When completed, the transaction will increase LCNB’s presence in the Cincinnati market. LCNB is headquartered in Warren County in downtown Lebanon.
Subject to the terms of the merger agreement, which has been approved by the Board of Directors of each company, EFBI shareholders will have the opportunity to elect to receive either 1.1401 shares of LCNB stock or $19.10 per share in cash for each share of EFBI common stock owned, subject to at least 60%, but not more than 70% of the shares of EFBI being exchanged for LCNB common stock, according to a statement.
“We are thrilled to announce the agreement with Eagle Financial Bancorp. Eagle represents the second acquisition we have announced this year, and further supports our growth in the Cincinnati region. Upon completion of the transaction, LCNB will have 25 branches and $1.4 billion in deposits within the Cincinnati MSA, adding to LCNB’s position as one of the largest community banks in Southwest Ohio,” said Eric Meilstrup, president and CEO of LCNB.
Following the merger, Patricia L. Walter, president of EFBI and EAGLE.bank, will join LCNB as an executive vice president.
When the transaction is completed, LCNB is estimated to have consolidated assets of approximately $2.5 billion with 36 banking offices in Ohio and one branch office in Northern Kentucky.