Carmel selects Lake City Bank as new banking partner following extensive review process

The City of Carmel announced Thursday that Lake City Bank has been selected as the city’s new banking partner following a comprehensive and transparent Request for Proposal (RFP) process. Conducted with the assistance of Baker Tilly Investment Services, 22 banks and credit unions participated in the process, each submitting detailed proposals.

Finkam

“We are excited to partner with Lake City Bank, a financial institution that provides excellent financial terms and aligns with our commitment to exceptional service and community values,” Mayor Sue Finkam said. “Their proposal stood out, and we look forward to a successful partnership that benefits our residents.”

Lake City Bank was selected as the preferred banking partner due to its exceptional financial proposal, which provided the most favorable combination of interest rates and no fees. The city’s financial team projects an increase of $400,000 annually in interest earnings compared to the bid from their current banking partner.

The open and thorough RFP process guaranteed that the city chose the partner offering the best value. Lake City Bank’s proposal was the most financially advantageous and well-considered, complemented by their recognized excellence in customer service, as evidenced by their 2023 Best Small Bank Award.

Redman

“We are honored to have been chosen as the banking partner for the City of Carmel,” said Bill Redman, senior vice president and regional manager at Lake City Bank. “Our team is committed to providing the highest level of service and financial expertise, and we look forward to contributing to the city’s continued growth and success.”

Lake City Bank will officially begin its transition in September. This new collaboration is expected to enhance the city’s financial management and provide significant benefits to the community.