Bailout Bank Bio: LNB Bancorp (Lorain National Bank)

May 28, 2009 | 3 min read | Print Article

LNB Bancorp, Inc. operates as the holding company for The Lorain National Bank, which provides banking, mortgage, and brokerage services for individuals and businesses. The company offers personal, mortgage, and commercial banking products, as well as investment management and trust services. It accepts transaction and time deposit accounts, savings deposits, interest bearing demand deposits, noninterest bearing deposits, certificates of deposit, and money market accounts. The company also offers commercial loans, which consist of commercial real estate loans, construction and equipment loans, letters of credit, revolving lines of credit, small business administration loans, commercial loans with preferred interest rates, and government guaranteed loans; residential mortgage loans for the purchase of personal residences; and installment loans that comprise financing for automobile and personal loans, indirect automobile loans, second mortgages, and home equity lines of credit. In addition, it offers safe deposit boxes, night depository, U.S. savings bonds, travelers’ checks, money orders, cashiers’ checks, automated teller machine (ATM), debit cards, wire transfer, electronic funds transfer, foreign drafts, foreign currency, electronic banking by phone or through the Internet, and lockbox services.

As of December 31, 2007, the company operated 21 banking centers and 29 ATMs in the communities of Lorain, Elyria, Amherst, Avon, Avon Lake, LaGrange, North Ridgeville, Oberlin, Olmsted Township, Vermilion, Westlake, and Hudson in Ohio. LNB Bancorp, Inc. was founded in 1905 and is headquartered in Lorain, Ohio.

In November LNB announced that it would participate in the Treasury Department’s Capital Purchase Program. Under the program the company received $25.2 million in exchange for preferred stock.

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Bailout Bank Bio: LNB Bancorp (Lorain National Bank)


Federal Equity Investment	$25.2 million
Total Revenue	$70.9 million (2008) $70.3 million (2007)
Net Income	$3.3 million (2008) $5.5 million (2007)
Number of Employees	277
Corporate Headquarters	Lorain, Ohio
Business Sector	Bank
Officers and Directors	Klimas, Daniel, President, Chief Executive Officer, Director Herrick, James, Chairman of the Board Other Officers and Directors
Corporate Website	http://www.4lnb.com
Executive Compensation	LNB Bancorp