LNB Bancorp > Corporate Profile

Corporate Profile
LNB Bancorp, Inc. (the Bancorp), is a $1 billion financial holding company headquartered in Lorain, Ohio. The Bancorp is a public company whose stock is traded on The NASDAQ Stock Market® under the ticker symbol LNBB.

Its primary subsidiary, The Lorain National Bank, is a full-service commercial bank, providing a full spectrum of financial services, including full-service community banking, specializing in commercial, personal banking services, residential mortgage lending and investment and trust services. The Lorain National Bank and its Morgan Bank division serve customers through 21 retail-banking locations and 26 ATMs in Lorain, eastern Erie, western Cuyahoga, and Summit counties.

North Coast Community Development Corporation is a wholly owned subsidiary of The Lorain National Bank. NCCDC provides qualified community businesses with debt financing and commercial loans with preferred interest rates on projects that meet the standards of the New Markets Tax Credit Program.

For brokerage services, the Bank operates under an agreement with Investment Centers of America, a member of NASD/SIPC. Investment Centers offers mutual funds, variable annuity and life insurance products, along with investments in stocks and bonds.

Lorain National Bank is a member of the Federal Reserve Bank of Cleveland; a voluntary member of the Federal Home Loan Bank of Cincinnati, with its deposits insured by the Federal Deposit Insurance Corporation; and an Equal Employment Opportunity, Affirmative Action Employer and Equal Housing Lender.

History
The Lorain National Bank was formed as a result of the merger of The Lorain Banking Company and The National Bank of Lorain on January 1, 1961. The Lorain Banking Company was a state chartered bank founded in 1905. The National Bank of Lorain was a national bank receiving its national charter in 1934. On March 30, 1984, the Lorain National Bank became the wholly owned subsidiary of LNB Bancorp, Inc. The Bancorp received its financial holding company status on March 13, 2000. On May 10, 2007, LNB Bancorp, Inc. completed its acquisition of Morgan Bancorp, Inc. and its wholly-owned subsidiary, Morgan Bank, N.A., both based in Hudson, Ohio.

Our Vision
The vision of LNB Bancorp, Inc. is to be recognized as a high growth, efficiently managed independent community bank. 

Our Mission
The mission of LNB Bancorp, Inc. is to be a profitable, responsible, independent business that provides extraordinary service to our customers and community, while maximizing shareholder value and creating a high-quality and challenging work environment for our associates.