Effective July 20, 2009, Sharon L. Churchill resigned as Director of Financial Services and Chief Accounting Officer of LNB Bancorp, Inc. (the "Company"). Ms. Churchill's resignation was not the result of any disagreement with the Company known to any executive officer of the Company on any matters of accounting principles or practices, or financial statement disclosure. Gary J. Elek, the Company's Chief Financial Officer, will serve as the Company's principal accounting officer, effective as of July 20, 2009. Certain biographical and other information regarding Mr. Elek is included in Item 5.02 of the Current Report on Form 8-K filed by the Company on April 28, 2009.
The Company entered into a Settlement Agreement and Release, dated as of July 15, 2009, with Ms. Churchill (the "Agreement"). Under the terms of the Agreement, Ms. Churchill agreed, among other things, to release and discharge the Company from all claims asserted by Ms. Churchill with respect to alleged damages incurred by her in the course of her employment with the Company and any and all past, present or future claims, demands, obligations, actions, causes of action, rights, damages, punitive damages, costs, losses of services, expenses and compensation of any nature. In consideration of such release and discharge, the Company paid to Ms. Churchill and her counsel the sum of $100,000.
The foregoing summary of the terms of the Agreement is qualified in its entirety by reference to the full text of the Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 5.02.
Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.    Description

10.1           Settlement Agreement and Release, dated July 15, 2009, between LNB
               Bancorp, Inc. and Sharon L. Churchill.