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Lake City Bank commits to downtown project

Approves $20 million in financing for Ash Brokerage HQ

Monday, December 9, 2013 - 8:39 am

Lake City Bank has approved about $20 million in financing for Ash Brokerage Corp.’s new headquarters in downtown Fort Wayne and will open an office there.

It was announced in September that Ash’s headquarters would be part of a larger $71 million project in collaboration with Hanning & Bean Enterprises that would include not only 95,000 square feet of office space but also a parking garage and about 100 apartments, condominiums and townhouses. Ash will bring about 230 employees downtown initially, with 115 new positions expected by 2018.

In a statement, Ash Brokerage CEO Tim Ash said “Lake City Bank's commitment to our headquarters project is an important step forward. As our financial partner, the bank's approval of this loan will provide us with the capital to bring this facility to reality. We're also excited to have Lake City Bank as the anchor tenant in the retail portion of the development. The bank's decision is a reflection of the growing vibrancy of downtown Fort Wayne.”

Michael L. Kubacki, chairman and CEO of Lake City said that since establishing its first Fort Wayne office in 1998, the bank’s Allen County deposits have grown to more than $600 million.

“With more deposits in Allen County than any other Indiana-based bank, developing an office downtown is a natural extension of our success in the market .. . . We're looking forward to playing a role in the

continued growth of Fort Wayne,” stated David Findlay, president and chief financial officer.

The new bank office, which is expected to occupy approximately 4,000 square

feet of the 20,000 square feet of first-floor space, will be home to a full-service retail office, including a drive through, and will include office space for the bank's Commercial Banking Department, Lake City Bank Investment and Wealth Advisory Group, providing access to every commercial and retail product that the bank.

Lake City Bank is a $3 billion bank headquartered in Warsaw, with 45 branches in 13 Indiana counties.