LCNB Corp. Completes Acquisition of Eagle Financial Bancorp, Inc.
12 Abril 2024 - 3:23PM
Business Wire
LCNB Corp. (“LCNB”) (Nasdaq: LCNB) today announced that it
completed the acquisition of Eagle Financial Bancorp, Inc. (“EFBI”
or “Eagle”) and the merger of EAGLE.bank with and into LCNB
National Bank. The transaction creates an independent community
bank with over $2.5 billion in total assets.
President and CEO of LCNB, Eric Meilstrup, stated, “We are
excited to complete the Eagle transaction following the November
2023 acquisition of Cincinnati Federal. As a result of these two
transactions, LCNB has created a premier community banking
institution across attractive Southwestern Ohio and Northern
Kentucky markets. We are proud to bring LCNB’s community-focused
financial products and resources, including trust and wealth
management solutions, to more customers in the greater-Cincinnati
region. Eagle operated from three locations, had approximately $137
million in deposits and approximately $141 million in total loans.
On behalf of everyone at the Bank, I want to welcome Eagle’s
customers, employees, and shareholders to LCNB.”
Spencer Cropper, LCNB’s Chairman, stated, “Today’s announcement
represents one of the most significant events in the Company’s
147-year history. The combination of Eagle, Cincinnati Federal, and
LCNB transforms LCNB into one of the largest independent community
banks in the State of Ohio, with significant exposure across the
compelling Cincinnati region. The Eagle transaction supports our
existing strategic plan by expanding our footprint into attractive
markets, providing our diverse, community-oriented, financial
services to more customers, and expanding our scale. I am excited
by the direction LCNB is headed as the Company focuses on
integrating the acquisitions over the near-term and seeks to
deliver strong financial results as an independent community bank
for many years to come.”
With the addition of EFBI, LCNB now operates 36 full-service
banking offices in Ohio and one branch office in Northern Kentucky.
Assuming the transaction had been completed as of December 31,
2023, LCNB would have had total deposits of $1.96 billion and total
loans of $1.86 billion at December 31, 2023.
In connection with the merger, Patricia L. Walter, former
President of EFBI and EAGLE.bank, has joined LCNB as Executive Vice
President.
LCNB was advised by Hovde Group, LLC and Dinsmore & Shohl
LLP served as legal counsel to LCNB. EFBI was advised by Janney
Montgomery Scott LLC and Luse Gorman, PC served as legal counsel to
EFBI.
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 EFBI 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 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240412699028/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
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