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Stock Market & Financial Investment News

News Breaks
July 17, 2014
08:32 EDTLNBBLNB Bancorp announces CFO Elek to retire, names successor
Gary Elek, executive vice president and CFO, informed LNB Bancorp of his decision to retire from his employment with the company in early 2015. In connection with his retirement, Elek will step down from his position as CFO of the company effective as of July 28, after which Elek will remain employed with the company and transition the balance of his responsibilities over his remaining time until his planned retirement early next year. Effective July 28, the company will appoint James Nicholson as senior vice president and CFO of the company. Prior to joining the company, Nicholson most recently served, from October 2013 to July as a Senior Financial Advisor for F.N.B.
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August 20, 2014
16:54 EDTLNBBPL Capital raises stake in LNB Bancorp to 9.3% from 5.2%, urges sale
The PL Capital Group acquired the Common Stock because it believes it is undervalued. PL Capitalís intent is to monitor the performance of the company and the actions of the companyís management and board, and where needed, to assert PL Capital Groupís stockholder rights. On August 14, PL Capital principals Richard Lashley and John Palmer had a telephone conversation with the companyís CEO Daniel Klimas in which they discussed, among other things, the company, PL Capitalís initial 13D filing, PL Capitalís background and investment philosophy, Klimasís background, the state of the banking industry and the bank M&A market. Lashley and Palmer asked Klimas to inform the board of directors of the company that it was PL Capitalís view that LNB Bancorp should actively pursue the sale of the company by seeking a merger with a larger, well positioned strategic partner. Klimas agreed to inform the board of PL Capitalís view.

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