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202 East Center Street
Warsaw, IN 46581

Lake City Bank is headquartered in Warsaw and is the 4th largest bank in the state of Indiana. It is also the 243rd largest bank in the nation. It was established in 1872 and as of March of 2014, it had grown to 500 employees at 47 locations. Lake City Bank has a A+ health rating.

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Reviews (3)

Don't Waste Your Time

The bank's website says accounts are limited to people in certain counties but adds that "Lake City Bank reserves the right to make exceptions to this policy based on the individual applicant's situation."

I went to the branch in South Bend and explained my situation--I am planning a move back to South Bend over the period of the next year or so and want a local bank as I make the frequent trips necessary. The young lady called her superiors and was assured that the Bank was willing to make this exception.

I spent the next 90 minutes patiently waiting for the interminable process that this Bank goes through to produce reams of unnecessary paper. While I went through this, I wondered how the Bank can make any money, given its archaic technology. Nevertheless, the account was finally opened, and I left with a fistful of paper and some starter checks. I thought all was well.

Two days later, I received a phone call telling me the account had been closed and a check was in the mail. I expressed my surprise and asked for an explanation. The lady said that "upper management" had instructed her to close the account because it was out of their service area. I asked her to have someone from "upper management" call me, and she seemed taken aback. She said she would try, but, of course, no one ever called. And the exception language on the website hasn't changed.

So if you think "customer service" is important, think of another bank.

(It gets one star only because that's a requirement.)

The Bank Has Been Good For My Finances

I live in Indiana, but not in the bank's service area. Even though I was not living close to their service area I was able to open a rewards checking account in March 2011. A telephone call asking about my eligibility living in another Indiana location yielded a positive response. A mailed paper application, followed by an ACH deposit opened the account. The initial interest rate was 3.04%, but was lowered to 2.51% in Sept. 2011.

Service and communication has been excellent.

Rewards Checking

I opened up a rewards checking  account, with the current 3.51% APY paid on the portion of the balance below $50,000.  The account was easy to open up, plus I can open up a corresponding companion Rewards Savings account that now pays 1.51% APY on the entire balance.  That beats many savings plans, or money market account rates.


Data for Q1 2014

Institution Health


Texas Ratio


The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Lake City Bank had $16.29 million in non-current loans and owned real-estate with $398.82 million in equity and loan loss allowances on hand to cover it. This gives Lake City Bank a Texas Ratio of 4.09% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend


The Texas Ratio for Lake City Bank decreased dramatically from 5.89% as of March 31, 2013 to 4.09% as of March 31, 2014, resulting in a positive change of 30.64%.This indicates that the balance sheet and financial strength for Lake City Bank has improved dramatically in recent periods.

Deposit Growth


In the past year, Lake City Bank has increased its total deposits by $287.27 million, resulting in 11.72% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Lake City Bank has shown is excellent.



Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Lake City Bank has $3.23 billion in assets with $398.82 million in equity, resulting in a capitalization level of 12.36%, which is excellent.

Institution Statistics

FDIC Certificate #13102
Year Established1872
Primary RegulatorFED
Assets and Liabilities
Assets$3.23 billion
Loans$2.53 billion
Deposits$2.74 billion
Equity Capital$352.68 million
Loan Loss Allowance$46.14 million
Unbacked Noncurrent Loans$15.10 million
Real Estate Owned$1.19 million
Historic Data - March 2013
Assets$2.92 billion
Equity Capital$329.41 million
Loan Loss Allowance$50.82 million
Unbacked Noncurrent Loans$15.10 million
Real Estate Owned$667,000
Profit Margin - Quarterly
Net Interest Margin3.36%
Return on Assets1.29%
Return on Equity11.87%
Interest Income$28.45 million
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Lake City Bank Savings Account Rates

0.36%--Rewards Savings - Qualifying
0.01%--Rewards Savings - Non Qualifying

Lake City Bank Checking Account Rates

0.76%-$50kREWARDS Checking - Qualifying
0.76%-$50kBusiness REWARDS Checking - Qualifying
0.01%--REWARDS Checking - Non Qualifying
0.01%--Business REWARDS Checking - Non Qualifying

Lake City Bank has 47 locations. Click to view all Lake City Bank locations.