SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(Amendment No. 2)
LCNB Corp.
(Name of Issuer)
Common Stock, no par value
(Title of Class of Securities)
50181P100
(CUSIP Number)
John C. Lame
8805 Tamiami Trail N. #128
Naples, FL 34108
Telephone: (513) 235-6982
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
November 19, 2021
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box. ☐
NOTE: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
1 |
NAME OF REPORTING PERSONS I.R.S. Identification Nos. of above persons (entities only).
John C. Lame and Susan K. Lame Irrevocable Trust u/a dated May 18, 2018 | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☒ (b) ☐
| |||||
3 | SEC USE ONLY
| |||||
4 | SOURCE OF FUNDS
PF | |||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
☐ | |||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION
Florida |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | SOLE VOTING POWER
| ||||
8 | SHARED VOTING POWER
676,480 (1) | |||||
9 | SOLE DISPOSITIVE POWER
| |||||
10 | SHARED DISPOSITIVE POWER
676,480 (1) |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
676,480 | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
☐ | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.44% (2) | |||||
14 | TYPE OF REPORTING PERSON
OO |
(1) | 676,480 shares of common stock owned by the John C. Lame and Susan K. Lame Irrevocable Trust u/a dated May 18, 2018, a Florida trust, of which John C. Lame and Susan K. Lame serve as joint trustees and share voting and dispositive power with regard to the shares held by the trust. |
(2) | Based upon 12,433,328 shares outstanding as of September 30, 2021, according to the information contained in the Issuer’s Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) on November 3, 2021. |
2
1 |
NAME OF REPORTING PERSONS I.R.S. Identification Nos. of above persons (entities only).
John C. Lame IRA | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☒ (b) ☐
| |||||
3 | SEC USE ONLY
| |||||
4 | SOURCE OF FUNDS
PF | |||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
☐ | |||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION
Florida |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | SOLE VOTING POWER
119,800 (1) | ||||
8 | SHARED VOTING POWER
| |||||
9 | SOLE DISPOSITIVE POWER
119,800 (1) | |||||
10 | SHARED DISPOSITIVE POWER
|
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
119,800 (1) | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
☐ | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.96% (2) | |||||
14 | TYPE OF REPORTING PERSON
OO |
(1) | John C. Lame is the trustee of the John C. Lame IRA and in such capacity has the right to vote and dispose of the securities held by the IRA. |
(2) | Based upon 12,433,328 shares outstanding as of September 30, 2021, according to the information contained in the Issuer’s Form 10-Q filed with the SEC on November 3, 2021. |
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1 |
NAME OF REPORTING PERSONS I.R.S. Identification Nos. of above persons (entities only).
John C. Lame Roth Contributory IRA | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☒ (b) ☐
| |||||
3 | SEC USE ONLY
| |||||
4 | SOURCE OF FUNDS
PF | |||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
☐ | |||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION
Florida |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | SOLE VOTING POWER
81,720 (1) | ||||
8 | SHARED VOTING POWER
| |||||
9 | SOLE DISPOSITIVE POWER
81,720 (1) | |||||
10 | SHARED DISPOSITIVE POWER
|
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
81,720 (1) | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
☐ | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.66% (2) | |||||
14 | TYPE OF REPORTING PERSON
IN |
(1) | John C. Lame is the trustee of the John C. Lame Roth Contributory IRA and in such capacity has the right to vote and dispose of the securities held by the Roth IRA. |
(2) | Based upon 12,433,328 shares outstanding as of September 30, 2021, according to the information contained in the Issuer’s Form 10-Q filed with the SEC on November 3, 2021. |
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1 |
NAME OF REPORTING PERSONS I.R.S. Identification Nos. of above persons (entities only).
Susan K. Lame Roth Contributory IRA | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☒ (b) ☐
| |||||
3 | SEC USE ONLY
| |||||
4 | SOURCE OF FUNDS
PF | |||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
☐ | |||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION
Florida |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | SOLE VOTING POWER
22,000 (1) | ||||
8 | SHARED VOTING POWER
| |||||
9 | SOLE DISPOSITIVE POWER
22,000 (1) | |||||
10 | SHARED DISPOSITIVE POWER
|
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
22,000 (1) | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
☐ | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.18% (2) | |||||
14 | TYPE OF REPORTING PERSON
IN |
(1) | Susan K. Lame is the trustee of the Susan K. Lame Roth Contributory IRA and in such capacity has the right to vote and dispose of the securities held by the Roth IRA. |
(2) | Based upon 12,433,328 shares outstanding as of September 30, 2021, according to the information contained in the Issuer’s Form 10-Q filed with the SEC on November 3, 2021. |
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Item 1. | Security and Issuer |
This Schedule 13D relates to shares of common stock, without par value, of LCNB Corp., an Ohio corporation (the “Issuer”). The Issuer’s principal executive office is located at 2 North Broadway, Lebanon, Ohio 45036.
