LCNB LCNB Corp. Holds Annual Meeting of Shareholders
LCNB Corp. Holds Annual Meeting of Shareholders
LEBANON, Ohio
LCNB Corp.
Stephen P. Wilson or Steve Foster, 513-932-1414
or 1-800-344-BANK
(OTCBB:LCNB) LCNB Corp. held their Annual Meeting of Shareholders on Tuesday, April 12, 2005. A number of business items were approved at the meeting including the election and re-election of four directors to three-year terms. The re-elected directors are: Rick L. Blossom, William H. Kaufman and George L. Leasure. Steve P. Foster was elected as a new board member.
Newly elected board member, Steve P. Foster, brings over 31 years of experience in the banking industry to his new position. He joined LCNB in 1977 and has held a number of positions within the bank and LCNB Corp. He currently serves as Executive Vice President and Chief Financial Officer of LCNB.
Additional business conducted included approval by shareholders of LCNB Corp., doubling the number of authorized common shares to eight million and approved amending the articles of incorporation to authorize one million preferred shares. The shareholders also approved setting the number of director seats at ten.
Mr. Wilson reported on the bank's 2004 performance calling it "A very successful, but challenging year." Among the most notable achievements, were that shareholders enjoyed a 1.29% return on average assets. Net income for 2004 was 6.6 million dollars representing a 12.56% return on average shareholder's equity. Earnings per share were $1.97 matching the earnings per share in 2003. For the 19th consecutive year, the board of directors increased the dividend paid to shareholders. The 2004 dividend added to the appreciation in the value of LCNB Corp. stock resulted in a total annual return of 14.61%.
LCNB Corp. (OTCBB:LCNB) is a financial holding company headquartered in Lebanon, Ohio. It serves as an umbrella corporation for its two subsidiaries, Lebanon Citizens National Bank, a full-service, FDIC Insured National Bank with 18 offices serving Warren, Butler, Clermont, Clinton and Hamilton Counties in Ohio, and of Dakin Insurance Agency, Inc., a full-service Independent Insurance Agency with four offices in Warren, Clermont and Clinton Counties in Ohio, serving individuals and businesses with property, casualty, life and health insurance products and annuities.
