Exhibit 10.1

EMPLOYMENT AGREEMENT

This Agreement is made this 19^th day of August, 2011, by and between Western Reserve Bancorp., Inc., an Ohio corporation (the “Corporation”), and Edward J. McKeon (the “Employee”).

WHEREAS, the Board of Directors of the Corporation believes that the future services of the Employee in the capacity of President and Chief Executive Officer will be of great value to the Corporation;

WHEREAS, the Corporation and Employee have previously entered into employment agreements, the last being an Employment Agreement dated as of December 15, 2005, as amended on May 15, 2009; and

WHEREAS, the Corporation operates a wholly owned commercial banking subsidiary known as Western Reserve Bank, which is engaged in the general business of banking, (hereinafter the “Bank”); and

WHEREAS, the Employee is willing to continue in the employ of the Corporation and the Bank on a full-time basis for the term of this Agreement.

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein set forth, the parties hereto have agreed and do hereby mutually agree as follows:

The Corporation hereby employs for itself, the Bank and or any additional subsidiaries (hereinafter sometimes collectively referred to as the “Corporation”), the services of Employee commencing as of the date first written above and ending October 1, 2013 (the “Employment Term”), subject to the rights of earlier termination hereinafter set forth, to perform the duties of President and Chief Executive Officer for the Corporation and the Bank. The Employee hereby accepts such employment in consideration of the compensation and the other terms and conditions herein provided, and agrees to serve the Corporation well and faithfully and to devote his best efforts to such employment as long as it shall continue hereunder. During the period of such employment, the Employee will devote all of his time and attention — reasonable vacations, periods of illness and the like excepted — to the affairs of the Corporation.

Except as otherwise provided herein, as compensation for these services hereunder, the Corporation will pay to Employee, in installments and on dates in accordance with its normal payroll, during the period of his employment hereunder, a base salary at the aggregate rate of One Hundred Eighty-Two Thousand Dollars ($182,000) per year, subject to the right of the parties, by mutual agreement, to adjust such rate in respect of

any future calendar year or years after the date hereof, (hereinafter referred to as “Base Pay”).

In addition the Corporation shall provide the following benefits (“Supplemental Benefits”) during the Employment Term and while Employee is in the active employment with the Corporation. Termination of employment of Employee at or prior to the end of the Employment Term as provided in paragraph 4 hereof, shall cause the immediate termination of these Supplemental Benefits.

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The employment of the Employee under the terms of this Agreement shall cease and terminate upon the occurrence of any of the following and Employee shall be entitled to the compensation provided for herein.

On the last day of the Employment Term. In the event of a termination pursuant to this subparagraph, the Employee shall be entitled to receive the amount of Base Pay provided for in paragraph 2 hereof through the last day of the Employment Term.

On the date of Employee’s death. In the event of the termination of employment by reason of death, Employee shall be entitled to receive the amount of Base Pay provided for in paragraph 2 hereof through the date of death.

For Cause at any time by the Corporation. For purposes hereof, the term “Cause” shall mean: (i) removal by order of a regulatory agency having jurisdiction over the Corporation or the Bank, (ii) dishonesty or material inappropriate behavior, such as drunkenness or illegal harassment of employees; (iii) misappropriation of Corporation, Bank, or customer property, (iv) commission of a felony or crime of moral turpitude, or (v) the Employee’s willful and repeated failure to perform his duties under this Employment Agreement, which failure has not been cured within thirty (30) days after the Corporation gives notice thereof to the Employee; it being expressly understood that negligence or bad judgment shall not constitute “Cause” so long as such negligent act or omission shall be without intent of personal profit and is reasonably believed by the

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Employee to be in or not adverse to the best interests of the Corporation. In the event of a termination for Cause pursuant to this subparagraph the Employee shall be entitled to receive the amount of Base Pay provided for in paragraph 2 hereof through the date of termination of Employee’s employment by the Corporation.

