The Lorain National Bank was a

bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

headquartered in Lorain, Ohio. The bank was a subsidiary of LNB Bancorp, a

bank holding company A bank holding company is a company that controls one or more banks, but does not necessarily engage in banking itself. The compound bancorp (''banc''/''bank'' + '' corp ration') is often used to refer to these companies as well. United States ...

. It operated 20

branches A branch, sometimes called a ramus in botany, is a woody structural member connected to the central trunk of a tree (or sometimes a shrub). Large branches are known as boughs and small branches are known as twigs. The term ''twig'' usually r ...

, all of which were in

Lorain County Lorain County is a County (United States), county in the northeastern part of the U.S. state of Ohio. As of the 2020 United States census, 2020 census, the population was 312,964. Its county seat is Elyria, Ohio, Elyria. The county was physicall ...

, Cuyahoga County, or Summit County. In 2015, the bank was acquired by Northwest Bank.

History

The bank was founded in 1905 as Lorain Banking Co. In 1961, it merged with the National Bank of Lorain to form Lorain National Bank. In February 2005, Daniel Klimas became

president President most commonly refers to: *President (corporate title) * President (education), a leader of a college or university * President (government title) President may also refer to: Automobiles * Nissan President, a 1966–2010 Japanese ...

chief executive officer A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especial ...

of the bank. In 2007, the bank acquired Morgan Bancorp for $26.5 million in cash and stock. In December 2008, the bank received a $25.2 million investment from the

United States Department of the Treasury The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States, where it serves as an executive department. The department oversees the Bureau of Engraving and Printing and ...

as part of the

Troubled Asset Relief Program The Troubled Asset Relief Program (TARP) is a program of the United States government to purchase toxic assets and equity from financial institutions to strengthen its financial sector that was passed by Congress and signed into law by President ...

. The bank remained under partial government ownership until 2012. In 2015, the bank was acquired by Northwest Bank.

References

{{Reflist, 1 Lorain, Ohio Defunct banks of the United States 1905 establishments in Ohio Banks established in 1905 2015 disestablishments in Ohio Banks disestablished in 2015