M&A: LNCB Swoops for EAGLE bank in $23M Deal

Ohio-based LCNB Corp has agreed a deal to acquire Eagle Financial Bancorp in a transaction valued at just over $23 million.

Eagle Financial Bancorp is the holding company for EAGLE.bank, and the acquisition will add its three full-service banking offices in Cincinnati to LCNB’s network.

EAGLE.bank held approximately $175.8 million in assets, $140.8 million in loans and $135 million in deposits as of September 30, 2023.

The merger is set to bolster LCNB’s footprint in the Cincinnati market, bringing its total branches to 25 and deposits to $1.4 billion. Eric Meilstrup, president and CEO of LCNB, highlighted the importance of growth in the Cincinnati region to his bank as it seeks to position itself as one of the largest community banks in Southwest Ohio.

Gary Koester, chairman and CEO of Eagle Financial Bancorp, said: “As part of a larger organization, we believe our customers will benefit from expanded financial products and resources, including trust and wealth management solutions, as well as greater access to additional full-service bank locations throughout the greater Cincinnati market.”

The merger, which is subject to regulatory approval and other customary conditions, is slated to conclude in the second quarter of 2024. EAGLE.bank’s banking offices will transition into branches of LCNB subsequent to the closing of the transaction.

In addition, LNCB said that Patricia Walter, president of EAGLE.bank and its parent company, was set to join LCNB as an executive vice president following the completion of the transaction.

Elsewhere, Illinois-based First Busey Corporation — parent to Busey Bank — is to acquire Merchants and Manufacturers Bank, expanding its presence in the suburban Chicago market.

The deal, worth approximately $41.6 million, is subject to regulatory and shareholder approval. Following completion of the transaction, scheduled for the second quarter of next year, Busey Bank will have more than 60 banking locations and $12.7 billion of assets.