last reported purchases and/or acquisitions of Common Stock, Stilwell Partners has not expended any monies to acquire shares of Common Stock. Since we last reported purchases and/or acquisitions of Common Stock, Stilwell Activist Fund has not expended any monies to acquire shares of Common Stock. Since we last reported purchases and/or acquisitions of Common Stock, Stilwell Activist Investments has not expended any monies to acquire shares of Common Stock.

Item 4.

Purpose of Transaction

We are filing this Third Amendment to report that pursuant to an Agreement with the Issuer dated March 17, 2026 (the "Standstill Agreement"), Dennis Pollack, an individual selected by the Group, has been appointed to the board of directors of the Issuer. The Issuer has also agreed to nominate and support the election of Mr. Pollack to the Issuer's board of directors at the Issuer's upcoming 2026 annual meeting of stockholders (the "2026 Annual Meeting"). Accordingly, we are withdrawing our nomination of Timothy J. Andruschat for election as a director at the 2026 Annual Meeting, as well as the stockholder proposal (the "Proposal"). On March 18, 2026, the Issuer filed a Form 8-K with the Securities and Exchange Commission (the "Form 8-K"), announcing the terms of the Standstill Agreement, which is attached as Exhibit 10 to the Form 8-K, and is incorporated herein by reference. The terms of the Standstill Agreement are more fully summarized below in Item 6. On February 17, 2026, we served our notice of intent to nominate Timothy J. Andruschat for election as a director at the 2026 Annual Meeting and submitted the Proposal calling for no acquisition of any other financial institution by the Issuer until such time as the Issuer's common stock consistently trades above its book value. On March 17, 2026, we entered into the Standstill Agreement with the Issuer. Our aim is to maximize shareholder value at the Issuer. Our purpose in acquiring shares of Common Stock of the Issuer is to profit from the appreciation in the market price of the shares of Common Stock through asserting shareholder rights. We do not believe the value of the Issuer's assets is adequately reflected in the current market price of the Issuer's Common Stock. Subject to the Standstill Agreement, members of the Group may seek to make additional purchases or sales of shares of Common Stock. Except as described in this filing, no member of the Group has any plans or proposals which relate to, or could result in, any of the matters referred to in paragraphs (a) through (j), inclusive, of Item 4 of Schedule 13D. Members of the Group may, at any time and from time to time, review or reconsider their positions and formulate plans or proposals with respect thereto. Since 2000, members or affiliates of the Group have taken an 'activist position' in 78 other publicly-traded companies. In each instance, our purpose has been to profit from the appreciation in the market price of the shares we held by asserting shareholder rights. In addition, we believed that the values of the companies' assets were not adequately reflected in the market prices of their shares. Our actions with respect to such publicly-traded companies are described in Schedule A, attached hereto and incorporated herein by reference.

Item 5.

Interest in Securities of the Issuer

(a)

The members of the Group beneficially own an aggregate of 773,675 shares of Common Stock. The percentages used in this filing are calculated based on 7,836,100 shares of Common Stock outstanding as of March 11, 2026, as reported in the Issuer's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 17, 2026. The purchases and sales of Common Stock reported in this item, if any, were made in open-market transactions. Each of Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Partners, Stilwell Value LLC and Joseph Stilwell may be deemed to beneficially own 773,675 shares of Common Stock, constituting approximately 9.9% of the shares of Common Stock outstanding.

(b)

Each of Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Partners, Stilwell Value LLC and Joseph Stilwell may be deemed to share the power to vote and dispose of 773,675 shares of Common Stock owned in the aggregate by Stilwell Activist Fund, Stilwell Activist Investments, and Stilwell Partners. Because he is the managing member and owner of Stilwell Value LLC, which is the general partner of each of Stilwell Activist Fund, Stilwell Activist Investments, and Stilwell Partners, Joseph Stilwell has the power to direct the affairs of each of Stilwell Activist Fund, Stilwell Activist Investments, and Stilwell Partners, including the voting and disposition of shares of Common Stock held in the name of each of Stilwell Activist Fund, Stilwell Activist Investments, and Stilwell Partners. Therefore, Joseph Stilwell is deemed to share voting and disposition power with each of Stilwell Activist Fund, Stilwell Activist Investments, and Stilwell Partners with regard to those shares of Common Stock. Because he is the managing member and owner of Stilwell Value LLC, Joseph Stilwell has the power to direct the affairs of Stilwell Value LLC. Stilwell Value LLC is the general partner of each of Stilwell Activist Fund, Stilwell Activist Investments, and Stilwell Partners. Therefore, Stilwell Value LLC may be deemed to share with Joseph Stilwell voting and disposition power with regard to the shares of Common Stock held by each of Stilwell Activist Fund, Stilwell Activist Investments, and Stilwell Partners.

(c)

Since the filing of the Second Amendment, Stilwell Activist Fund, Stilwell Activist Investments and Stilwell Partners have not purchased or sold any shares of Common Stock. Stilwell Value LLC and Joseph Stilwell have not purchased or sold any shares of Common Stock.

