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Lorain National Bank

From Wikipedia, the free encyclopedia
LNB Bancorp, Inc.
IndustryBanking
Founded1905; 119 years ago (1905)
DefunctAugust 14, 2015; 9 years ago (August 14, 2015)
FateAcquired by Northwest Bank
HeadquartersLorain, Ohio
Key people
Total assets$1.236 billion (2014)
Total equity$0.115 billion (2014)
Number of employees
272 (2014)
Footnotes / references
[1]

The Lorain National Bank was a bank headquartered in Lorain, Ohio. The bank was a subsidiary of LNB Bancorp, a bank holding company. It operated 20 branches, all of which were in Lorain County, Cuyahoga County, or Summit County. In 2015, the bank was acquired by Northwest Bank.

History

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The bank was founded in 1905 as Lorain Banking Co.[2][1] In 1961, it merged with the National Bank of Lorain to form Lorain National Bank.[2][1]

In February 2005, Daniel Klimas became president & chief executive officer of the bank.[3][4][5] In 2007, the bank acquired Morgan Bancorp for $26.5 million in cash and stock.[6]

In December 2008, the bank received a $25.2 million investment from the United States Department of the Treasury as part of the Troubled Asset Relief Program.[3][7] The bank remained under partial government ownership until 2012.[8]

In 2015, the bank was acquired by Northwest Bank.[2][9][4]

References

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  1. ^ a b c "LNB Bancorp, Inc. 2014 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ a b c Murray, Teresa Dixon (December 16, 2014). "Lorain National Bank sold to Northwest Bank of Warren". The Plain Dealer.
  3. ^ a b Murray, Teresa Dixon (July 21, 2012). "Lorain National Bank enjoys post-TARP era without government ownership: Talk with the Boss". The Plain Dealer.
  4. ^ a b Murray, Teresa Dixon; Dealer, The Plain (2014-12-17). "Lorain National Bank sold to Northwest Bank of Warren". cleveland. Retrieved 2020-08-06.
  5. ^ Payerchin, Richard. "Lorain National Bank creates new scholarship to honor James Kidd". The Morning Journal. Retrieved 2020-08-06.
  6. ^ "LNB Bancorp, Inc. and Morgan Bancorp, Inc. Announce Merger Agreement" (Press release). Business Wire. January 16, 2007.
  7. ^ "LNB Bancorp Receives Preliminary Approval for $25.2 Million Investment under U.S. Treasury's TARP Program" (Press release). Business Wire. November 20, 2008.
  8. ^ Browdie, Brian (December 26, 2012). "LNB Bancorp in Ohio Buys Back Tarp Shares". American Banker.(subscription required)
  9. ^ "Northwest Bancshares, Inc. Completes Merger with LNB Bancorp, Inc" (Press release). PRNewswire. August 14, 2015.