Lake City Bank expands board with two local leaders

WARSAW, Ind. - Lakeland Financial Corporation (NASDAQ:LKFN), the parent company of Lake City Bank, with a market capitalization of $1.57 billion and a solid dividend yield of 3.25%, announced the appointment of Dan Starr and Mindy Creighton Truex to their Boards of Directors. This move is part of the bank’s strategy to reinforce its governance and community engagement within Indiana. According to InvestingPro analysis, the bank maintains a FAIR financial health score, reflecting its stable market position.

Dan Starr, CEO of Do it Best Corp., brings two decades of experience in the home improvement industry cooperative and a legal background as a former partner at Barnes & Thornburg LLP. His community involvement is extensive, having held board leadership roles with several Fort Wayne organizations, including the Parkview Health Board of Directors and the Manchester University Board of Trustees Outreach Committee.

Mindy Creighton Truex, President of Creighton Brothers Farms LLC, carries a legacy of agricultural innovation and advocacy. She has played a significant role in developing educational and farm-to-table initiatives at the family-owned farm. Her board experience includes service with the American Egg Board and various local agricultural and community organizations.

The appointments are expected to contribute to Lake City Bank’s ongoing growth and its commitment to serving the Central and Northern Indiana communities. The bank, founded in 1872, operates 54 branch offices and provides a digital banking platform to its customers. InvestingPro data reveals an impressive track record of 31 consecutive years of dividend maintenance, with 11 straight years of dividend increases, demonstrating the bank’s commitment to shareholder returns.

The announcement emphasizes the bank’s focus on long-term shareholder value and its philosophy of community banking, which involves building in-market customer relationships while offering modern banking solutions.

Lake City Bank’s community banking model has been a longstanding tradition in Indiana, and the addition of Starr and Truex is aligned with that model. Both appointees are recognized for their commitment to fostering long-term relationships within their industries and communities.

The information for this article is based on a press release statement from Lake City Bank.

In other recent news, Lakeland Financial Corporation has announced several key developments. The company declared a quarterly cash dividend of $0.50 per share, payable on May 5, 2025, to shareholders of record as of April 25, 2025. Alongside this, Lakeland Financial extended its stock repurchase program through April 30, 2027, allowing the buyback of shares up to $30 million. Raymond James analyst David Long recently adjusted the price target for Lakeland Financial’s stock to $71 from $76, maintaining an Outperform rating. This adjustment followed investor meetings where the company’s management discussed loan growth potential and capital management strategies. Furthermore, Lakeland Financial appointed Stephanie R. Leniski as Executive Vice President and Chief Retail Banking Officer, effective February 19, 2025. The appointment aligns with the company’s strategic leadership planning and includes a Change in Control Agreement. Additionally, shareholders approved the 2025 Equity Incentive Plan during the Annual Meeting, which authorizes the issuance of up to 1,100,000 shares of common stock. These recent developments highlight Lakeland Financial’s strategic initiatives and governance updates.

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