Transaction Overview

LCNB Corp. (“LCNB”) (NASDAQ: LCNB), the holding company for LCNB National Bank (“LCNB Bank”), and Eagle Financial Bancorp, Inc. (“EFBI” or “Eagle”) (OTCQB: EFBI), the holding company for EAGLE.bank, announced today that they have signed a definitive merger agreement whereby LCNB will acquire EFBI in a stock-and-cash transaction. EAGLE.bank operates three full-service banking offices in Cincinnati, Ohio. EFBI had approximately $175.8 million in assets, $140.8 million in loans, $135.0 million of deposits, and $26.3 million in consolidated stockholders’ equity as of September 30, 2023. When completed, the transaction will increase LCNB’s presence in the Cincinnati market. Janney is Serving as Financial Advisor to Eagle Financial Bancorp, Inc.

Subject to the terms of the merger agreement, which has been approved by the Board of Directors of each company, EFBI shareholders will have the opportunity to elect to receive either 1.1401 shares of LCNB stock or $19.10 per share in cash for each share of EFBI common stock owned, subject to at least 60%, but not more than 70% of the shares of EFBI being exchanged for LCNB common stock.

When the transaction is completed, LCNB is estimated to have consolidated assets of approximately $2.5 billion with 36 banking offices in Ohio and one branch office in Northern Kentucky.

The transaction is expected to close in the second quarter of 2024.

About Eagle Financial Bancorp, Inc.

Eagle Financial Bancorp, Inc. is a bank holding company headquartered in Cincinnati, Ohio. Originally chartered in 1882, EAGLE.bank is a state-chartered bank operating under a universal bank charter election in accordance with applicable Ohio law. EAGLE.bank provides financial services primarily to individuals, families, and businesses through its main office and two branch offices located in Hamilton County, Ohio.

About LCNB Corp.

LCNB Corp. is a financial holding company headquartered in Lebanon, Ohio. Through its subsidiary, LCNB National Bank (the “Bank”), it serves customers and communities in Southwest and South-Central Ohio and Northern Kentucky. A financial institution with a long tradition for building strong relationships with customers and communities, the Bank offers convenient banking locations in Butler, Clermont, Clinton, Fayette, Franklin, Hamilton, Montgomery, Preble, Ross, and Warren Counties, Ohio. The Bank also provides community-oriented banking services to customers in Northern Kentucky through a bank office in Boone County, Kentucky. The Bank continually strives to exceed customer expectations and provides an array of services for all personal and business banking needs including checking, savings, online banking, personal lending, business lending, agricultural lending, business support, deposit and treasury, investment services, trust and IRAs and stock purchases. LCNB Corp. common shares are traded on the NASDAQ Capital Market Exchange® under the symbol “LCNB.” Learn more about LCNB Corp. at www.lcnb.com.