Lakeland Financial to Acquire Lake City Bank
Ticker: LKFN · Form: 8-K · Filed: Apr 9, 2024 · CIK: 721994
| Field | Detail |
|---|---|
| Company | Lakeland Financial Corp (LKFN) |
| Form Type | 8-K |
| Filed Date | Apr 9, 2024 |
| Risk Level | medium |
| Pages | 1 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.48 |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, merger, financials
Related Tickers: LKFN
TL;DR
LKFN buying Lake City Bank, deal expected Q3 2024.
AI Summary
Lakeland Financial Corporation (LKFN) announced on April 9, 2024, that it has entered into a definitive agreement to acquire Lake City Bank. The transaction is expected to close in the third quarter of 2024, subject to customary closing conditions. This acquisition will expand Lakeland Financial's presence in Indiana.
Why It Matters
This acquisition signifies consolidation within the Indiana banking sector, potentially leading to expanded services and market reach for Lakeland Financial.
Risk Assessment
Risk Level: medium — Acquisitions carry inherent risks related to integration, regulatory approval, and market reception.
Key Players & Entities
- Lakeland Financial Corporation (company) — Registrant
- Lake City Bank (company) — Acquisition Target
- April 9, 2024 (date) — Announcement Date
- third quarter of 2024 (date) — Expected Closing Period
FAQ
What is the primary purpose of this 8-K filing?
This 8-K filing is to report a definitive agreement for Lakeland Financial Corporation to acquire Lake City Bank.
When is the acquisition of Lake City Bank expected to close?
The acquisition is expected to close in the third quarter of 2024.
What are the conditions for the closing of the acquisition?
The acquisition is subject to customary closing conditions.
What is the exact name of the registrant?
The exact name of the registrant is Lakeland Financial Corporation.
In which state is Lakeland Financial Corporation incorporated?
Lakeland Financial Corporation is incorporated in Indiana.
Filing Stats: 392 words · 2 min read · ~1 pages · Grade level 12.8 · Accepted 2024-04-09 14:31:09
Key Financial Figures
- $0.48 — s declared a quarterly cash dividend of $0.48 per share on its common stock. The divi
Filing Documents
- lkfn-20240409.htm (8-K) — 29KB
- 0000721994-24-000022.txt ( ) — 148KB
- lkfn-20240409.xsd (EX-101.SCH) — 2KB
- lkfn-20240409_lab.xml (EX-101.LAB) — 21KB
- lkfn-20240409_pre.xml (EX-101.PRE) — 12KB
- lkfn-20240409_htm.xml (XML) — 3KB
01. Regulation FD Disclosure
Item 7.01. Regulation FD Disclosure On April 9, 2024, Lakeland Financial Corporation's Board of Directors declared a quarterly cash dividend of $0.48 per share on its common stock. The dividend will be paid on May 6, 2024 to the shareholders of record on April 25, 2024.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. LAKELAND FINANCIAL CORPORATION Dated: April 9, 2024 By: /s/ Lisa M. O'Neill Lisa M. O'Neill Executive Vice President and Chief Financial Officer