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LCNB Corp. (LCNB): Marketing Mix [Jan-2025 Updated] |
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Discover the strategic marketing blueprint of LCNB Corp., a regional banking powerhouse rooted in southwestern Ohio, offering a comprehensive suite of financial services that blend traditional community banking with cutting-edge digital solutions. From personalized lending products to innovative digital platforms, LCNB's marketing mix reveals a nuanced approach to serving local customers, balancing competitive pricing, targeted promotions, and a robust network of physical and online banking touchpoints that set them apart in the competitive financial services landscape.
LCNB Corp. (LCNB) - Marketing Mix: Product
Community and Commercial Banking Services
LCNB National Bank offers comprehensive banking services with total assets of $1.37 billion as of December 31, 2023. The bank operates 16 full-service banking locations across Southwest Ohio.
Personal and Business Banking Accounts
| Account Type | Minimum Balance | Monthly Fee |
|---|---|---|
| Personal Checking | $100 | $0 |
| Business Checking | $500 | $12 |
| Savings Account | $25 | $0 |
Lending Products
LCNB provides multiple lending options with a loan portfolio of $1.02 billion in 2023.
- Mortgage Loans
- Commercial Real Estate Loans
- Small Business Loans
- Agricultural Loans
- Personal Lines of Credit
Digital Banking Platforms
Digital banking services include:
- Online Banking
- Mobile Banking App
- Mobile Check Deposit
- Bill Pay Services
- Account Alerts
Wealth Management Services
| Service | Assets Under Management |
|---|---|
| Investment Advisory | $248 million |
| Retirement Planning | $156 million |
| Trust Services | $92 million |
LCNB Corp. (LCNB) - Marketing Mix: Place
Physical Branch Network
LCNB Corp. operates 16 full-service banking locations, all located in southwestern Ohio.
| Location Type | Number of Locations |
|---|---|
| Full-service bank branches | 16 |
| Primary geographic concentration | Warren County, Ohio |
Headquarters Location
Headquartered at 20 South Broadway Street, Lebanon, Ohio 45036.
Geographic Service Area
- Primarily serves southwestern Ohio
- Concentrated in Warren, Butler, and Montgomery counties
Digital Banking Platforms
LCNB provides online banking and mobile banking services through digital platforms.
| Digital Service | Availability |
|---|---|
| Online Banking | 24/7 Access |
| Mobile Banking App | Available on iOS and Android |
ATM Network
LCNB maintains an ATM network supporting customer transactions.
| ATM Type | Number of ATMs |
|---|---|
| Bank-owned ATMs | 16 |
| Shared network ATMs | Approximately 30,000 nationwide |
LCNB Corp. (LCNB) - Marketing Mix: Promotion
Local Community Sponsorships and Events
LCNB Corp. actively supports local community events with an annual sponsorship budget of $125,000 in 2023. Key sponsorship areas include:
| Event Type | Annual Sponsorship Investment |
|---|---|
| Local Sports Tournaments | $45,000 |
| Community Festivals | $35,000 |
| Educational Programs | $25,000 |
| Charitable Organizations | $20,000 |
Traditional Marketing through Print and Local Media
LCNB allocates $87,500 for traditional marketing channels in 2023:
- Local Newspaper Advertisements: $37,500
- Regional Magazine Placements: $25,000
- Radio Spot Advertisements: $15,000
- Direct Mail Campaigns: $10,000
Digital Marketing Campaigns Targeting Regional Customers
Digital marketing budget for 2023: $220,000
| Digital Channel | Allocation |
|---|---|
| Social Media Advertising | $85,000 |
| Search Engine Marketing | $65,000 |
| Display Network Advertising | $40,000 |
| Email Marketing | $30,000 |
Customer Referral Programs
LCNB's referral program statistics for 2023:
- Total Referral Rewards Paid: $78,500
- Average Referral Bonus: $125 per successful referral
- Total New Customers Acquired Through Referrals: 628
Targeted Financial Education Seminars and Workshops
Financial education investment in 2023:
| Workshop Type | Number of Events | Total Participants |
|---|---|---|
| Retirement Planning | 12 | 356 |
| Investment Strategies | 8 | 242 |
| Home Buying Seminars | 6 | 187 |
LCNB Corp. (LCNB) - Marketing Mix: Price
Competitive Interest Rates on Deposit and Loan Products
As of Q4 2023, LCNB Corp. offers the following interest rates:
| Product Type | Interest Rate |
|---|---|
| Personal Savings Accounts | 0.25% - 0.75% |
| Business Checking Accounts | 0.10% - 0.50% |
| Personal Loan Rates | 6.25% - 12.50% |
| Commercial Loan Rates | 5.75% - 9.25% |
Tiered Pricing for Different Account Types
LCNB implements a multi-tiered pricing strategy based on account balance and transaction volume:
- Basic Accounts: Minimum balance requirement of $500
- Premium Accounts: Minimum balance requirement of $10,000
- Elite Accounts: Minimum balance requirement of $50,000
Fee Structures Aligned with Regional Banking Standards
| Service | Fee |
|---|---|
| Monthly Maintenance Fee | $8 - $15 |
| ATM Withdrawal Fee | $2.50 |
| Overdraft Fee | $35 |
| Wire Transfer Fee | $25 - $35 |
Transparent Pricing for Banking Services
LCNB Corp. maintains a transparent fee disclosure policy with all pricing information available on their website and in branch locations.
Relationship-Based Pricing for Business and Personal Banking Customers
Relationship pricing benefits include:
- Reduced fees for multiple account holders
- Lower interest rates on loans
- Waived monthly maintenance charges
- Preferential pricing for long-term customers
As of 2024, LCNB Corp. serves approximately 10,000 business and personal banking customers with these pricing strategies.
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