LNB Bancorp, Inc. Industry Banking Founded 1905; 119 years ago (1905 ) Defunct August 14, 2015; 9 years ago (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]
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 .
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]
^ 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.