News
From the President’s Desk:
In these times of financial crisis and the billion dollar rescue plans, there’s one financial institution you can still count on—your independently owned community bank. Economic conditions and business cycles change, but the independent community banks have proven to be stable and reliable partners for their communities. Minnesota has hundreds of successful community banks, and more than 100 of them have served their markets for over a century.
There is a huge difference between an independent community bank and a Wall Street investment bank, a national broker, and/or a government sponsored entity (GSE).
Independent Community Banks are based on the philosophy of local people making local decisions in the best interest of their communities.
Independent banks are highly regulated, safe, and well capitalized and have strong management teams. We provide our customers with FDIC insurance, and no bank customer has ever lost a penny of a deposit insured by the FDIC.
Independent community banks like Lake Community Bank remain safe, secure and committed to the long term interests of our customers and community.
Bank President Michael J. Byrne is confident the bank will succeed in conquering its current challenges. Byrne noted, “Lake Community Bank weathered the great depression, and we will weather this downturn in the economy.” Byrne added that the bank’s holding company is willing and able to provide the bank with additional capital if needed. The bank has the resources, knowledge and experience needed to meet today’s challenges and we look forward to a prosperous future.
Lake Community Bank
Lake Community Bank is participating in the FDIC's Transaction Account Guarantee Program. Under that program, through December 31, 2009, all noninterest bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC's general deposit insurance rules.
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