LCNB Corp. Announces Completion of the Cincinnati Bancorp, Inc. Merger
01 Noviembre 2023 - 3:01PM
Business Wire
LCNB Corp. (“LCNB”) (Nasdaq: LCNB) today announced that it
completed its merger with Cincinnati Bancorp, Inc. (“CNNB”), the
holding company for Cincinnati Federal, a federal savings bank
(“Cincinnati Federal”), effective November 1, 2023. As a result of
the merger, shares of CNNB are no longer quoted on the OTCQX
Market. Following the merger of CNNB with and into LCNB, Cincinnati
Federal merged with and into LCNB National Bank.
Eric Meilstrup, President and CEO of LCNB, stated, “We are
thrilled to complete this transaction and welcome CNNB’s customers,
employees and shareholders to LCNB. The merger creates the premier
community banking institution in the Southwestern Ohio and Northern
Kentucky markets and provides CNNB’s customers with additional
financial products, services and opportunities. This is the fifth
transaction LCNB completed over the past ten years, and we look
forward to bringing our community-oriented banking and financial
services to more customers across the greater Cincinnati and
Northern Kentucky markets.”
With the addition of CNNB, LCNB now operates 33 full-service
banking offices in Ohio and one branch office in Northern Kentucky.
Assuming the transaction had been completed as of September 30,
2023, LCNB would have had total deposits of $1.8 billion and total
loans of $1.7 billion at September 30, 2023.
In connection with the transaction, Robert A. Bedinghaus, the
former Chairman and CEO of CNNB, will be appointed to the boards of
LCNB and LCNB National Bank, following LCNB’s standard nomination
processes.
LCNB has been advised by Janney Montgomery Scott LLC and
Dinsmore & Shohl LLP. CNNB has been advised by Piper Sandler
& Co. and Luse Gorman, PC.
About LCNB Corp.
LCNB Corp. is a financial holding company headquartered in
Lebanon, Ohio. Through its subsidiary, LCNB National Bank (the
“Bank”), it serves customers and communities in Southwest and
South-Central Ohio and Northern Kentucky. A financial institution
with a long tradition for building strong relationships with
customers and communities, the Bank offers convenient banking
locations in Butler, Clermont, Clinton, Fayette, Franklin,
Hamilton, Montgomery, Preble, Ross, and Warren Counties, Ohio. The
Bank also provides community-oriented banking services to customers
in Northern Kentucky through a bank office in Boone County,
Kentucky. The Bank continually strives to exceed customer
expectations and provides an array of services for all personal and
business banking needs including checking, savings, online banking,
personal lending, business lending, agricultural lending, business
support, deposit and treasury, investment services, trust and IRAs
and stock purchases. LCNB Corp. common shares are traded on the
NASDAQ Capital Market Exchange® under the symbol “LCNB.” Learn more
about LCNB Corp. at www.lcnb.com.
Safe Harbor Statement
Statements made in this news release that are not historical
facts are “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, Section 21E
of the Securities Exchange Act of 1934, as amended, and the Private
Securities Litigation Reform Act of 1995. These statements are
subject to certain risks and uncertainties including, but not
limited to, failure to successfully complete the proposed
transaction and to successfully integrate CNNB into LCNB, which
includes the failure to retain the acquired customer relationships;
failure to obtain requisite regulatory and shareholder approvals
and satisfy other closing conditions; adverse changes in economic
conditions; the impact of competitive products and pricing; and the
other risks set forth in the LCNB’s filings with the Securities and
Exchange Commission (the “SEC”). As a result, actual results may
differ materially from the forward-looking statements in this news
release.
LCNB encourages readers of this news release to understand
forward-looking statements to be strategic objectives rather than
absolute targets of future performance. LCNB undertakes no
obligation to update these forward-looking statements to reflect
events or circumstances after the date of this news release or to
reflect the occurrence of unanticipated events, except as required
by applicable legal requirements. Copies of documents filed by LCNB
with the SEC are available free of charge at the SEC’s website at
www.sec.gov and/or from LCNB’s website.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231031746632/en/
Company Contact: Eric J. Meilstrup President and Chief
Executive Officer LCNB National Bank (513) 932-1414
Shareholderrelations@lcnb.com Investor and Media Contact:
Andrew M. Berger Managing Director SM Berger & Company, Inc.
(216) 464-6400 andrew@smberger.com
LCNB (NASDAQ:LCNB)
Gráfica de Acción Histórica
De Ago 2024 a Sep 2024
LCNB (NASDAQ:LCNB)
Gráfica de Acción Histórica
De Sep 2023 a Sep 2024