National Bank to Acquire Mortgage One Banc

Lorain, Ohio-based National Bank has signed a non-binding agreement to acquire Mortgage One Banc, also headquartered in Lorain.Lorain National will pay an undisclosed amount of cash for the mortgage company. "We see this opportunity as a logical step for Lorain National Bank. We feel Mortgage Banc will substantially improve our presence in the consumer mortgage area," said James Kidd, president and chief executive of LNB Bancorp. Mortgage One operates through multiple delivery channels in Ohio. The transaction is expected to close in the third quarter.