(d)

No person other than Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Partners, Stilwell Value LLC and Joseph Stilwell is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the shares of Common Stock.

(e)

Not applicable.

Item 6.

Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer

On March 17, 2026, members of the Group, the Issuer and Dennis Pollack entered into the Standstill Agreement, a copy of which is attached as Exhibit 10 to the Issuer's Form 8-K, and is incorporated herein by reference. Under the terms of the Standstill Agreement, the Issuer agreed to, among other things, (i) expand both the board of directors of the Issuer and the Issuer's wholly-owned subsidiary, Lake Shore Bank (the "Bank"), by one board seat, (ii) appoint Mr. Pollack to serve on the boards of directors of the Issuer and the Bank in the class of directors having terms expiring at the Issuer's 2026 Annual Meeting and the Bank's 2026 annual meeting of stockholders, respectively, and (iii) nominate and support the election of Mr. Pollack as a director of each of the Company and the Bank at the Company's 2026 Annual Meeting and the Bank's 2026 annual meeting of stockholders, respectively, to serve in the class of directors with a term expiring at the Company's 2029 annual meeting of stockholders and the Bank's 2029 annual meeting of stockholders, respectively. In exchange, the members of the Group agreed to, among other things, not (a) solicit proxies in opposition to any recommendations or proposals of the Issuer's board of directors, (b) initiate or solicit shareholder proposals or seek to place any additional representatives on the Issuer's board of directors other than Mr. Pollack (c) oppose any proposal or director nomination submitted by the board of directors to the Issuer's shareholders, (d) vote for any nominee to the Issuer's board of directors other than those nominated or supported by the board of directors, (e) seek to exercise any control or influence over the management of the Issuer or the boards of directors of the Issuer or the Bank, propose or seek to effect a merger or sale of the Issuer or initiate litigation against the Issuer, or (f) acquire any additional shares of the outstanding Common Stock of the Issuer or, without the Issuer's written consent, privately or pursuant to a public tender offer, sell or otherwise dispose of any interest in the Group's shares of Common Stock to any person whom the Group believes, after reasonable inquiry, would be a beneficial owner after any such sale or transfer of more than 5% of the outstanding shares of Common Stock of the Issuer. In addition, pursuant to an arrangement with Mr. Pollack, members of the Group have agreed to reimburse Mr. Pollack's travel expenses incurred with respect to attending meetings of the board of the Company and the Bank, respectively. The foregoing summary does not purport to be complete and is qualified in its entirety by reference to the Standstill Agreement. Other than the Standstill Agreement referenced above, and the Joint Filing Agreement filed as Exhibit 1 to the Original Schedule 13D, there are no contracts, arrangements, understandings or relationships among the persons named in Item 2 hereof and between such persons and any person with respect to any securities of the Issuer, including but not limited to transfer or voting of any of the securities, finders' fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, divisions of profits or losses, or the giving or withholding of proxies, except for sharing of profits. See Items 1 and 2 above regarding disclosure of the relationships between members of the Group, which disclosure is incorporated herein by reference.

Item 7.

Material to be Filed as Exhibits.

Schedule A - Stilwell Activist History Schedule B - Item 2(e) Exhibit 1 - Joint Filing Agreement, dated July 30, 2025, filed with the Original Schedule 13D. Exhibit 2 - Nominee Agreement, dated February 17, 2026, with Timothy J. Andruschat, filed with the Second Amendment. Exhibit 3 - Proposal, dated February 17, 2026, filed with the Second Amendment. Exhibit 4 - Standstill Agreement, dated March 17, 2026, incorporated by reference to Exhibit 10 to the Issuer's Form 8-K filed with the Securities and Exchange Commission on March 18, 2026.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Stilwell Activist Fund, L.P.

Signature:	/s/ Megan Parisi
Name/Title:	Megan Parisi, Member of Stilwell Value LLC, its General Partner
Date:	03/18/2026

Stilwell Activist Investments, L.P.

Signature:	/s/ Megan Parisi
Name/Title:	Megan Parisi, Member of Stilwell Value LLC, its General Partner
Date:	03/18/2026

STILWELL PARTNERS L P

Signature:	/s/ Megan Parisi
Name/Title:	Megan Parisi, Member of Stilwell Value LLC, its General Partner
Date:	03/18/2026

Stilwell Value LLC

Signature:	/s/ Megan Parisi
Name/Title:	Megan Parisi, Member
Date:	03/18/2026

Stilwell Joseph

Signature:	/s/ Joseph Stilwell
Name/Title:	Joseph Stilwell*
Date:	03/18/2026

Megan Parisi

Signature:	/s/ Megan Parisi
Name/Title:	*Megan Parisi, Attorney-in-Fact
Date:	03/18/2026

Amendment: SEC Form SCHEDULE 13D/A filed by Lake Shore Bancorp Inc.