This expands LCNB’s geographic footprint to Ross and Fayette counties.
“We’re always available to look at opportunities and this one came along. We like the fit and we like the quality of the institution,” said Steve Foster, president of LCNB. “We like the market they’re in, we think it will complement ours.”
Foster and Steve Wilson, chief executive officer and chairman of LCNB, traveled to Chillicothe to meet the employees of Citizens National Wednesday morning.
Citizens National, which has $152 million in assets, runs six branches in Chillicothe, Washington Courthouse, Clarksburg and Frankfort.
Currently, LCNB has approximately $830 million in assets, and operates 25 bank offices in Clermont, Clinton, Butler, Hamilton, Montgomery and Warren counties. It has about 230 full-time employees company-wide
The merger is expected to grow LCNB’s assets to $985 million, the company said.
“Growing this way and getting a strong bank and integrating them within LCNB will make us even stronger,” Foster said.
The bank merger is subject to regulatory approvals and First Capital shareholder approval. It should close by the end of the year, or in the first quarter of next year. Once finalized, Citizens offices will become branches of LCNB National Bank.
LCNB last made a bank acquisition in 2007.
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