LCNB: Repurchased more than one million shares of its common stock – Form 8-K
LCNB Corp. repurchased more than one million common shares
LEBANON, Ohio – February 11, 2022–LCNB Corp. (the “Company”) (NASDAQ: LCNB) announced today that on February 11, 2022, LCNB Corp. repurchased 1,051,687 shares previously held by John C. Lame and his family. Mr. Lame was the company’s largest shareholder and those shares represented approximately 8.5% of LCNB Corp’s outstanding common stock. The board of directors agreed in principle with Mr. Lame to a purchase price of $20.00 on February 4, 2022, when the stock closed at $20.13.
Eric J. Meilstrup, President and Chief Executive Officer of the Company, said, “As we pursue capital allocation strategies aimed at creating sustainable value for our shareholders, we are excited about the opportunity to effectively repurchase a significant amount of our common stock. buying shares will be 6.82% accretive to our earnings per share in 2022 and approximately 7.0% in future years. Additionally, our capital levels remain strong, allowing us to continue to invest in our growth strategies. Including today’s announcement, since the start of 2019, we have repurchased more than $37 million of our common stock, while distributing nearly $27 million in dividends, reflecting our long track record of return of capital to our shareholders. »
LCNB Chairman Spencer S. Cropper added, “In our efforts to consistently generate value for all of our shareholders, this transaction further strengthens the average tangible return on common equity we expect to offer.
The information contained in this press release is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell common stock of LCNB Corp.
About LCNB Corp.
LCNB Corp. is a financial holding company headquartered in Lebanon, Ohio. Through its subsidiary, LCNB National Bank (the “Bank”), it serves customers and communities in Southwestern and South-Central Ohio. A financial institution with a long history of building strong relationships with customers and communities, the Bank offers convenient banking locations in Butler, Clermont, Clinton, Fayette,
Franklin, Hamilton, Montgomery, Preble, Ross, and Warren Counties, Ohio. The Bank continually strives to exceed customer expectations and offers a range of services for all personal and business banking needs, including checking, savings, online banking, personal loans, business loans , agricultural loans, business support, deposits and cash, investment services, trusts and IRAs and stock purchases. The common shares of LCNB Corp. are traded on the NASDAQ Capital Market Exchange® under the symbol “LCNB”. To learn more about LCNB Corp., visit www.lcnb.com.
Forward-Looking Statements Certain statements made in this press release regarding the financial condition, results of operations, plans, objectives, performance and future activities of LCNB are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by the fact that they are not historical facts and include words such as “anticipate”, “could”, “may”, “feel”, “expect”, “believe”, “plan” and similar expressions. These forward-looking statements reflect management’s current expectations based on all information available to management and their knowledge of LCNB’s business and operations. Please refer to LCNB’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as well as its other filings with the SEC, for a more detailed discussion of risks, uncertainties and factors. which could cause actual results to differ from those discussed in the forward-looking statements.