Lake National Bank was founded by Jerome T. Osborne, Sr. and six other organizers who felt strongly that Lake County needed a local community bank and that it should be headquartered in Mentor.
Regulatory approval to open as a National Bank from the Office of the Comptroller of the Currency and the FDIC, was received and Lake National Bank officially opened for business on January 18, 2005.
On April 20, 2013 the Midland Branch, located at 7322 Mentor Avenue was opened. By opening its Midland Branch across from Points East Plaza in Mentor, Lake National Bank is able to serve its customers by offering two convenient locations in addition to free, unlimited access to any MoneyPass ATM.
On July 16, 2016, Lake National Bank entered into a definitive agreement to be acquired by CNB Financial Corporation (NASDAQ: CCNE). At a special meeting held on May 6, 2016, the shareholders of Lake National Bank approved the merger with CNB and announced that following the merger, Lake National Bank would operate as ERIEBANK, a division of CNB Bank.