LCNB Corp. announces leadership changes in executive team

LEBANON, Ohio - LCNB Corp. (NASDAQ:LCNB), a $207.54 million market cap regional bank with a notable 6.06% dividend yield, announced Wednesday several leadership promotions as part of its succession plan, including the appointment of Robert Haines II as President, separating the role from that of CEO. InvestingPro data shows the company has maintained dividend payments for 26 consecutive years, demonstrating consistent shareholder returns.

The Ohio-based financial holding company also promoted Andrew Wallace to Chief Financial Officer, Patricia Walter to Chief Risk Officer, and Susan Kelley to Senior Vice President and Chief Accounting Officer.

CEO Eric Meilstrup will retain his position while Haines, who previously served as CFO for 17 years, takes on the President role. The company indicated the split between CEO and President positions aims to strengthen governance and support strategic growth.

"By splitting the President and CEO roles between us, Rob and I believe we are strengthening our governance structure and positioning LCNB for continued growth in an increasingly complex business," Meilstrup said in a statement.

Haines has been with LCNB since 1992, holding various positions including head of the IT department before his 17-year tenure as CFO.

Wallace, who joined LCNB in June 2022 as SVP of Accounting and Finance, will now lead financial strategy and reporting as CFO. He previously worked at BKD LLP (now Forvis Mazars LLP) and holds a Master’s degree in Accounting from Butler University.

Walter, who joined LCNB earlier this year through the acquisition of EAGLE.bank where she served as President, will oversee enterprise risk management and compliance in her new role.

Kelley, appointed as SVP and Chief Accounting Officer, joined the company in August 2024 as VP of Finance and Accounting after 19 years at Forvis Mazars LLP.

LCNB Corp. serves customers in Southwest and South-Central Ohio through its subsidiary, LCNB National Bank, which operates across ten Ohio counties. Trading at a P/E ratio of 9.82, the bank shows strong fundamentals with analysts forecasting continued profitability this year. Get access to more detailed analysis and 12+ additional ProTips with an InvestingPro subscription.

The leadership changes follow what the company described as significant growth, with total assets managed increasing by over $1 billion, or 34% since December 2022, according to the press release statement. This expansion aligns with the company’s strong revenue growth of 22.73% over the last twelve months. InvestingPro analysis suggests LCNB is currently trading below its Fair Value, with additional metrics and insights available to subscribers. The company maintains a FAIR overall financial health score, with particularly strong performance in relative value metrics.

In other recent news, LCNB Corp. announced that its Board of Directors has declared a quarterly cash dividend of $0.22 per common share. The company, based in Lebanon, Ohio, specified that the dividend will have a record date of September 2, 2025. Shareholders can expect the payment to be made on September 16, 2025. This development reflects the company’s ongoing commitment to returning value to its shareholders. The announcement did not include any additional financial results or projections. There was no mention of mergers or acquisitions in the recent updates. Analyst upgrades or downgrades were also not reported in the latest information provided.

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