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LCNB Corp. Announces Completion of the Cincinnati Bancorp, Inc. Merger
LEBANON, Ohio--(BUSINESS WIRE)-- LCNB Corp. (“LCNB”) (Nasdaq: LCNB) today announced that it completed its merger with Cincinnati Bancorp, Inc. (“CNNB”), the
About this update from Lcnb Corporation
[{"type":"text","content":" LEBANON, Ohio--(BUSINESS WIRE)--\nLCNB 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.\n\n\nEric 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.”\n\n\nWith 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.\n\n\nIn 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.\n\n\nLCNB has been advised by Janney Montgomery Scott LLC and Dinsmore & Shohl LLP. CNNB has been advised by Piper Sandler & Co. and Luse Gorman, PC.\n\n\nAbout LCNB Corp.\n\n\nLCNB 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 th...