---
schema_version: "secwatch.filing_event.v1"
accession: "0001074902-23-000065"
form_type: "8-K"
ticker: "LCNB"
cik: "0001074902"
company_name: "LCNB CORP"
filed_at: "2023-05-18T23:59:59+00:00"
generated_at: "2026-06-14T20:44:46.441606+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001074902-23-000065
- form_type: 8-K
- ticker: LCNB
- cik: 0001074902
- company_name: LCNB CORP
- filed_at: 2023-05-18T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1074902/000107490223000065/0001074902-23-000065-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1074902/000107490223000065/lcnb-20230518.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001074902-23-000065
- JSON: https://secwatch.observer/filing/0001074902-23-000065.json
- Plain text: https://secwatch.observer/filing/0001074902-23-000065.txt

## Key facts
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1074902/000107490223000065/0001074902-23-000065-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.