LCNB Bank plans to keep 95 jobs in downtown Lebanon and add 29 jobs over five years as part of expansion plans assisted through state racetrack redevelopment funds.
The bank plans to move its headquarters one block north, from the original Lebanon Citizens National Bank at Broadway and Mulberry Street.
This will help plans to shift the downtown north up to the Warren County Fairgrounds, also to be redeveloped with up to $3 million in state funds set aside for cities that lost horse racing tracks through legalization of racinos in Ohio.
“We’re thrilled to be moving downtown Lebanon north on Broadway,” said Steve Wilson, chairman and CEO of LCNB Corp. “We’re going to be an anchor to the north like the Golden Lamb is to the south.”
The historic Golden Lamb Inn sits at Main Street and Broadway.
The south end of the fairgrounds — where horse racing was held before the move to the Miami Valley Gaming racino — is about a half-mile north.
Here the city also pland to use some of the state funds to ready the former city garage for redevelopment.
“This grant program is a collaborative effort between the state, Warren County and the city, and will support high impact projects that will help ensure the continued economic vitality of our downtown area,” City Manager Pat Clements said in a press release last week.
LCNB plans to pay about $1.4 million for the former gas station site and adjoining rental and hotel properties where it plans to build a three-floor, 45,000 square foot office building. The state funds would be used for demolition and preparation of the site.
New jobs with LCNB would be created as employees are hired or promoted from the existing banks, including 13 offices acquired over the past three years through purchase of Citizens Bank of Chillicothe in 2013, Eaton National Bank in 2014 and Brookville National Bank this year, Wilson said.
LCNB will continue to operate its bank at Broadway and Mulberry, Wilson said.
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