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.
| Industry | Banking |
|---|---|
| Founded | 1905 |
| Defunct | August 14, 2015 |
| Fate | Acquired by Northwest Bank |
| Headquarters | Lorain, Ohio |
Key people | |
| Total assets | $1.236 billion (2014) |
| Total equity | $0.115 billion (2014) |
Number of employees | 272 (2014) |
| Footnotes / references [1] | |
History
editThe 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
edit
- ^ a b c "LNB Bancorp, Inc. 2014 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ a b c Murray, Teresa Dixon (December 16, 2014). "Lorain National Bank sold to Northwest Bank of Warren". The Plain Dealer.
- ^ 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.
- ^ 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.
- ^ Payerchin, Richard. "Lorain National Bank creates new scholarship to honor James Kidd". The Morning Journal. Retrieved 2020-08-06.
- ^ "LNB Bancorp, Inc. and Morgan Bancorp, Inc. Announce Merger Agreement" (Press release). Business Wire. January 16, 2007.
- ^ "LNB Bancorp Receives Preliminary Approval for $25.2 Million Investment under U.S. Treasury's TARP Program" (Press release). Business Wire. November 20, 2008.
- ^ Browdie, Brian (December 26, 2012). "LNB Bancorp in Ohio Buys Back Tarp Shares". American Banker.(subscription required)
- ^ "Northwest Bancshares, Inc. Completes Merger with LNB Bancorp, Inc" (Press release). PRNewswire. August 14, 2015.