-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EQMkreq1sO7LKXNGYi+T8jrMmsfepZx6A7N5nAfFii19LhnEeonIZYOXjOIVbEUF zmN8zJk4T1daC8z/MpUyuA== 0000950123-10-103897.txt : 20101110 0000950123-10-103897.hdr.sgml : 20101110 20101110160907 ACCESSION NUMBER: 0000950123-10-103897 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20101110 DATE AS OF CHANGE: 20101110 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: LNB BANCORP INC CENTRAL INDEX KEY: 0000737210 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 341406303 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-58535 FILM NUMBER: 101180205 BUSINESS ADDRESS: STREET 1: 457 BROADWAY CITY: LORAIN STATE: OH ZIP: 44052-1769 BUSINESS PHONE: 800-860-1007 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: FEDELI UMBERTO P CENTRAL INDEX KEY: 0001099159 FILING VALUES: FORM TYPE: SC 13D/A MAIL ADDRESS: STREET 1: P O BOX 318003 CITY: INDEPENDENCE STATE: OH ZIP: 44131 SC 13D/A 1 l41120sc13dza.htm SC 13D/A sc13dza

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE
13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT RULE 13d-2(a)
(Amendment No. 1)

LNB Bancorp, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
502100-10-0
(CUSIP Number)
Umberto P. Fedeli, The Fedeli Group, 5005 Rockside Road, Fifth Floor, Independence, OH 44131, (216) 328-8080
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
October 22, 2010
(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 which 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. o

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule including all exhibits. See Rule 13d-7(b) for other parties to whom copies are to be sent.

The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

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).

 
 

 

                     
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1   NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

Umberto P. Fedeli
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
  (a)   o 
  (b)   o 
     
3   SEC USE ONLY
   
   
     
4   SOURCE OF FUNDS
   
  PF
     
5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  United States of America
       
  7   SOLE VOTING POWER
     
NUMBER OF   474,985
       
SHARES 8   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY  
       
EACH 9   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   474,985
       
WITH 10   SHARED DISPOSITIVE POWER
     
   
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  474,985
     
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  6.1%
     
14   TYPE OF REPORTING PERSON*
   
  IN

 

                     
CUSIP No.
  
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Item 1. Security and Issuer.
     This Amendment No. 1 to Schedule 13D relates to shares of common stock, par value $1.00 per share (the “Shares”), of LNB Bancorp, Inc., an Ohio corporation (the “Company”), and is filed by Umberto P. Fedeli.
Item 3. Source and Amount of Funds or Other Consideration.
     Item 3 is amended and supplemented as follows:
     The Shares reported in Item 5(c) as having been acquired by Mr. Fedeli were acquired for the aggregate purchase price of approximately $307,486.24 (excluding commissions) with Mr. Fedeli’s personal funds.
Item 4. Purpose of Transaction.
    Item 4 is amended and supplemented as follows:
Mr. Fedeli, a long-time investor in community banks and thrifts, purchased the Shares for investment. He believes the current market price of the Shares represents an excellent value compared to the Company’s book value and tangible book value, particularly when compared to similarly-situated community banks. Mr. Fedeli also believes that the current trading price reflects a discount to the market based on his view of the Company’s future earnings potential. Reflecting continuing profitability despite a challenging economic environment, the Company’s strengths include a loyal customer base providing solid core deposits that creates a stable source of low interest funds.
     The massive consolidation among the national mega-banks as a result of the recession has created unique growth opportunities for community banks that can offer competitive services on a local scale.
     In order to successfully take advantage of these opportunities, Mr. Fedeli believes that the Company must begin to consider potential long-term growth strategies. Mr. Fedeli further believes that:
     (a) The Company’s first priority must be to continue to substantially improve credit quality;
     (b) The Company must significantly decrease costs which will improve earnings and shareholder value and also improve the efficiency ratio;
     (c) The Company needs to substantially grow its revenue base with quality loans and significant growth in deposits;
     (d) The Company should fast track its growth strategy to take advantage of its unique position in the marketplace and continue to explore long-term strategic opportunities;

 

 

                     
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     (f) The Company’s board should continue to evaluate capital and the repayment of TARP funds cautiously;
     (g) The board should continually evaluate its membership to make sure all of the directors are all fully engaged and that the board is not too large and cumbersome but small and agile; and
     (h) The directors, officers and senior managers should be significant shareholders so that their interests are aligned with those of the shareholders.
     Mr. Fedeli intends to continue to talk with and meet with members of the Company’s board of directors and its management team to learn more about their progress and to share ideas and thoughts on how to best maximize shareholder value over the long-term.
Item 5. Interest in Securities of the Issuer.
     Items 5(a) and (c) are amended and supplemented as follows:
     (a) According to the most recently available filing with the Securities and Exchange Commission by the Company, there are 7,825,395 Shares outstanding.
     Mr. Fedeli beneficially owns a total of 474,985 Shares, or 6.1% of the outstanding Shares.
     (c) In the past sixty days, Mr. Fedeli purchased 65,404 Shares in open market transactions as set forth below:
                 
            Approximate Per Share Price
Date   Number of Shares   (Excluding Commissions)
 
                
09/07/2010
    3,500       4.40  
10/05/2010
    5,000       4.80  
10/13/2010
    1,838       4.76  
10/14/2010
    3,946       4.76  
10/18/2010
    10,000       4.76  
10/19/2010
    10,000       4.69  
10/20/2010
    12,000       4.72  
10/21/2010
    2,120       4.68  
10/22/2010
    17,000       4.67  
..

 

 

                     
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SIGNATURE
     After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Date: November 10, 2010
         
     
  /s/ Umberto P. Fedeli    
  Umberto P. Fedeli   
     
 

 

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