LCNB Corp. announces executive leadership transition

LEBANON, Ohio - LCNB Corp . (NASDAQ:LCNB), an Ohio-based financial holding company, has announced the forthcoming retirement of its Executive Vice President and Chief Lending Officer, Matthew P. Layer, effective September 30, 2024. Following Layer's retirement, Jeff D. Meeker, currently serving as the company's Senior Vice President and Chief Credit Officer, will step into the role.

Layer, who has been with LCNB for over four decades, has played a significant role in the company's growth, helping to expand its loan portfolio from $31 million to over $1.6 billion as of March 31, 2024. LCNB's President and CEO, Eric J. Meilstrup, commended Layer for his dedication and the development of a strong credit culture within the bank.

Meeker, who will succeed Layer, brings 38 years of banking experience to his new position. He joined LCNB through the acquisition of Citizens National Bank in 2013 and has since held various leadership roles within the company. Meeker's previous experience includes serving as CFO of Citizens National Bank of Chillicothe and CEO and President of Clarksburg National Bank.

The leadership change is part of LCNB's long-term succession planning, aiming to maintain the company's commitment to asset quality and prudent lending practices. Meilstrup expressed confidence in Meeker's ability to continue the company's strong lending culture and uphold its focus on asset quality.

LCNB Corp. operates through its subsidiary, LCNB National Bank, serving communities in Southwest and South-Central Ohio and Northern Kentucky. The bank offers a range of services, including personal and business banking, agricultural lending, and investment services. LCNB Corp.'s shares are traded on the NASDAQ Capital Market Exchange under the ticker symbol LCNB.

This announcement is based on a press release statement and includes forward-looking statements subject to risks and uncertainties, as detailed in LCNB's SEC filings. The company does not undertake any obligation to update these statements in the event of new information or future events.

In other recent news, LCNB Corp., the financial holding company, has declared a cash dividend of $0.22 per common share. This dividend is set to benefit shareholders on record as of June 3, 2024, and is payable on June 17, 2024.

The company, which operates through its subsidiary LCNB National Bank, maintains a strong presence in various Ohio counties and Northern Kentucky. LCNB Corp's recent cash dividend declaration aligns with their tradition of providing returns to shareholders. These recent developments reflect the company's ongoing commitment to its shareholder community. As always, this information is based on the latest press release statement from LCNB Corp.

InvestingPro Insights

As LCNB Corp. (NASDAQ:LCNB) prepares for a leadership transition with the retirement of its EVP and Chief Lending Officer, Matthew P. Layer, the company's financial health and market performance remain a key focus for investors. With a market capitalization of $213.56 million and a P/E ratio sitting at 14.54 for the last twelve months as of Q1 2024, LCNB presents a mixed financial picture.

An InvestingPro Tip highlights that LCNB has maintained dividend payments for 25 consecutive years, showcasing a commitment to shareholder returns. This is complemented by a robust dividend yield of 5.8%, significantly higher than the average for the financial sector. Additionally, the company has experienced a significant return over the last week, with a 1-week price total return of 11.63%.

While analysts predict the company will be profitable this year, they also anticipate a sales decline in the current year. This could be an important consideration for investors, especially in the context of a leadership change. It's worth noting, however, that LCNB has been profitable over the last twelve months, which could provide some reassurance regarding the company's ability to navigate the anticipated sales decline.

For those interested in diving deeper into LCNB's financial health and future prospects, there are additional InvestingPro Tips available at https://www.investing.com/pro/LCNB. And for those looking to subscribe, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription. There are 6 more tips listed on InvestingPro that can provide further insights into LCNB's performance and potential investment opportunities.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.