Massive Growth for LNB from Lorain Morgan Merger
LORAIN LNB Bancorp now valued at 1.1 billion after a May merger and a strong fourth quarter of 2007. Fourth-quarter earnings rose 81 percent year over year due to commercial loan growth better credit quality and the Morgan Bancorp acquisition. The bank opened three new offices in 2007 in Lorain and Cuyahoga counties with a new Amherst headquarters. CEO Daniel Klimas cited 54 percent improvement in the second half of 2007 and 1.7 million net earnings in Q4. He warned of a difficult 2008 environment but emphasized revenue growth expense control and credit quality. The merger with Morgan Technologies is expected to yield big cost savings in 2008.
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LNB Bancorp
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Hudson
LNB
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Amherst
Daniel Klimas
Klimas
Morgan Technological Systems
Ford plant back to work after 40 hour shutdown
Avon Lake area plant workers resume operations as overnight staff return while 1,900 workers stayed home the day before when a turn table broke at Ford Motor Co Ohio Assembly Plant stopping van production for more than 40 hours. Tim Donovan notes time will be made up and workers will be paid for the downtime.
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Ford Motor Co
Ohio Assembly
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Tim Donovan
Donovan
Allen Community appoints new president at hospital
Allen Community Hospital named Y. Sue Bowers as president effective immediately to replace Jerry Morasko. CHP reorganizes by separating leadership for Allen Community and CHP Physicians Inc. Dr Khalid Akbar will head CHP Physicians Inc while remaining in private practice.
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Sue Bowers
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Morasko
Allen Community
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CHP
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Toledo
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Kennedy
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Akbar
Adam Wright
Orawright
Ichroniclet
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