UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant to
Section 13 OR 15(d) of
the
Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported) December
24, 2012
LNB BANCORP, INC. |
(Exact name of registrant as specified in its charter) |
Ohio |
0-13203 |
34-1406303 |
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
457 Broadway, Lorain, Ohio |
44052-1769 |
|
(Address of principal executive offices) |
(Zip Code) |
Registrant’s
telephone number, including area code: (440)
244-6000
(Former name or former address, if changed since last report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
ITEM 8.01 OTHER EVENTS.
Lorain, Ohio – LNB Bancorp, Inc. (NASDAQ: LNBB) announced on December 24, 2012, that it has completed the repurchase of $6.3 million in par value, or approximately 25% of the outstanding shares, of its Fixed Rate Cumulative Perpetual Preferred Stock, Series B, $1,000 per share liquidation preference (“Series B Preferred Stock”) in exchange for cash at a price representing a discount to par value. A copy of the press release is attached as Exhibit 99.1
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
Description |
99.1 |
Press Release, dated as of December 24, 2012 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
LNB BANCORP, INC. |
|||||
(Registrant) |
|||||
Date: |
December 24, 2012 |
|
By: /s/ Gary J. Elek |
||
Gary J. Elek |
|||||
Chief Financial Officer |
Exhibit 99.1
LNB Bancorp, Inc. Announces Partial Repurchase of Preferred Stock
LORAIN, Ohio--(BUSINESS WIRE)--December 24, 2012--LNB Bancorp, Inc. (NASDAQ: LNBB) announced today that it has completed the repurchase of $6.3 million in par value, or approximately 25% of the outstanding shares, of its Fixed Rate Cumulative Perpetual Preferred Stock, Series B, $1,000 per share liquidation preference (“Series B Preferred Stock”) in exchange for cash at a price representing a discount to par value. The Series B Preferred Stock was originally issued by LNB in December 2008 as part of the U.S. Department of the Treasury’s Capital Purchase Program. The Treasury sold all of the Series B Preferred Stock to private investors through a modified Dutch auction that was completed in June 2012.
Daniel E. Klimas, President and Chief Executive Officer of LNB, commented, “This transaction is the first step in our intention to eventually repurchase or redeem all of the Series B Preferred Stock that was originally issued to the Treasury. We are pleased that we were able to fund this initial repurchase using cash from accumulated earnings and excess capital. This approach is consistent with our previously stated intention to carefully balance our need to maintain a strong capital position with our objectives of building shareholder value and protecting the interests of our shareholders.”
About LNB Bancorp, Inc.
LNB Bancorp, Inc. is a $1.2 billion bank holding company. Its major subsidiary, The Lorain National Bank, is a full-service commercial bank, specializing in commercial, personal banking services, residential mortgage lending and investment and trust services. The Lorain National Bank and its Morgan Bank division serve customers through 20 retail-banking locations and 28 ATMs in Lorain, Erie, Cuyahoga and Summit counties, as well as a loan production office in Solon, Ohio. North Coast Community Development Corporation is a wholly owned subsidiary of The Lorain National Bank. For more information about LNB Bancorp, Inc., and its related products and services or to view its filings with the Securities and Exchange Commission, visit us at http://www.4lnb.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Terms such as "will," "should," "plan," "intend," "expect," "continue," "believe," "anticipate" and "seek," as well as similar comments, are forward-looking in nature. Actual results and events may differ materially from those expressed or anticipated as a result of risks and uncertainties which include but are not limited to:
The Company undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT:
LNB Bancorp, Inc.
Peter R. Catanese, Senior Vice
President, 440-244-7126