Growing and Changing
Soon after Lake City Bank celebrated its 100th anniversary, the economy took a hard turn. A change in government policy caused interest rates to skyrocket. Millions of people across the country lost their jobs and prices soared, making the 1970s and 1980s difficult times.
Though challenging, these years also provided the chance to grow. While many banks abandoned small communities, Lake City Bank moved into them. Its leadership believed that small markets can produce good profits when served with talented, local people who understand local needs.
Deregulation of the banking industry helped Lake City Bank grow even more. Throughout this period, the bank added branches, products and systems to better serve customers. It increased its footprint in commercial lending, which broadened its base beyond retail banking. Finally, it formed Lakeland Financial Corporation, a holding company that gave it more financial flexibility.
By focusing on moves that put customers first, Lake City Bank remained an institution they could trust.
Read more about these years in our stories.