Item 2. | Identity and Background |
This Schedule 13D is jointly filed by John C. Lame and Susan K. Lame, Mr. Lame’s spouse, in their capacities as co-trustees of the John C. Lame and Susan K. Lame Irrevocable Trust u/a dated May 18, 2018 (the “Trust”); the John C. Lame IRA (the “IRA”); the John C. Lame Roth Contributory IRA (the “John Lame Roth IRA”); and the Susan K. Lame Roth Contributory IRA (the “Susan Lame Roth IRA”) (collectively, the “Reporting Persons”). Item 2 is amended by the filing of this Amendment No. 2 to add Susan K. Lame as a Reporting Person in her capacity as trustee of the Susan Lame Roth IRA.
Mr. Lame is a citizen of the United States and his principal occupation is Chief Executive Officer of Untapped, LLC, a limited liability company. The principal business of Untapped, LLC is life guidance and wealth coaching.
Ms. Lame is a citizen of the United States and her principal occupation is special projects manager, Untapped, LLC. The principal business of Untapped, LLC is life guidance and wealth coaching.
The Trust is an irrevocable trust established by John C. Lame and Susan K. Lame for estate planning purposes. The IRA, the John Lame Roth IRA and the Susan Lame Roth IRA are retirement accounts established by Mr. and Mrs. Lame.
The address of each Reporting Person for purposes of this filing is: 8805 Tamiami Trail N. #128, Naples, Florida 34108.
By virtue of these relationships and pursuant to the beneficial ownership rules of the SEC, the Reporting Persons may be deemed to be members of a group.
The Reporting Persons have not, during the past five years, (i) been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting, or mandating activities subject to, federal or state securities laws or a finding of any violation with respect to such laws.
Item 3. | Source and Amount of Funds or Other Consideration |
The Trust purchased shares of the Issuer’s common stock using Trust funds. Commencing August 2, 2021, some of the shares purchased by the Trust were purchased through a margin account with Charles Schwab & Co., Inc. Shares of the Issuer’s common stock held in the Trust margin account are held as collateral for repayment of the margin debt, and accordingly an indeterminate portion of the margin debt at any given point in time is attributable to the Issuer’s common stock held by the Trust. Shares of the Issuer’s common stock held directly by the Trust, IRA, the John Lame Roth IRA, and the Susan Lame Roth IRA were acquired directly by these reporting persons. Shares of the Issuer are listed on the Nasdaq Capital Market under the symbol “LCNB”.
Item 4. | Purpose of the Transaction |
As specifically set forth herein, this Amendment No. 2 amends the Schedule 13D filed on July 30, 2021, as amended by the filing of Amendment No. 1 on October 21, 2021. This Amendment No. 2 is being filed to reflect a change in the percentage of outstanding shares of the Issuer held by the Reporting Persons resulting from the additional 135,000 shares acquired by the Reporting Persons through open-market purchases. The Reporting Persons’ beneficial ownership increased by 1.09% of the outstanding shares of the Issuer from that previously reported. As of the Schedule 13D Amendment No. 1 filing date, the Reporting Persons collectively owned 765,000 shares of the Issuer’s common stock, which represented 6.15% of the outstanding shares of the Issuer. The percentage of outstanding shares of the Issuer that the Reporting Persons’ holding represents has increased to 7.24%, causing the need to file this Amendment No. 2.
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The Reporting Persons reserve the right to purchase or otherwise acquire additional securities of the Issuer, or sell or otherwise dispose of any securities of the Issuer beneficially owned by them, in each case, in the open market or in privately negotiated transactions, to the extent deemed advisable in light of market conditions, subsequent developments affecting the Issuer and the general business and future prospects of the Issuer.
Item 5. | Interest in Securities of the Issuer |
Item 5(a) – (b) is hereby amended as follows:
(a) – (b) According to the Issuer’s Form 10-Q filed with the SEC on November 3, 2021, there were 12,433,328 shares of the Issuer’s common stock outstanding on September 30, 2021.
The following list sets forth the aggregate number and percentage of outstanding shares of the Issuer’s common stock owned beneficially by each Reporting Person:
Name |
No. of Shares | Percent of Class | ||
John C. Lame and Susan K. Lame Irrevocable Trust u/a dated May 18, 2018 |
676,480(1) | 5.44% | ||
John C. Lame IRA |
119,800(2) | .96% | ||
John C. Lame Roth IRA |
81,720(2) | .66% | ||
Susan K. Lame Roth IRA |
22,000(3) | .18% | ||
TOTAL |
900,000 | 7.24% |
(1) | John C. Lame and Susan K. Lame are joint trustees and have shared investment and voting authority with respect to these shares. |
(2) | John C. Lame has sole investment and voting authority with respect to these shares. |
(3) | Susan K. Lame has sole investment and voting authority with respect to these shares. |
(c) The Reporting Persons’ transactions in the Issuer’s common stock in the past 60 days consist of the following purchases.
