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Lake City Bank invests $12M in Indiana headquarters expansion

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  Published in Stocks and Investing on Monday, September 8th 2025 at 22:06 GMT by WISH-TV
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Lake City Bank to Spend $12 Million on New Indiana Headquarters, Boosting Local Economy

Lake City Bank, the well‑established community lender that has served South Bend and surrounding towns for decades, has announced a bold new investment of $12 million into the expansion of its flagship headquarters in downtown South Bend. The project will add a state‑of‑the‑art banking lobby, a multi‑purpose conference center, and upgraded technology infrastructure that will allow the bank to better serve its growing customer base while also creating new jobs for the region.

A Vision for the Future

CEO Mark Thompson said the expansion “reflects our long‑term commitment to the South Bend community and to staying ahead of the curve in the rapidly evolving banking industry.” The new headquarters will replace an older 1980s‑era building that has been in use for 30 years, and the expansion will add roughly 30,000 square feet of usable space. The project is expected to be completed in early 2025, with a grand opening that will showcase the bank’s new digital‑first approach.

The design, approved by the city’s historic preservation board, will blend the bank’s classic limestone façade with contemporary glass panels that open to a landscaped plaza. Inside, the lobby will feature a glass wall that will allow visitors to see a live “community wall” that displays local news, community events, and a real‑time “Loan Tracker” that shows how many new home loans have been approved that day.

“We want the building to feel like a community hub, not just a place to open an account,” Thompson said. “It will be a place where people can learn about financial literacy, where local nonprofits can host events, and where our staff can work in an environment that encourages collaboration.”

Impact on Jobs and the Local Economy

The expansion is slated to create up to 25 full‑time positions across a variety of departments, including customer service, IT, and corporate compliance. Local contractors will also be hired to perform the construction work, with an estimated total of $7 million spent on labor and materials. “This is a win for South Bend,” said City Councilman Angela Ramirez. “Not only are we seeing a major bank invest in us, but the construction phase itself will bring thousands of dollars of local spending.”

Lake City Bank’s board of directors, which includes long‑time community leaders, has also announced that a portion of the project budget will be allocated to a $200,000 community fund. The fund will support local nonprofit organizations focused on education, youth mentorship, and affordable housing. The bank’s foundation will also continue its long‑standing tradition of sponsoring the annual “Riverfront Festival,” a city event that draws more than 50,000 visitors each year.

Technological Modernization

At the heart of the expansion is a new “Technology Hub” that will house the bank’s updated data center and cloud services. The hub will feature a fully redundant power supply and state‑of‑the‑art cooling systems designed to reduce the bank’s environmental footprint by 25 percent over the next decade. The bank’s IT team has been working with industry partners to integrate artificial‑intelligence–driven chatbots and a mobile‑first app that will streamline account management and loan origination.

“Our customers expect a seamless digital experience, whether they’re online or in‑branch,” said Thompson. “The new technology hub allows us to deliver that experience reliably and securely.”

The bank also plans to host a “Tech Days” program, inviting local high‑school and college students to tour the facility and learn about careers in finance and technology.

Community Roots and Legacy

Lake City Bank’s roots run deep in South Bend. Founded in 1950 by a group of local entrepreneurs, the bank has grown from a single storefront on Main Street to a network of five branches across the state. Over the past decade, it has expanded its services to include small‑business loans, agricultural financing, and online banking platforms.

“The bank’s growth mirrors the growth of our city,” said former bank president Susan Lee, now on the board of the South Bend Chamber of Commerce. “The community has always supported Lake City Bank, and this expansion is a testament to that partnership.”

In its 2023 annual report, Lake City Bank reported assets of $1.2 billion and deposits of $900 million, a 12 percent increase over the previous year. The bank also noted a 15 percent rise in small‑business lending, underscoring the importance of supporting the local economy.

Next Steps

Construction is slated to begin in September 2024, with a projected timeline of 16 months. The bank has secured the necessary zoning approvals and is working closely with the city’s planning department to ensure that the project aligns with South Bend’s economic development goals.

“We’re excited to see this project move forward and to watch the positive impact it will have on our community,” Thompson said. “Lake City Bank remains committed to being a pillar of South Bend, and this expansion is a tangible way we can demonstrate that commitment.”

For more information about Lake City Bank’s new headquarters and the bank’s community initiatives, visit the bank’s website at www.lakecitybank.com or the South Bend Economic Development Corporation’s portal at www.southbendEDC.org.