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
Changes to the Property Value could change the results in a significant way. Lendersa® sliders allow you to make fast changes to explore your financing options.
You can change the property value by moving the Property Value slider up or down or by entering a new Property Value manually in the Property Value box.
When you change the Property Value, only the LTV will change, and the Loan Amount will remain the same Loan Amount.
Other advanced sliders’ options are available with Lendersa® Advanced Calculator
CloseChanges to the loan amount, even so slightly, could change the results in a significant way. Lendersa® sliders allow you to make fast changes to explore your financing options.
The Loan Amount Slider
Change the Loan Amount by moving the Loan Amount slider. (The LTV will change, and the Property Value will remain unchanged).
The LTV Slider
Change the Loan Amount by moving the LTV slider. (The Property Value will remain unchanged).
Other advanced options are available with Lendersa® Advanced Calculator
CloseLTV is the abbreviation of Loan To Value, and it is the ratio between the Loan Amount and the Property Value. The formula to calculate LTV is Loan Amount divided by the property value. 
Example: Loan Amount $300,000, Property value $400,000 
Changes to the LTV, even so slightly, could change the results in a significant way. Lendersa® sliders allow you to make fast changes to explore your financing options.
The Loan Amount Slider
Change the Loan Amount by moving the Loan Amount slider. (The LTV will change, and the Property Value will remain unchanged).
The LTV Slider
Change the Loan Amount by moving the LTV slider. (The Property Value will remain unchanged).
Other advanced options are available with Lendersa® Advanced Calculator
Close
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NMLS 1795154