Niagara Bancorp, parent of Lockport (N.Y.) Savings Bank, has used $8.6 million from its recent mutual-to-stock conversion to fund a charitable foundation.

The foundation will support community reinvestment; education, health, and human services; and the arts. The seven members elected to its board include Niagara officers and local business executives, company officials said.

Niagara, which has $1.1 billion of assets, raised $133.2 million of capital through the conversion.

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