The port authority also has similar lease agreements with other business projects such as AK Steel's approximately $36 million Research and Innovation Center under construction now in Middletown.
Steve Wilson, chairman of LCNB and member of the port authority board, abstained from Wednesday’s decision on the deal.
The city has also dedicated about $895,000 to the project from funds it received to redevelop the Lebanon racetrack and fairgrounds. Of that amount, about $195,000 will be spent on public infrastructure such as streetscape and intersection improvements, said Jason Millard, Lebanon economic development director. A city community center was also donated to the bank.
LCNB's recent acquisitions include: BNB Bancorp Inc. and its banking subsidiary, Brookville National Bank, a deal that closed in 2015; five branch offices of Eaton National Bank & Trust Co. in Preble County in a 2014 deal; and First Capital Bankshares Inc., the parent company of Citizens National Bank of Chillicothe, in a 2013 deal.
LCNB National Bank operates more than 30 offices in Butler, Clermont, Clinton, Fayette, Hamilton, Montgomery, Preble, Ross and Warren counties.