Lorain National Bank

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.

LNB Bancorp, Inc.
IndustryBanking
Founded1905 (1905)
DefunctAugust 14, 2015 (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]

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 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
  1. "LNB Bancorp, Inc. 2014 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. Murray, Teresa Dixon (December 16, 2014). "Lorain National Bank sold to Northwest Bank of Warren". The Plain Dealer.
  3. Murray, Teresa Dixon (July 21, 2012). "Lorain National Bank enjoys post-TARP era without government ownership: Talk with the Boss". The Plain Dealer.
  4. 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.
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