WARSAW, Ind., Sept. 9, 2011 (GLOBE NEWSWIRE) -- Lake City Bank, the single bank subsidiary of Lakeland Financial Corporation (Nasdaq:LKFN), announced today that it will open a regional headquarters office in Downtown South Bend. The Bank will lease approximately 4,500 square feet on the first and second floor of the historic American Trust Place at the intersection of North Michigan Street and West Washington Street and expects to open the office by December 2011. American Trust Place, which opened in 2009, was developed by Brad Toothaker, President and CEO of the South Bend affiliate of CB Richard Ellis, and is a Great Lakes Capital Development project. The building combines the restoration and rehabilitation of the 1924 American Bank & Trust building, listed since 1985 on the National Register of Historic Places, with new construction of modern retail, office and residential condominiums.
Michael L. Kubacki, Chairman and Chief Executive Officer, commented, "We've made tremendous progress in the South Bend market since opening our first office in 1997. Today, we have over $300 million in loans in St. Joseph County and deposits of more than $200 million. Over the last five years, we have experienced tremendous growth in the market and we're excited to become part of the vibrant Downtown South Bend community."
The office will be home to nearly 20 South Bend Lake City Bank team members, including senior management of the Bank's North Region Commercial Banking Department. In addition, the commercial banking staff will provide direct access for clients to specialists in Commercial Treasury Management Services, Corporate Bond Administration, Retirement Services and Merchant Card Services. The office will provide direct access to every commercial and retail financial services product that the Bank offers as well as be home to the market's Wealth Advisory Group representation.
David M. Findlay, President and Chief Financial Officer, stated, "It's fitting that we will open this office in a building rich with banking history. Lake City Bank opened its doors 139 years ago and we remain committed to continuing our approach to community banking in South Bend. We're an Indiana bank serving Indiana clients and our focus is squarely on providing for the financial services needs of businesses and individuals in our Hoosier markets."
Kubacki concluded, "As one of the five largest Indiana-based banks, we're in a strong position to continue to play an important and expanding role in the South Bend market. With the capability to lend up to $20 million, we have been providing capital to successful and growing companies in the South Bend market for 15 years."
Lake City Bank was assisted in the site selection process by Brad Toothaker of CB Richard Ellis and is working with Bill Lamie of the South Bend-based Architecture Design Group on the design of the office. The Bank will work with Ryan Rans of Rans Custom Builders of South Bend on the construction of the 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.
In addition to the results presented in accordance with generally accepted accounting principles in the United States of America, this press release contains certain non-GAAP financial measures. Lakeland Financial believes that providing non-GAAP financial measures provides investors with information useful to understanding Lakeland Financial's financial performance. Additionally, these non-GAAP measures are used by management for planning and forecasting purposes, including measures based on "tangible common equity" which is "common stockholders' equity" excluding intangible assets, net of deferred tax. A reconciliation of these non-GAAP measures to the most comparable GAAP equivalent is included in the attached financial tables where the non-GAAP measure is presented.
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.