UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

~~WASHINGTON~~Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 ORor 15(d) of ~~The~~the Securities Exchange Act of 1934

Date of ~~report~~Report (Date of earliest event reported): ~~June~~September 2027, ~~2006~~2007

GREAT LAKES BANCORP, INC.
(Exact name of registrant as specified in its charter)
(Exact name of Registrant as specified in its charter)
DELAWARE	001-14879		94-3078031
	Delaware		001-14879		94-3078031
~~(State or other jurisdiction of incorporation)~~	(~~Commission~~State ~~File~~or ~~Number~~other jurisdiction of incorporation)		(~~IRS~~Commission ~~Employer~~File ~~Identification No.~~Number)		(IRS Employer Identification No.)
2421 MAIN STREET, BUFFALO, NEW YORK		14214
	2421 Main Street, Buffalo, New York			14214
~~(Address of principal executive offices)~~	(Address of principal executive offices)	~~(Zip Code)~~		(Zip Code)
	Registrant's telephone number, including area code: (716) 854-4272
	Not Applicable
	(Former name or former address, if changed since last report.)

Registrant’s telephone number, including area code (716) 961-1900 (Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

~~Written~~Item ~~communications~~5.02 ~~pursuant~~Departure toof ~~Rule~~Directors ~~425~~or ~~under~~Certain ~~the~~Officers; ~~Securities~~Election ~~Act~~of ~~(17~~Directors; ~~CFR~~Appointment ~~230~~of Certain Officers; Compensatory Arrangements of Certain Officers.~~425)~~

oOn September 27, 2007, Lawrence Schiavi resigned his employment from Greater Buffalo Savings Bank as Executive Vice President - Mortgage Banking Division. Greater Buffalo Savings Bank (the Bank) is the wholly-owned operating subsidiary of Great Lakes Bancorp, Inc. Mr. Schiavi’s resignation had immediate effect.

~~Soliciting~~Mr. Schiavi ~~material~~joined ~~pursuant~~the Bank in July 2006 to ~~Rule~~oversee ~~14a~~the Bank’s residential mortgage banking activities. Prior to Mr. Schiavi’s arrival, the Bank originated residential mortgage loans primarily for investment purposes. Upon Mr. Schiavi’s arrival, the Bank shifted its strategy to one of originating mortgage loans principally for sale in the short-12term to third-party investors. Also under Mr. Schiavi’s direction, the ~~Exchange~~Bank ~~Act~~increased ~~(17~~its ~~CFR~~internal ~~240~~loan origination capabilities in Buffalo and established two loan origination offices in Long Island, New York.~~14a-12)~~

oWith Mr. Schiavi’s resignation, the Bank entered into a separation and consulting agreement with him. In return for mortgage banking consulting services to be provided through December 31, 2007, Mr. Schiavi will receive seven equal biweekly payments of $7,692 each through year-end and a final payment of $171,154 on January 10, 2008. He will also be entitled to continued participation in the Bank’s group medical plan under existing employer and employee cost-sharing provisions through December 31, 2007. The separation and consulting agreement contains non-compete, non-solicitation and confidentiality clauses upon which delivery of the aforementioned benefits is dependent. The agreement also contains a standard revocation clause that permits Mr. Schiavi to revoke the agreement in its entirety at any time prior to October 5, 2007.

~~Pre-commencement~~A copy ~~communications~~of the ~~pursuant~~agreement tois ~~Rule~~attached ~~14d-2(b)~~as ~~under~~Exhibit 10.1 and is incorporated herein by reference. The foregoing description of the ~~Exchange~~key ~~Act~~terms ~~(17~~of ~~CFR~~the ~~240~~agreement is qualified in its entirety by the incorporation of the complete agreement.~~14d-2(b))~~

oItem 8.01 Other Events.

~~Pre-commencement~~The Bank has ~~communications~~ceased ~~pursuant~~its tomortgage ~~Rule~~banking ~~13e-4(c)~~activities ~~under~~in ~~the~~Buffalo ~~Exchange~~and ~~Act~~Long ~~(17~~Island ~~CFR~~and ~~240~~is no longer accepting residential mortgage loan applications.~~13e-4(c))~~ Existing applications are being processed in the ordinary course of business.

Section 5 – Corporate Governance and Management

Item 9.01	Financial Statements and Exhibits

(d)	Exhibits.

Exhibit
Number		Description
10.1		Consulting Agreement, Separation Agreement, Waiver and Release, dated September 27, 2007, between the Bank and Mr. Schiavi.

Item 5.02

Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers

Effective June 20, 2006, Louis Sidoni submitted his resignation as a member of the board of directors of Great Lakes Bancorp, Inc. (“the Company”). Company bylaws require the resignation of all directors that have reached the age of 72. Mr. Sidoni served as a director and board Secretary for the Company since February 2003 and as a director and board Secretary for the Company’s wholly-owned subsidiary, Greater Buffalo Savings Bank from November 1998 to April 2006. Mr. Sidoni will continue to serve as Secretary for the Company.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the ~~registrant~~ Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Great Lakes Bancorp, Inc.

	GREAT LAKES BANCORP, INC.

Date: October 1, 2007	By:	*/s/ Michael J. Rogers*
		Michael J. Rogers
		Executive Vice President and Chief Financial Officer
		(Principal Financial and Principal Accounting Officer)

Date: June 22, 2006

By: __/s/ Andrew W. Dorn, Jr._______________

Name: Andrew W. Dorn, Jr.

Title: President & Chief Executive Officer

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