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LCNB-Columbus First Bancorp deal reaches completion

Lebanon, Ohio-based LCNB Corp. closed the acquisition of Worthington, Ohio-based Columbus First Bancorp Inc., effective May 31.

With the deal completion, Columbus First Bank, a subsidiary of Columbus First Bancorp, merged into LCNB National Bank, a unit of LCNB, and will now operate as a branch of LCNB National Bank.

Under the terms of the deal, Columbus First Bancorp shareholders received 2 shares of LCNB common stock for each Columbus First Bancorp share held. Fractional shares and unexercised stock options were exchanged for cash.

In addition, John Smiley joined LCNB as executive vice president and Columbus market president, while Rhett Huddle joined the boards of LCNB and LCNB National Bank. Smiley previously served as president and chief lending officer for Columbus First Bancorp and Columbus First Bank, while Huddle served as chairman and CEO of the companies. LCNB also said that it will name an additional director from Columbus First Bancorp to the boards of both LCNB and its unit at a later date.