In a $23.1 million deal, the parent company of LCNB National Bank has agreed to acquire Bridgetown-based Eagle.bank, the institutions said Wednesday.
Subject to Eagle shareholder and regulatory approval, the deal would add three Eagle branches (in Bridgetown, Delhi Township and Hyde Park) to the Lebanon community bank with 34 branches in Ohio and Northern Kentucky. The merger is expected to close by mid 2024, the banks said in a joint statement.
The deal will also add $135 million in local deposits, enough to make LCNB National Bank one of the region's top 10 institutions, according to regulator Federal Deposit Insurance Corp. The deal will also give the merged bank a total of 25 branches in the Greater Cincinnait region.
LCNB National Bank's holding company, LCNB Corp., said it will issue 1.14 of its shares or $19.10 cash for each Eagle share tendered. LCNB will acquire between 60% to 70% of Eagle's 1.3 million outstanding shares.
The announced deal comes four weeks after LCNB closed on its acquisition of the holding company of Cincinnati Federal, adding five branches.
"We are thrilled... (the deal) further supports our growth in the Cincinnati region," said LCNB Corp. CEO Eric Meilstrup, in a statement. "The combining of our two institutions will provide more benefits, financial products, and opportunities for Eagle’s customers, and create the premier community banking institution in the Cincinnati / Northern Kentucky market."
Following the merger, Eagle president Patricia L. Walter, will join LCNB as an executive vice president.
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This article originally appeared on Cincinnati Enquirer: Cincinnati local banks LCNB National and Eagle to merge