Upon receipt by the Employee of written notice from the Corporation that the Employee is unable, by reason of Disability, to continue the proper performance of his duties hereunder. For purposes of this Agreement, the Employee’s Disability shall mean that the Employee is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits under disability insurance policies as provided under paragraph 2(d) hereof. In the event of a termination of employment pursuant to this subparagraph the Employee shall be entitled to receive the amount of Base Pay provided for in paragraph 2 hereof through the date of termination of Employee’s employment as determined by the Corporation.

At the election of the Corporation, at any time during the term of this Agreement without Cause. Upon such termination Employee shall not be entitled to any further compensation under paragraph 2 hereof, from and after the date of such election by the Corporation to terminate Employee’s employment without Cause, and in lieu thereof, Employee shall be entitled to receive, in a lump sum payment immediately upon termination of employment, subject to the restrictions set forth in Section 4(g) hereof, an amount equal to the lesser of: (i) one times his then current Base Pay; or (ii) if the remaining term of the Agreement is less than 12 months, an amount equal his then current Base Pay multiplied by a fraction the numerator of which is the number of days remaining in the term of the Agreement and the denominator of which is 360.

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Notwithstanding the provisions of this Agreement providing for payment of benefits upon termination of employment, if at the time a benefit would otherwise be payable, Employee is a “specified employee” [as defined below], and the payment

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provided for would be deferred compensation with the meaning of Code section 409A, the distribution of the Employee’s benefit may not be made until six months after the date of the Employee’s separation from service with the Company [as that term may be defined in Section 409A(a)(2)(A)(i) of the Code and regulations promulgated thereunder], or, if earlier the date of death of the Employee. This requirement shall remain in effect only for periods in which the stock of the Company is publicly traded on an established securities market.

For purposes of this subparagraph 4(g), a “specified employee” shall mean any Employee of the Company who is a “key employee” of the Company within the meaning of Code section 416(i). This shall include any Employee who is (i) a 5-percent owner of the Company’s common stock, or (ii) an officer of the Company with annual compensation from the Company of $130,000.00 or more, or (iii) a 1-percent owner of Company’s common stock with annual compensation from the Company of $150,000.00 or more (or such higher annual limit as may be in effect for years subsequent to 2005 pursuant to indexing section 416(i) of the Code).

The provisions of this subparagraph 4(g) have been adopted only in order to comply with the requirements added by Code section 409A. These provisions shall be interpreted and administered in a manner consistent with the requirements of Code section 409A, together with any regulations or other guidance which may be published by the Treasury Department or Internal Revenue Service interpreting such Code section 409A.

Employee may voluntarily terminate his employment with the Corporation at anytime. In the event of Employee’s voluntary termination of employment he shall be entitled to receive the amount of Base Pay provided for in paragraph 2 hereof through the last day of such employment.

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The Employee hereby agrees to assign and transfer to the Corporation, its successors and assigns, his entire right, title and interest in and to any and all inventions, discoveries, trade secrets and improvements thereto which he may discover or develop, either solely or jointly with others, during his employment hereunder and for a period of one year after termination of such employment, which would relate in any way to the business of the Corporation or any parent, subsidiary or affiliate of the Corporation, together with all rights to letters patent, copyrights or trademarks which may be granted with respect thereto. Immediately upon making or developing any invention, discovery, trade secret or

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improvement thereto, Employee shall notify the Corporation thereof and shall execute and deliver to the Corporation, without further compensation, such documents as may be necessary to assign and transfer to the Corporation his entire right, title and interest in and to such invention, discovery, trade secret or improvement thereto, and to prepare or prosecute applications for letters patent with respect to the same in the name of the Corporation.

Employee shall not at any time, in any manner, while employed by the Corporation or thereafter, either directly or indirectly, except in the course of carrying out the Corporation’s business or as previously authorized in writing on behalf of the Corporation, disclose or communicate to any person, firm, or corporation, any information of any kind concerning any matters affecting or relating to the Corporation’s business or any of its data, figures, projections, estimates, customer lists, tax records, personnel histories, and accounting procedures of the Corporation, without regard to whether any or all of such information would otherwise be deemed confidential or material.

