June 29, 2001
LAKELAND FINANCIAL ANNOUNCES AGREEMENT TO SELL FIVE SOUTHERN MARKET OFFICES
Warsaw, Indiana (June 29, 2001) - Lakeland Financial Corporation (Nasdaq/LKFN) announced today that it has reached an agreement for the sale of five southern market offices to First Farmers Bank and Trust of Converse, Indiana. The offices included in the sale are located in the following Indiana cities: Peru, Greentown, Wabash, Roann and Logansport. Collectively, the offices have approximately $80 million in deposits and $30 million in loans. The sale is contingent upon regulatory approval and completion of financing by First Farmers.
"We are pleased to announce the sale of these five branches to a locally based bank with the same commitment to employees, customers and community participation that has been a cornerstone of the way Lake City Bank has approached business for over 125 years," said Michael L. Kubacki, President and Chief Executive Officer of Lake City Bank. "While these southern market offices have played a meaningful role in our development over the past several years, they no longer fit our strategic expansion plan."
"Through the sale of these targeted offices, we can now focus on our existing core markets and the outstanding opportunities for future growth and expansion we have in our northern markets, which encompass the markets anchored by Warsaw, Ft. Wayne, Elkhart and South Bend. We are well positioned to continue our growth in these markets and feel the interests of the bank, our shareholders and employees are better served with this effort to redirect capital and resources to higher growth markets," Kubacki commented.
Gene Miles, President and Chief Executive Officer of First Farmers Bank and Trust commented, "The addition of these offices to our existing network will position First Farmers to further capitalize on our strong presence in several of these markets and expand geographically into contiguous markets."
Lakeland Financial Corporation is a $1.1 billion bank holding company headquartered in Warsaw, Indiana. Lake City Bank currently has 44 branches located in the following Indiana counties: Kosciusko, Elkhart, Allen, St. Joseph, Cass, Fulton, Howard, Huntington, LaGrange, Marshall, Miami, Noble, Pulaski, Whitley and Wabash. Lake City Bank provides a diversified offering of financial services, including business and personal banking needs, brokerage services, and trust & investment needs.
Lakeland Financial Corporation may be accessed on its home page at www.lakecitybank.com. The Company's common stock is traded on the Nasdaq Stock Market under "LKFN". Market makers in Lakeland Financial Corporation common shares include Stifel Nicolaus & Company, Raymond James & Associates, Inc., McDonald Investments, Inc. and First Tennessee Capital Markets.
The Company's fixed rate cumulative trust preferred securities are traded on the Nasdaq stock market under the symbols "LKFNP". The annual rate on the fixed rate securities is 9.0%.
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