Lake City Bank Expands Downtown Campus with Building Acquisition to become the Innovation and Technology Center

Rhea-AI Summary

Lake City Bank (Nasdaq: LKFN) has acquired a 35,600 square foot office building in Warsaw, Indiana, expanding its downtown campus. The building, purchased on August 30, 2024, will be renovated and renamed the Lake City Bank Innovation and Technology Center. This acquisition marks the 6th building in the bank's Downtown Warsaw campus, reinforcing its commitment to its hometown.

The new center will house the bank's Technology Services, Information Security, Application Management, and Project Management teams, supporting Lake City Bank's growth and technology-driven solutions. Since 2010, the bank has invested approximately $30 million in Warsaw facilities and Kosciusko County offices. The renovation will include modern amenities such as a coffee meeting location, a walk-up ITM, and advanced conference calling capabilities.

Positive

• Acquisition of 35,600 sq ft office building expands downtown campus
• New Innovation and Technology Center to support continued growth
• $30 million investment in Warsaw facilities since 2010
• Largest employer in Downtown Warsaw with 279 employees
• Strategic investment to enhance technology-driven solutions for clients

Negative

• None.

News Market Reaction – LKFN

+0.57%

1 alert

+0.57% News Effect

On the day this news was published, LKFN gained 0.57%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

WARSAW, Ind., Sept. 03, 2024 (GLOBE NEWSWIRE) -- Lake City Bank has purchased the 35,600 square foot three story office building at 122 E. Center Street, Warsaw, IN on August 30, 2024. The office building will significantly expand the bank’s Warsaw Campus and support the continued growth of Lake City Bank. The newly acquired building will be substantially renovated and modernized and will be renamed the Lake City Bank Innovation and Technology Center. Lake City Bank has been headquartered in Warsaw since the bank was founded in 1872 and employs 279 employees in the Downtown Warsaw Campus, representing the largest employer in Downtown Warsaw.

“This acquisition adds the 6^th building to our Downtown Warsaw campus and represents our continued commitment to the bank’s hometown. Throughout our 152-year history, we’ve been focused on taking care of our clients and communities in every Hoosier Community we serve. Increasingly, our clients are relying upon technology-driven solutions to manage their financial needs. The Lake City Bank Innovation and Technology Center will be home to our Technology Services, Information Security, Application Management and Project Management teams and will provide the bank with significant room to continue our growth well into the future,” said David M. Findlay, Chairman and Chief Executive Officer. “Since 2010, we’ve invested approximately $30 million in our Warsaw facilities and in our Kosciusko County bank offices. We have fully renovated and modernized our entire Warsaw footprint. We’ve proudly taken older buildings and brought them back to life with these major capital investments in our hometown.”

The building was constructed in 1968 by the United Telephone Company of Indiana to support the region’s telecommunications industry. The third floor has been leased by Lake City Bank since 2012. The first and second floors will be renovated to support additional future growth. The exterior of the building will be updated to reflect the bank’s current brand position. In addition to the added capacity for office space, Lake City Bank will incorporate flexible space options such as a coffee meeting location, a walk up ITM and various meeting rooms with modern conference calling capabilities to enhance communications with other locations in the Lake City Bank footprint.

“For 152 years, Lake City Bank has been growing and investing in the Warsaw community,” said Kristin L. Pruitt, President. “Our investment in this facility is strategic and will support the continued growth of our collaborative teams who deliver innovative products and services to our customers.”

Lake City Bank, a $6.6 billion bank headquartered in Warsaw, Indiana, was founded in 1872 and serves Central and Northern Indiana communities with 54 branch offices and a robust digital banking platform. Lake City Bank’s community banking model prioritizes building in-market long-term customer relationships while delivering technology-forward solutions for retail and commercial clients. The bank is the single bank subsidiary of Lakeland Financial Corporation (Nasdaq Global Select/LKFN). For more information visit www.lakecitybank.com.

Contact
Lisa M. O’Neill
Executive Vice President and Chief Financial Officer
(574) 267-9125
lisa.oneill@lakecitybank.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2105cc44-cf41-49ab-8f79-e7fcafc9a3c3

FAQ

What building did Lake City Bank (LKFN) acquire in Warsaw, Indiana?

Lake City Bank acquired a 35,600 square foot three-story office building at 122 E. Center Street, Warsaw, Indiana on August 30, 2024.

How will Lake City Bank (LKFN) use the newly acquired building in Warsaw?

The building will be renovated and renamed the Lake City Bank Innovation and Technology Center, housing the bank's Technology Services, Information Security, Application Management, and Project Management teams.

How much has Lake City Bank (LKFN) invested in Warsaw facilities since 2010?

Lake City Bank has invested approximately $30 million in Warsaw facilities and Kosciusko County bank offices since 2010.

How many employees does Lake City Bank (LKFN) have in Downtown Warsaw?

Lake City Bank employs 279 employees in the Downtown Warsaw Campus, making it the largest employer in Downtown Warsaw.