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Stock Market & Financial Investment News

News Breaks
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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