Lorain National Bank

LNB Bancorp, Inc.
Industry Banking
Fate Acquired by Northwest Bank
Founded 1905 (1905)
Defunct August 14, 2015 (August 14, 2015)
Headquarters Lorain, Ohio
Key people
 Daniel E. Klimas, President & CEO
James R. Herrick, Chairman
James H. Nicholson, CFO
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

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 Kilmas became president & chief executive officer of the bank.[3]

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][4] The bank remained under partial government ownership until 2012.[5]

In 2007, the bank acquired Morgan Bancorp for $26.5 million in cash and stock.[6]

In 2015, the bank was acquired by Northwest Bank.[2][7]

References

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