The following open-market transactions were effected by the John Lame IRA during the past sixty (60) days:
Trade Date | Buy/Sell | Number of Shares |
Price Per Share | |||
11/19/2021 |
Buy | 1300 | $19.47 | |||
11/19/2021 |
Buy | 50 | $19.48 | |||
11/19/2021 |
Buy | 1104 | $19.49 | |||
11/19/2021 |
Buy | 1000 | $19.50 | |||
11/19/2021 |
Buy | 1199 | $19.55 | |||
11/19/2021 |
Buy | 24 | $19.56 |
7
11/19/2021 |
Buy | 323 | $19.60 | |||
11/19/2021 |
Buy | 1000 | $19.61 | |||
11/19/2021 |
Buy | 1000 | $19.63 | |||
11/19/2021 |
Buy | 1132 | $19.66 | |||
11/19/2021 |
Buy | 1031 | $19.67 | |||
11/19/2021 |
Buy | 354 | $19.68 | |||
11/19/2021 |
Buy | 483 | $19.69 | |||
11/19/2021 |
Buy | 2000 | $19.73 | |||
11/19/2021 |
Buy | 1000 | $19.76 | |||
11/19/2021 |
Buy | 250 | $19.79 | |||
11/19/2021 |
Buy | 2500 | $19.80 | |||
11/19/2021 |
Buy | 50 | $19.84 | |||
11/19/2021 |
Buy | 1000 | $19.85 | |||
11/19/2021 |
Buy | 1950 | $19.87 | |||
11/19/2021 |
Buy | 1000 | $19.94 | |||
11/19/2021 |
Buy | 550 | $19.95 | |||
11/19/2021 |
Buy | 1100 | $19.97 | |||
11/19/2021 |
Buy | 100 | $19.98 | |||
11/18/2021 |
Buy | 1000 | $18.25 | |||
11/18/2021 |
Buy | 50 | $18.50 | |||
11/18/2021 |
Buy | 1000 | $18.63 | |||
11/18/2021 |
Buy | 1730 | $18.70 | |||
11/18/2021 |
Buy | 1080 | $18.71 | |||
11/18/2021 |
Buy | 190 | $18.72 | |||
11/18/2021 |
Buy | 1200 | $18.90 | |||
11/18/2021 |
Buy | 52 | $18.92 | |||
11/18/2021 |
Buy | 4 | $18.93 | |||
11/18/2021 |
Buy | 1121 | $18.94 | |||
11/18/2021 |
Buy | 437 | $18.95 | |||
11/18/2021 |
Buy | 507 | $18.96 | |||
11/18/2021 |
Buy | 100 | $18.98 | |||
11/18/2021 |
Buy | 1055 | $18.99 | |||
11/18/2021 |
Buy | 524 | $19.00 | |||
11/18/2021 |
Buy | 1000 | $19.04 | |||
11/18/2021 |
Buy | 1000 | $19.06 | |||
11/18/2021 |
Buy | 1000 | $19.07 | |||
11/18/2021 |
Buy | 100 | $19.16 | |||
11/18/2021 |
Buy | 1052 | $19.17 | |||
11/18/2021 |
Buy | 548 | $19.18 | |||
11/18/2021 |
Buy | 678 | $19.29 | |||
11/18/2021 |
Buy | 8 | $19.33 | |||
11/18/2021 |
Buy | 5 | $19.35 | |||
11/18/2021 |
Buy | 309 | $19.38 |
8
11/18/2021 |
Buy | 3600 | $19.41 | |||
11/18/2021 |
Buy | 9950 | $19.45 | |||
11/18/2021 |
Buy | 120 | $19.49 | |||
11/18/2021 |
Buy | 10880 | $19.50 | |||
11/18/2021 |
Buy | 5 | $19.60 | |||
11/18/2021 |
Buy | 3 | $19.64 | |||
11/18/2021 |
Buy | 992 | $19.67 | |||
11/18/2021 |
Buy | 738 | $19.70 | |||
11/18/2021 |
Buy | 300 | $19.73 | |||
11/18/2021 |
Buy | 41 | $19.74 | |||
11/18/2021 |
Buy | 700 | $19.82 | |||
11/18/2021 |
Buy | 221 | $19.89 |
The following open-market transactions were effected by the John C. Lame Roth IRA during the past sixty (60) days:
Trade Date | Buy/Sell | Number of Shares |
Price Per Share | |||
11/17/2021 |
Buy | 300 | $17.93 | |||
11/17/2021 |
Buy | 200 | $17.96 | |||
11/17/2021 |
Buy | 1769 | $17.98 | |||
11/17/2021 |
Buy | 166 | $18.00 | |||
11/17/2021 |
Buy | 25 | $18.01 | |||
11/17/2021 |
Buy | 1473 | $18.03 | |||
11/17/2021 |
Buy | 32 | $18.04 | |||
11/17/2021 |
Buy | 3793 | $18.05 | |||
11/17/2021 |
Buy | 1500 | $18.06 | |||
11/17/2021 |
