Lake City Bank is headquartered in Warsaw and is the 6th largest bank in the state of Indiana. It is also the 238th largest bank in the nation. It was established in 1872 and as of December of 2019, it had grown to 568 employees at 52 locations. Lake City Bank's money market rates are 14% higher than the national average, and it has an A health rating.
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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.
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.)
Data as of Q4 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 13102 |
| Year Established | 1872 |
| Employees | 568 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.83% |
| Return on Equity - YTD | 15.88% |
| Annual Interest Income | $215.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2019vs Q4 2018 | $4.93B$4.86B |
| Loans | Q4 2019vs Q4 2018 | $4.02B$3.87B |
| Deposits | Q4 2019vs Q4 2018 | $4.14B$4.05B |
| Equity Capital | Q4 2019vs Q4 2018 | $582.7MM$533.4MM |
| Loan Loss Allowance | Q4 2019vs Q4 2018 | $50.7MM$48.5MM |
| Unbacked Noncurrent Loans | Q4 2019vs Q4 2018 | $18.7MM$7.3MM |
| Real Estate Owned | Q4 2019vs Q4 2018 | $316.00K$316.00K |
