LCNB Corp. Completes Acquisition of Eagle Financial Bancorp, Inc.

LCNB Corp. (“LCNB”) (Nasdaq: LCNB) today announced that it completed the acquisition of Eagle Financial Bancorp, Inc. (“EFBI” or “Eagle”) and the merger of EAGLE.bank with and into LCNB National Bank. The transaction creates an independent community bank with over $2.5 billion in total assets.

President and CEO of LCNB, Eric Meilstrup, stated, “We are excited to complete the Eagle transaction following the November 2023 acquisition of Cincinnati Federal. As a result of these two transactions, LCNB has created a premier community banking institution across attractive Southwestern Ohio and Northern Kentucky markets. We are proud to bring LCNB’s community-focused financial products and resources, including trust and wealth management solutions, to more customers in the greater-Cincinnati region. Eagle operated from three locations, had approximately $137 million in deposits and approximately $141 million in total loans. On behalf of everyone at the Bank, I want to welcome Eagle’s customers, employees, and shareholders to LCNB.”

Spencer Cropper, LCNB’s Chairman, stated, “Today’s announcement represents one of the most significant events in the Company’s 147-year history. The combination of Eagle, Cincinnati Federal, and LCNB transforms LCNB into one of the largest independent community banks in the State of Ohio, with significant exposure across the compelling Cincinnati region. The Eagle transaction supports our existing strategic plan by expanding our footprint into attractive markets, providing our diverse, community-oriented, financial services to more customers, and expanding our scale. I am excited by the direction LCNB is headed as the Company focuses on integrating the acquisitions over the near-term and seeks to deliver strong financial results as an independent community bank for many years to come.”

With the addition of EFBI, LCNB now operates 36 full-service banking offices in Ohio and one branch office in Northern Kentucky. Assuming the transaction had been completed as of December 31, 2023, LCNB would have had total deposits of $1.96 billion and total loans of $1.86 billion at December 31, 2023.

In connection with the merger, Patricia L. Walter, former President of EFBI and EAGLE.bank, has joined LCNB as Executive Vice President.

LCNB was advised by Hovde Group, LLC and Dinsmore & Shohl LLP served as legal counsel to LCNB. EFBI was advised by Janney Montgomery Scott LLC and Luse Gorman, PC served as legal counsel to EFBI.