DAYTON, Ohio (WDTN) — LCNB National Bank may soon acquire a large bank in Cincinnati.
The bank which is agreed upon by the two parties to become acquired is Cincinnati Bancorp (CNNB), which is the holding company of Cincinnati Federal. On Friday, May 19, LCNB announced a definitive merger agreement was signed by both banks.
LCNB is set to take over CNNB in a transaction described as “stock-and-cash.”
Each of the bank’s current CEO’s made statements regarding the agreement. You can read them below.
“We share the same goals and culture that the executive management team has established at Cincinnati Federal. LCNB National Bank is a 146-year-old community bank that was founded in Lebanon, Ohio, and serves 10 southwestern and south-central Ohio counties with 29 bank offices,” said President and CEO of LCNB Eric Meilstrup.
“We greatly admire the community-focused approach that LCNB brings to banking, as well as their long history of success,” Chairman and CEO of CNNB Robert Bedinghaus said. “We believe that our organizations will be very compatible, and we look forward to expanding our products and capacity to better serve our customers through this partnership with LCNB.”
People who currently go to and bank at Cincinnati Federal will still be able to go to the locations. The names of the Cincinnati Federal locations will be changing to LCNB National Bank when the acquisition process is completed.
