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) June
16, 2015
LNB
BANCORP, INC.
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(Exact name of registrant as
specified in its charter)
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Ohio
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0-13203
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34-1406303
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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457 Broadway, Lorain, Ohio
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44052-1769
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code: (440)
244-6000
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(Former name or former address, if changed since last report.)
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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 5.07 Submission of Matters to a Vote of Security
Holders.
LNB Bancorp, Inc. (the “Company”) held a Special Meeting of Shareholders
on June 16, 2015 (the “Special Meeting”). Broadridge Financial Solutions
Inc., the inspector of election for the Special Meeting, provided a
final, certified report of the results of the Special Meeting.
The Company’s shareholders took the following actions at the Special
Meeting:
Proposal 1: To consider and vote upon a proposal to approve and
adopt the Agreement and Plan of Merger, dated as of December 15, 2014,
by and between Northwest Bancshares, Inc. and the Company (the “Merger
Agreement”), and thereby to approve the transactions contemplated by the
Merger Agreement, including the merger of the Company with and into
Northwest Bancshares, Inc.
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For
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Against
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Abstentions
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Broker Non-Votes
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|
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7,733,971
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126,760
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59,367
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0
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Proposal 2: To consider and vote upon an advisory, non-binding
proposal to approve the compensation payable to the named executive
officers of the Company in connection with the transactions contemplated
by the Merger Agreement.
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For
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Against
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Abstain
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Broker Non-Votes
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6,447,946
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1,352,703
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119,449
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0
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Each of the Proposals 1 and 2 was approved by the requisite vote of the
Company’s shareholders.
Because the Merger Agreement was approved, it was not necessary to
consider the third proposal to adjourn the Special Meeting to solicit
additional proxies if there are not sufficient votes to approve the
Merger Agreement.
Item 8.01. Other Events.
On June 16, 2015, the Company issued a press release regarding
shareholder approval of the Merger Agreement. The press release is
attached as Exhibit 99.1 hereto and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.
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Description
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99.1
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Press Release, dated June 16, 2015.
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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.
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LNB BANCORP, INC.
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(Registrant)
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Date:
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June 16, 2015
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By:
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/s/ James H. Nicholson
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James H. Nicholson
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Chief Financial Officer
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Exhibit Index
Exhibit No.
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Description
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99.1
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Press Release, dated June 16, 2015.
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Exhibit 99.1
LNB
Bancorp, Inc. Shareholders Vote to Approve Merger with Northwest
Bancshares Inc.
LORAIN, Ohio--(BUSINESS WIRE)--June 16, 2015--LNB Bancorp, Inc. (NASDAQ:
LNBB) (“LNB” or the “Company”) today announced that its shareholders
have voted to approve the previously announced merger of LNB with
Northwest Bancshares Inc.
“I am pleased to report that our shareholders have approved the merger
with Northwest, with 80% of the outstanding common shares in favor of
the merger proposal,” commented Daniel E. Klimas, president & CEO of
Lorain National Bank.
As announced previously on December 15, 2014, under the terms of the
Merger Agreement, LNB Bancorp Inc. shareholders will be entitled to
elect to receive either 1.461 shares of Northwest Bancshares, Inc.
common stock or $18.70 in cash for each common share of LNB Bancorp,
Inc., subject to an overall allocation of exchanged shares into 50% cash
and 50% stock.
Shareholders can expect to receive election forms in July.
The companies expect to complete the merger on August 14, 2015, subject
to the satisfaction of customary closing conditions. All regulatory
approvals have been received.
The companies expect to begin providing information in July to LNB
customers regarding the integration of LNB’s deposit and loan system and
the conversion of LNB’s branches to Northwest Bank’s operating platform.
Both are anticipated to be completed over the weekend of August 14,
2015, subject to completion of the merger.
About LNB Bancorp, Inc.
LNB Bancorp, Inc. is a $1.27 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 21
retail-banking locations and 30 ATMs in Lorain, Erie, Cuyahoga and
Summit counties. 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.
About Northwest Bancshares, Inc.
Northwest operates 161 community banking offices in Pennsylvania, New
York, Ohio and Maryland. Founded in 1896, Northwest is a full-service
financial institution offering a complete line of personal and business
banking products including commercial and small business loans, cash
management services, oil, gas and mineral management services, employee
benefits, investment management, insurance and trust. Northwest
Bancshares, Inc. is the holding company of Northwest Bank and is listed
on the NASDAQ Global Select Market as NWBI. Additional information about
Northwest can be accessed online at www.northwest.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: a worsening of economic conditions or slowing of any economic
recovery, which could negatively impact, among other things, business
activity and consumer spending and could lead to a lack of liquidity in
the credit markets; changes in the interest rate environment
which could reduce anticipated or actual margins; increases in interest
rates or further weakening of economic conditions that could constrain
borrowers’ ability to repay outstanding loans or diminish the value of
the collateral securing those loans; market conditions or other events
that could negatively affect the level or cost of funding, affecting the
Company’s ongoing ability to accommodate liability maturities and
deposit withdrawals, meet contractual obligations, and fund asset
growth, and new business transactions at a reasonable cost, in a timely
manner and without adverse consequences; changes in political conditions
or the legislative or regulatory environment, including new or
heightened legal standards and regulatory requirements, practices or
expectations, which may impede profitability or affect the Company’s
financial condition (such as, for example, the Dodd-Frank Act and rules
and regulations that have been or may be promulgated under the Act);
persisting volatility and limited credit availability in the financial
markets, particularly if market conditions limit the Company’s ability
to raise funding to the extent required by banking regulators or
otherwise; significant increases in competitive pressure in the banking
and financial services industries, particularly in the geographic or
business areas in which the Company conducts its operations; limitations
on the Company’s ability to return capital to shareholders, including
the ability to pay dividends; adverse effects on the Company’s ability
to engage in routine funding transactions as a result of the actions and
commercial soundness of other financial institutions; general economic
conditions becoming less favorable than expected, continued disruption
in the housing markets and/or asset price deterioration, which have had
and may continue to have a negative effect on the valuation of certain
asset categories represented on the Company’s balance sheet; increases
in deposit insurance premiums or assessments imposed on the Company by
the FDIC; a failure of the Company’s operating systems or
infrastructure, or those of its third-party vendors, or errors or
fraudulent behavior of employees or third-parties, that could disrupt
its business; risks that are not effectively identified or mitigated by
the Company’s risk management framework; and difficulty attracting
and/or retaining key executives and/or relationship managers at
compensation levels necessary to maintain a competitive market position;
as well as the risks and uncertainties described from time to time in
the Company’s reports as filed with the SEC.
In addition, expected cost savings, synergies and other financial
benefits from the proposed merger with Northwest Bancshares might not be
realized within the expected time frame and costs or difficulties
relating to integration matters and completion of the merger might be
greater than expected. The Company may have difficulty retaining key
employees during the pendency of the merger. The requisite shareholder
and regulatory approvals for the proposed merger might not be obtained.
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, 440-244-7126
Senior
Vice President
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