By the numbers: LCNB acquisition of Eaton National Bank
$24.75 million: estimated amount LCNB Corp. will pay to buy all outstanding stock of Eaton National Bank & Trust Co., and acquire the Preble County bank
$1.13 billion assets: expected size of LCNB once the merger deal closes as anticipated in 2014
36 branch offices: total locations of LCNB after it merges with Eaton National and Eaton's five offices
$6.4 million: LCNB net income for the first nine months of 2013, compared to profits of $6.1 million the same time period of 2012
Warren County bank LCNB Corp. has reached an agreement to acquire Eaton National Bank & Trust Co. and five branch offices in Preble County, LCNB announced Monday.
The deal, the Lebanon bank's second acquisition to be announced in a year, is valued to be $24.75 million.
The agreement is subject to shareholder and other approvals, and is expected to close next year. If LCNB closes its deal to buy the local community bank from Colonial Banc Corp., the holding company of Eaton National, it will grow LCNB to approximately $1.13 billion in assets, $976 million in deposits and 36 branch offices in southwestern and south central Ohio, LCNB said.
It also gives LCNB a presence in the Preble County market it didn’t have before.
“Eaton National is well respected and its team has done an excellent job in building the bank to its current position. Now, as part of LCNB, we believe that we will be able to broaden our reach in serving consumers and businesses in this new market and adjacent markets,” said Stephen Wilson, chairman and chief executive officer of LCNB, in a statement.
Currently, LCNB has 31 branches in Butler, Clermont, Clinton, Fayette, Hamilton, Montgomery, Warren and Ross counties.
“We are confident that we can now provide to Eaton National’s customers the same products and services as the region’s larger banks, but we deliver them with a community bank’s level of personal service,” said Steve Foster, president of LCNB, in a statement.
Brian Shera, president and CEO of Eaton National Bank, could not be reached for comment Monday.
LNCB, holding company of LNCB National Bank, also reported Monday third-quarter earnings. Net income for the July to September quarter was approximately $2.4 million, up from about $1.9 million the same quarter a year ago.
Results for 2013 are “significantly affected” by the completed merger of LCNB with First Capital Bancshares Inc. and its subsidiary, Citizens National Bank of Chillicothe, also in the last year.
LCNB’s stock price closed Monday at $20.50 per share, down less than 1 percent from the previous closing price of $20.56.
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