WARSAW, Ind., Sept. 8, 2011 (GLOBE NEWSWIRE) -- Lake City Bank, the single bank subsidiary of Lakeland Financial Corporation (Nasdaq:LKFN), announced today the availability of Business REWARDS Checking – a business checking account that "rewards" clients with market interest rates.
The Business REWARDS Checking account at Lake City Bank currently pays 2.00% APY (Annual Percentage Yield) on balances up to $25,000 and 0.10% APY on balances over $25,000. In order to qualify for the interest earnings, a client must make a minimum of 10 debit card purchases per month and receive their monthly bank statement electronically.
According to Michael L. Kubacki, Chairman and Chief Executive Officer of Lake City Bank, "We introduced a similar type of REWARDS Checking account for retail banking clients over three years ago and have been very pleased with its success. When the regulatory provisions that prohibited payment of interest on business checking accounts were repealed earlier this summer, we decided to create a similar product for businesses, as we think that they should get rewards too. We believe that we are the only financial institution in our market to be offering this type of interest bearing rewards account for business clients."
Business REWARDS Checking encourages clients to make use of technology such as debit cards and e-statements, which provide the bank with the ability to manage service costs, thus making the benefits to the client possible. The account also allows clients to receive credit for a Lake City Bank merchant credit card services account and a business credit card account in order to offset a modest monthly service charge for Business REWARDS Checking.
Complete information about Business REWARDS Checking may be obtained at www.lakecitybank.com/bizrewards, or by calling the bank's One-Call Center (toll free 888-522-2265, option 2) or any local Lake City Bank office.
Lakeland Financial Corporation is a $2.7 billion bank holding company headquartered in Warsaw, Indiana. Lake City Bank serves Northern Indiana with 43 branches located in the following Indiana counties: Kosciusko, Elkhart, Allen, St. Joseph, DeKalb, Fulton, Huntington, LaGrange, Marshall, Noble, Pulaski and Whitley. The Company also has a Loan Production Office in Indianapolis, Indiana and expects to open full service offices in Indianapolis and South Bend during the fourth quarter of 2011.
Lakeland Financial Corporation may be accessed on the home page of its subsidiary, Lake City Bank, at www.lakecitybank.com. The Company's common stock is traded on the Nasdaq Global Select Market under "LKFN". Market makers in Lakeland Financial Corporation common shares include Automated Trading Desk Financial Services, LLC, B-Trade Services, LLC, Citadel Securities, LLC, Citigroup Global Markets Holdings, Inc., Domestic Securities, Inc., E*TRADE Capital Markets LLC, Goldman Sachs & Company, Howe Barnes Hoefer & Arnett, Inc., Keefe, Bruyette & Woods, Inc., Knight Capital Americas, L.P., Morgan Stanley & Co., Inc., Sterne Agee & Leach, Stifel Nicolaus & Company, Inc., Susquehanna Capital Group and UBS Securities LLC.
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.