Lake City Bank Story

The 21st Century

Elkhart High School branch ribbon cutting

The 2000s started on an economic high. As the internet became more widely used, new companies sprang up constantly, each with a new idea for a service or system. Value rested on potential rather than results, and stock prices soared. New wealth drove housing prices higher, and lenders happily accommodated the higher prices. Eventually, reality caught up with the market, and though there were clues that led up to it, the bottom fell out in 2008. By the end of the year the country again found itself in a recession.
The recession years were underscored by a nationwide mortgage crisis. As housing values fell, people suddenly found they owed more for their mortgages than their houses were worth, so if they tried to sell, they couldn’t pay off their loans. In addition, the economy had been doing so well that lenders had relaxed some of their credit requirements, making a bad situation worse. The federal government had to step in with stimulus programs to help get the economy back on track.
Through it all, Lake City Bank remained committed to its business model: supporting local and regional communities with banking services via branches in those locations. In fact, the bank would come out of this period stronger.
Lake City Bank expanded into the Indianapolis market, upgraded its internet offering to include mobile banking and even turned an eye toward the next generation when it opened a branch inside a high school. By its 150th anniversary, it had also navigated a global pandemic.
Learn more about these years in our stories.

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