LNB Bancorp (LNBB) in Lorain, Ohio, has hired a new chief financial officer.

The $1.2 billion-asset company said in a press release Thursday that James Nicholson will become its CFO in July. He will succeed Gary Elek, who will step down on July 28 in advance of his official retirement from LNB early next year.

Nicholson previously served as a senior financial advisor at F.N.B. Corp. (FNB) in Hermitage, Pa., after FNB bought PVF Capital last October. Nicholson was CFO at PVF Capital.

LNB, which has 20 branches, specializes in commercial, personal banking services, residential mortgage lending and wealth management.

LNB received $25.2 million through the Troubled Asset Relief Program in December 2008. The company has been issuing company stock to raise the needed capital to exit the program.

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