LNB Bancorp Inc. in Lorain, Ohio, announced Tuesday that it has agreed to buy Morgan Bancorp Inc. of Hudson, Ohio, for $26.5 million in cash and stock.
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The deal would take the $832 million-asset LNB into Summit County for the first time. The $129 million-asset Morgan has two branches and the top market share in Hudson, according to Federal Deposit Insurance Corp. data.
LNB, the parent of Lorain National Bank, said in a press release that Morgan would retain its name and management.
The deal price is about 2.7 times book value. The purchase is expected to close in the third quarter.