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This Agreement shall be binding upon and inure to the benefit of any successor of the Corporation, and any such successor shall be deemed substituted for the Corporation under the terms of this Agreement. As used in this Agreement, the term “successor” shall include any person, firm, corporation, or other business entity which, at any time, whether by merger, purchase, or otherwise, acquires all or substantially all of the assets or business of the Corporation.

This Agreement contains the entire agreement of the parties hereto concerning the subject matter hereof, and cancels any and all other oral or written agreements or understandings between the parties with respect to the subject matter hereof, provided, however, that: (i) the provisions of the Second Addendum, other than paragraph 4 thereof, shall remain in full force and effect; and (ii) the provisions of the Amendment to Employment Agreement dated May 15, 2009 entered into between the Corporation and the Employee concerning golden parachute payments and clawbacks shall remain in place so long as the Corporation is a participant in the Capital Purchase Program of the Troubled Asset Relief Program. The Agreement may not be changed orally, but only by agreement in writing signed by both parties.

Any act, request, approval, consent or opinion of the Corporation hereunder shall be authorized, given or expressed by resolution of its Board of Directors.

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Subject to the Corporation’s right to seek injunctive relief under paragraph 5 of this Agreement, in the event the parties are unable to resolve any issue, misunderstanding, disagreement or dispute after making a good faith effort to do so, the parties hereto agree to arbitrate any such issue, misunderstanding, disagreement or dispute in connection with the terms in effect in this Agreement in accordance with the Rules of the American Arbitration Association, before one arbitrator mutually agreeable to the parties hereto. If after eight weeks they have been unable to agree upon one arbitrator, then either party may appoint one arbitrator and require the other party to appoint a second arbitrator. Whereupon, the two appointed arbitrators shall appoint a third arbitrator mutually agreeable to the two arbitrators. The arbitration shall occur in Medina, Ohio, or such other place as mutually agreed upon. Each party shall bear their own expenses in connection with such arbitration. Judgement on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof.

This Agreement is executed and delivered in the State of Ohio and is intended to be interpreted, construed and enforced in accordance with the laws of such State.

IN WITNESS WHEREOF, the Corporation has caused this Agreement to be executed on its behalf by the Chairman of its Board of Directors, and the Employee has signed this Agreement, all as of the date and year first above written.

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Exhibit A

Change in Control Definition

A “Change in Control” shall mean a “Change in Ownership” as defined in (a) hereof; a “Change in Effective Control” as defined in (b), hereof; or a “Change in Ownership of a Substantial Portion of Assets” as defined in (c) hereof.

In the absence of an event described in subparagraph (b)(i) or (ii) above, a change in the effective control of a Corporation will not have occurred.

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There is no Change in Control Event under this subparagraph (c) when there is a transfer to an entity that is controlled by the shareholders of the Corporation immediately after the transfer, as provided in this paragraph. A transfer of assets by the Corporation is not treated as a change in the ownership of such assets if the assets are transferred to —

For purposes of this subparagraph(c) and except as otherwise provided, a person’s status is determined immediately after the transfer of the assets. For example, a transfer to a corporation in which the transferor corporation has no ownership interest before the transaction, but which is a majority-owned subsidiary of the transferor corporation after the transaction is not treated as a change in the ownership of the assets of the transferor corporation.

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Notwithstanding the foregoing, no trust department or designated fiduciary or other trustee of such trust department of the Corporation or a subsidiary of the Corporation, or other similar fiduciary capacity of the Corporation with direct voting control of the stock shall be treated as a person or group within the meaning hereof. Further, no profit-sharing, employee stock ownership, employee stock purchase and savings, employee pension, or other employee benefit plan of the Corporation or any of its subsidiaries, and no trustee of any such plan in its capacity as such trustee, shall be treated as a person or group within the meaning hereof.

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