Lake City Bank Parent Announces 16% Increase in Quarterly Dividend
Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, announced that the Board of Directors approved a quarterly cash dividend for the first quarter of 2017 of $0.22 per share, payable on May 5, 2017 to shareholders of record as of April 25, 2017. The quarterly dividend represents a 16% increase over the quarterly dividend rate paid in 2016.
“Our strong capital position and continued profitability has provided the opportunity for another double digit dividend increase,” said David M. Findlay, Lake City Bank President and Chief Executive Officer. “For the 27th time in the last 28 years, and for the seventh consecutive year, we produced record net income in 2016 as a result of continued growth at Lake City Bank. We are pleased with our ability to announce this 16% increase in our dividend for our shareholders.”
Lake City Bank, a $4.3 billion bank headquartered in Warsaw, Indiana, is the fourth largest bank in the state, and the largest bank 100% invested in Indiana. Lake City Bank operates 49 branch offices in northern and central Indiana, delivering technology-driven solutions in a client-centric way to individuals and businesses. The bank is the single bank subsidiary of Lakeland Financial Corporation (Nasdaq Global Select/LKFN).