LCNB Corp., an Ohio corporation formed in December 1998, is a financial holding
company headquartered in Lebanon, Ohio. Substantially all of the assets, liabilities
and operations of LCNB Corp. are attributable to its wholly-owned subsidiary,
LCNB National Bank (the "Bank"). LCNB Corp. and its subsidiary are
herein collectively referred to as “LCNB.” The predecessor of LCNB
Corp., the Bank, was formed as a national banking association in 1877. On May
19, 1999, the Bank became a wholly-owned subsidiary of LCNB Corp.
Loan products offered include commercial and industrial loans, commercial and
residential real estate loans, agricultural loans, construction loans, various
types of consumer loans, and Small Business Administration loans. The Banks
residential mortgage lending activities consist primarily of loans for purchasing
or refinancing personal residences, home equity lines of credit, and loans for
commercial or consumer purposes secured by residential mortgages. Most fixed-rate
residential real estate loans are sold to the Federal Home Loan Mortgage Corporation
with servicing retained. Consumer lending activities include automobile, boat,
home improvement and personal loans. The Bank also offers indirect financing
through various automotive, boat, and lawn and garden dealers.
The Trust and Investment Management Division of the Bank performs complete
trust administrative functions and offers agency and trust services, retirement
savings products, and mutual fund investment products to individuals, partnerships,
corporations, institutions and municipalities.
Security brokerage services are offered by the Bank through arrangements with
LPL Financial LLC, a registered broker/dealer. Licensed brokers offer a full
range of investment services and products, including financial needs analysis,
mutual funds, securities trading, annuities, and life insurance.
Other services offered include safe deposit boxes, night depositories, cashiers
checks, bank-by-mail, ATMs, cash and transaction services, debit cards, wire
transfers, electronic funds transfer, utility bill collections, notary public
service, personal computer-based cash management services, 24 hour telephone
banking, PC Internet banking, mobile banking, and other services tailored for
both individuals and businesses.
LCNB Corp. and the Bank are subject to an extensive array of banking laws and
regulations that are intended primarily for the protection of the customers
and depositors of LCNBs subsidiary. These laws and regulations govern such
areas as permissible activities, loans and investments, and rates of interest
that can be charged on loans and reserves. LCNB and the Bank also are subject
to general U.S. federal laws and regulations and to the laws and regulations
of the State of Ohio. Set forth below are brief descriptions of selected laws
and regulations applicable to LCNB and the Bank.
The Financial Reform, Recovery and Enforcement Act of 1989 ("FIRREA")
provides that a holding company and its controlled insured depository institutions
are liable for any loss incurred by the FDIC in connection with the default
of any FDIC assisted transaction involving an affiliated insured bank or savings
association
The Gramm-Leach-Bliley Act, which amended the Bank Holding Company Act of 1956
and other banking related laws, was signed into law on November 12, 1999. The
Gramm-Leach-Bliley Act repealed certain sections of the Glass-Steagall Act and
substantially eliminated the barriers separating the banking, insurance, and
securities industries. Effective March 11, 2000, qualifying bank holding companies
could elect to become financial holding companies. Financial holding companies
have expanded investment powers, including affiliating with securities and insurance
firms and engaging in other activities that are "financial in nature or
incidental to such financial activity," as defined in the act, or "complementary
to a financial activity."
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