Lorain_National_Bank

Lorain National Bank

Lorain National Bank

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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.

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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. [1]
    "LNB Bancorp, Inc. 2014 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. [2]
    Murray, Teresa Dixon (December 16, 2014). "Lorain National Bank sold to Northwest Bank of Warren". The Plain Dealer.
  3. [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. [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. [5]
    Payerchin, Richard. "Lorain National Bank creates new scholarship to honor James Kidd". The Morning Journal. Retrieved 2020-08-06.
  6. [6]
    "LNB Bancorp, Inc. and Morgan Bancorp, Inc. Announce Merger Agreement" (Press release). Business Wire. January 16, 2007.
  7. [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. [8]
    Browdie, Brian (December 26, 2012). "LNB Bancorp in Ohio Buys Back Tarp Shares". American Banker.(subscription required)
  9. [9]
    "Northwest Bancshares, Inc. Completes Merger with LNB Bancorp, Inc" (Press release). PRNewswire. August 14, 2015.
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