Buy | 5 | $18.18 | |||
11/17/2021 |
Buy | 5 | $18.20 | |||
11/17/2021 |
Buy | 1883 | $18.23 | |||
11/17/2021 |
Buy | 2103 | $18.24 | |||
11/17/2021 |
Buy | 6017 | $18.25 | |||
11/17/2021 |
Buy | 3 | $18.33 | |||
11/17/2021 |
Buy | 50 | $18.34 | |||
11/17/2021 |
Buy | 185 | $18.37 | |||
11/17/2021 |
Buy | 70 | $18.44 | |||
11/17/2021 |
Buy | 697 | $18.46 | |||
11/17/2021 |
Buy | 902 | $18.47 | |||
11/17/2021 |
Buy | 1599 | $18.48 | |||
11/17/2021 |
Buy | 5703 | $18.50 | |||
11/17/2021 |
Buy | 5903 | $18.54 | |||
11/17/2021 |
Buy | 74 | $18.55 | |||
11/17/2021 |
Buy | 110 | $18.60 | |||
11/17/2021 |
Buy | 795 | $18.71 |
9
11/17/2021 |
Buy | 4589 | $ | 18.85 | ||||||||
11/17/2021 |
Buy | 7805 | $ | 18.92 | ||||||||
11/17/2021 |
Buy | 680 | $ | 18.94 | ||||||||
11/17/2021 |
Buy | 1901 | $ | 18.95 | ||||||||
11/17/2021 |
Buy | 571 | $ | 18.96 | ||||||||
11/17/2021 |
Buy | 2800 | $ | 18.98 | ||||||||
11/17/2021 |
Buy | 900 | $ | 18.99 | ||||||||
11/17/2021 |
Buy | 9792 | $ | 19.00 | ||||||||
11/17/2021 |
Buy | 2700 | $ | 19.02 | ||||||||
11/16/2021 |
Buy | 220 | $ | 17.94 | ||||||||
11/16/2021 |
Buy | 450 | $ | 17.96 | ||||||||
11/16/2021 |
Buy | 200 | $ | 17.97 | ||||||||
11/16/2021 |
Buy | 596 | $ | 17.98 | ||||||||
11/16/2021 |
Buy | 817 | $ | 17.99 | ||||||||
11/16/2021 |
Buy | 100 | $ | 18.06 |
The following open-market transactions were effected by the Susan K. Lame Roth IRA during the past sixty (60) days:
Trade Date | Buy/Sell | Number of Shares |
Price per Share | |||
11/17/2021 |
Buy | 1610 | $18.60 | |||
11/17/2021 |
Buy | 10000 | $18.95 | |||
11/17/2021 |
Buy | 280 | $18.97 | |||
11/17/2021 |
Buy | 100 | $18.79 | |||
11/17/2021 |
Buy | 10 | $18.94 | |||
11/17/2021 |
Buy | 10000 | $19.00 |
(d) No one other than the Reporting Persons has the right to receive or the power to direct the receipt of dividends or proceeds of sale of the shares.
(e) not applicable
Item 6. | Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer |
Other than as described herein, there are no contracts, arrangements, understandings or relationships (legal or otherwise) between the Reporting Persons and any person with respect to any securities of the Issuer, including, but not limited to, transfer or voting of any of the securities, finder’s fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies.
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Item 7. | Material to Be Filed as Exhibits |
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SIGNATURES
After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.
Dated: November 22, 2021
John C. Lame and Susan K. Lame Irrevocable Trust u/a dated May 18, 2018 | ||
By: | /s/ John C. Lame | |
John C. Lame, Co-Trustee | ||
By: | /s/ Susan K. Lame | |
Susan K. Lame, Co-Trustee | ||
John C. Lame IRA | ||
By: | /s/ John C. Lame | |
John C. Lame | ||
John C. Lame Roth Contributory IRA | ||
By: | /s/ John C. Lame | |
John C. Lame | ||
Susan K. Lame Roth Contributory IRA | ||
By: | /s/ Susan K. Lame | |
Susan K. Lame |
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