LCNB Corp. to acquire Cincinnati Bancorp for ~$43.7M in stock/cash; 108.9% of tangible book

LCNB CORP

CNNB shareholders elect 0.9274 LCNB shares or $17.21 cash per share; 80% stock/20% cash mix.
Consideration valued at ~$43.7M; 108.9% of tangible book value and 32.3x LTM earnings.
Transaction ~18.2% accretive to 2024 EPS and ~26.2% to 2025 EPS; TBV dilution ~6.6% with ~2.3yr earn-back.
One-time after-tax costs estimated at $7.3M; expected close Q4 2023 pending approvals.
CNNB has $304.7M assets; Robert Bedinghaus to join LCNB board post-closing.

item 1.01 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

LCNB CORP entered into Agreement and Plan of Merger with Cincinnati Bancorp, Inc. (effective 2023-05-17).

Action: entry
Agreement: merger
Counterparty: Cincinnati Bancorp, Inc.
Effective: 2023-05-17

Exact text from the filing

On May 17, 2023, LCNB Corp., an Ohio corporation (“LCNB”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Cincinnati Bancorp, Inc., a Maryland corporation (“CNNB”).

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LCNB CORP filing history →

Source: SEC EDGAR

accession 0001074902-23-000065

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