LCNB Corp. (LCNB): Marketing Mix Analysis [11-2024 Updated]

In 2024, LCNB Corp. (LCNB) is strategically positioning itself in the competitive financial services landscape through a well-defined marketing mix. With a diverse range of offerings, including commercial banking, mortgage banking, and investment services, the company is focused on meeting the unique needs of its customers. Discover how LCNB's approach to Product, Place, Promotion, and Price is shaping its success and driving customer engagement in today's dynamic market.

LCNB Corp. (LCNB) - Marketing Mix: Product

Financial Services Offered

LCNB Corp. provides a comprehensive range of financial services, including:

• Commercial banking
• Mortgage banking
• Investment services

Deposit Accounts

As of September 30, 2024, LCNB offers various deposit accounts, with the following balances:

Loan Products

LCNB focuses on a variety of loan products, which include:

• Personal loans
• Business loans
• Mortgages tailored to individual customer needs

As of September 30, 2024, the total loans outstanding were approximately $1,719,060, with the following breakdown:

Promotions and Special Offers

In 2024, LCNB introduced special rate promotions for time deposits. The aggregate amount of time deposits in denominations of $250,000 or more increased from $50.2 million at December 31, 2023, to $110.0 million at September 30, 2024, largely due to these promotional efforts.

Online and Mobile Banking Services

LCNB offers a suite of online and mobile banking services designed for convenience and accessibility, allowing customers to manage their accounts, transfer funds, and apply for loans electronically.

LCNB Corp. (LCNB) - Marketing Mix: Place

Operates multiple branch locations in Ohio, enhancing local accessibility.

As of September 30, 2024, LCNB Corp. operates a total of 24 branch locations across Ohio. These branches are strategically positioned to maximize accessibility for customers in various communities, enhancing local presence and support.

Utilizes a network of ATMs to provide customers with easy cash access.

LCNB maintains a network of 60 ATMs throughout Ohio, providing customers with convenient access to cash and facilitating transactions without the need to visit a branch. This network is designed to improve customer satisfaction by offering services that cater to the needs of clients in both urban and rural areas.

Offers online banking services, allowing customers to manage accounts remotely.

In 2024, LCNB has enhanced its online banking platform, which allows customers to manage their accounts from anywhere. As of September 30, 2024, approximately 30% of LCNB's customers actively use online banking services, reflecting a growing trend towards digital banking solutions.

Partners with third-party financial institutions for extended service offerings.

LCNB has established partnerships with several third-party financial institutions to broaden its service offerings. These collaborations have enabled LCNB to provide customers with enhanced financial products, including investment services and insurance solutions. As of the third quarter of 2024, these partnerships have contributed to a 15% increase in non-interest income, totaling $6.4 million for the quarter.

LCNB Corp. (LCNB) - Marketing Mix: Promotion

Engages in targeted marketing campaigns to promote new financial products.

In 2024, LCNB Corp. launched several targeted marketing campaigns focused on new financial products, including a special rate promotion for time deposits. This initiative contributed to an increase in total time deposits in denominations of $250,000 or more, which rose to $110.0 million as of September 30, 2024, compared to $50.2 million at the end of 2023.

Utilizes digital marketing strategies including social media and email marketing.

LCNB has effectively leveraged digital marketing strategies, particularly through social media platforms and email marketing. As part of their strategy, they have enhanced their online presence, aiming to reach a broader audience. The company has also incorporated educational content into its email campaigns to inform customers about new offerings and financial literacy.

Participates in community events to enhance brand visibility and customer engagement.

In 2024, LCNB actively participated in various community events, which significantly improved brand visibility and customer engagement. These events included local sponsorships and financial wellness workshops, aimed at fostering relationships with the community. This approach has not only raised awareness of LCNB’s services but also positioned the bank as a community-focused institution.

Provides educational resources and workshops to inform customers about financial products.

LCNB has placed a strong emphasis on providing educational resources and workshops throughout 2024. They conducted numerous workshops focused on financial education, helping customers understand the benefits of different financial products. These initiatives have been well-received, fostering trust and loyalty among customers.

LCNB Corp. (LCNB) - Marketing Mix: Price

Competitive interest rates on loans and deposits to attract customers.

As of September 30, 2024, LCNB Corp. offers competitive interest rates on various loan products and deposit accounts. The average rate earned on loans was 5.47%, reflecting an increase from 4.89% in the previous year. In terms of deposits, LCNB had interest-bearing demand deposits yielding an average of 5.41%. The bank's net interest margin for the first nine months of 2024 was reported at 2.81%, down from 3.20% in the same period in 2023.

Implements tiered pricing structures for financial services based on customer needs.

LCNB utilizes a tiered pricing structure for its financial services, allowing customers to benefit from lower fees or better rates depending on their account balances and usage. For example, the bank's IRA and time certificates had an average interest expense of $11,498,000 for the nine months ended September 30, 2024, reflecting the impact of higher average balances and rates.

Offers promotional rates for time deposits to incentivize new deposits.

The bank has implemented promotional rates for time deposits, which have significantly increased the total amount of time deposits in denominations of $250,000 or more, rising to $110.0 million as of September 30, 2024, compared to $50.2 million at the end of 2023. This growth is attributed to both organic increases and promotional activities aimed at attracting new customers.

Maintains transparency in fees associated with accounts and services.

LCNB Corp. emphasizes transparency in its fee structures, ensuring that customers are well-informed about any fees associated with their accounts and services. This approach helps build trust and encourages customer loyalty, which is crucial in the competitive banking landscape. The bank’s total non-interest expense for the three months ended September 30, 2024, was $15,387,000, indicating a focus on managing operational costs effectively.

In summary, LCNB Corp. (LCNB) effectively utilizes its marketing mix to cater to customer needs and enhance its competitive edge. By offering a diverse range of financial services, maintaining accessible branch locations, engaging in targeted promotional strategies, and implementing competitive pricing, the company positions itself as a reliable choice for both personal and business banking solutions. This strategic approach not only fosters customer loyalty but also drives growth in an increasingly competitive market.

Updated on 16 Nov 2024

Resources:

1. LCNB Corp. (LCNB) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of LCNB Corp. (LCNB)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View LCNB Corp. (LCNB)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.