WARSAW, Ind., Oct. 14, 2014 (GLOBE NEWSWIRE) -- Lake City Bank announced today that it will accelerate its branch development plan and double its presence in the Indianapolis market over the next year.
The bank will add a third office in the market at Clearwater Crossing on 82nd Street late in the fourth quarter of 2014. The bank's fourth office in the Indianapolis market will be located at 96th Street and Michigan Road and is expected to open in late 2015. In addition, the company is finalizing the site selection process for a fifth office in the Indianapolis market and hopes to open that office in early 2016.
"The Indianapolis market has been a great next step for Lake City Bank as we continue our growth as the largest bank in Indiana 100% dedicated to serving our Hoosier communities. As with our more mature Northern Indiana markets, our clients in Indianapolis have benefited from our progressive business lending strategy and our technology-driven retail banking services," said David M. Findlay, President and Chief Executive Officer.
Lake City Bank's branch planned expansion will supplement the company's regional headquarters at 96th Street and Meridian that opened 2011 and second office in Fishers on Marketplace Drive that opened in 2014.
"Indianapolis represents the fastest growth in a new market in our 143-year history. Our growth strategy has been characterized by entering a new market and growing our customer base one client at a time. And it's proven to be successful. In the short time we've been in the Indianapolis market, we've grown deposits to more than $140 million and have invested in the economic expansion in the market with more than $200 million in commercial loans," Findlay said.
Lake City Bank's product set lends itself to the solutions customers look for—including mobile banking and deposits, online banking and bill pay and traditional, in-branch banking. Customers are free to choose the time, place and manner of banking that is most convenient.
Lake City Bank, a $3.4 billion bank headquartered in Warsaw, Indiana, is the fourth largest bank in the state, and the largest bank 100% invested in Indiana. Lake City Bank operates 46 branch offices in Northern and Central Indiana, delivering technology-driven solutions in a client-centric way to individuals and businesses. The bank is the single bank subsidiary of Lakeland Financial Corporation (Nasdaq:LKFN). For more information visit www.lakecitybank.com.
This document contains, and future oral and written statements of the Company and its management may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company's management and on information currently available to management, are generally identifiable by the use of words such as "believe," "expect," "anticipate," "plan," "intend," "estimate," "may," "will," "would," "could," "should" or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events. Additional information concerning the Company and its business, including factors that could materially affect the Company's financial results, is included in the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K.
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Source:Lake City Bank