Our History

Lake City Federal Bank’s mission is to use our resources to provide services to better the lives of the people in our community.

Lake City Federal Bank (LCFB) was founded by local businessmen as Lake City Federal Savings and Loan Association in 1934. Savings and loan associations were established by the U.S. government to provide a way for average people to finance a home in the midst of the Great Depression.

To give the new financial institutions a helping hand, the government set maximum deposit and loan rates creating a guaranteed profit margin for well-run institutions. Income was free from income tax in the early years. Deposits consisted of savings accounts and certificates of deposit. Lending was restricted to home loans and home improvement loans. The preferential rate treatment, tax exemption and most restrictions have been lifted for many years.

In 1990, the S & L built a single-story building, which is now occupied by our loan department. The two-story addition, now housing the deposit and finance departments, was built in 2004.

The addition of consumer, commercial and business lending over a period of time prompted the S & L name change in 2004 to Lake City Federal Bank. LCFB’s trade area is Wabasha and Goodhue counties. The term “Community” also refers to LCFB’s trade area.

LCFB operates under a Mutual Thrift charter from the U. S. government. Other financial institutions may be chartered by State or Federal agencies under bank or credit union charters. Mutual means that there are no stockholders that own LCFB. This allows LCFB board of directors, officers and employees to look out for the best interests of our customers rather than the interests of stockholders.


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