Question 1

What is Lake Country Community Bank?

Accepted Answer

Lake Country Community Bank is a community-focused commercial bank serving rural Minnesota communities. With approximately $34 million in total assets and $30.5 million in deposits as of 2024, the bank operates as a state-chartered, FDIC-insured institution (Certificate #17122) supervised by the FDIC.

The bank specializes in traditional community banking services with a focus on personal relationships and local decision-making. As a subsidiary of Morristown Holding Company, Lake Country Community Bank maintains its commitment to serving the financial needs of families, farms, and small businesses in Rice County and surrounding areas.

Question 2

When was Lake Country Community Bank founded?

Accepted Answer

Lake Country Community Bank was originally established on May 2, 1928, under the name State Bank of Morristown. The bank was founded to serve the agricultural and business communities in and around Morristown, Minnesota, during a period of significant growth in rural banking.

On December 30, 1989, the bank relocated its main office to Main Street in Morristown. The institution underwent a significant transformation on October 1, 2002, when it changed its name to Lake Country Community Bank and moved its headquarters to 111 Division Street in Morristown, reflecting its expanded service area and modernized approach to community banking.

The bank received FDIC deposit insurance on July 1, 1952, and has operated continuously for over 95 years, demonstrating remarkable stability through various economic cycles.

Question 3

Where is Lake Country Community Bank headquartered?

Accepted Answer

Lake Country Community Bank is headquartered in Morristown, Minnesota, located in Rice County. The main office address is 111 North Division Street, Morristown, MN 55052.

Morristown is a small community in the Faribault-Northfield Metropolitan Statistical Area of southern Minnesota, positioned in an agricultural region known for farming and rural enterprise.

Question 4

Where does Lake Country Community Bank operate?

Accepted Answer

Lake Country Community Bank operates exclusively within Minnesota, maintaining a focused geographic footprint. The bank currently operates 2 branches and one loan production office (LPO):
• Morristown Branch (Headquarters): 111 Division Street, Morristown, MN 55052
• Nerstrand Branch: 313 Main Street, Nerstrand, MN 55053 (Rice County)
• St. Paul Loan Production Office (LPO): Serving the greater Twin Cities metropolitan area

The bank primarily serves Rice County and surrounding communities in southern Minnesota, focusing on rural and small-town markets within the Faribault-Northfield area. This geographic concentration allows the bank to maintain deep community ties and provide personalized service to local customers.

Question 5

What services does Lake Country Community Bank offer?

Accepted Answer

Lake Country Community Bank offers a full range of community banking services tailored to individuals and small businesses:

Personal Banking Services:
• Checking and savings accounts
• Money market accounts
• Certificates of deposit (CDs)
• Individual retirement accounts (IRAs)
• Personal loans
• Auto loans
• Home mortgage loans

Business Banking Services:
• Business checking and savings accounts
• Commercial lending
• Business operating lines of credit
• Equipment financing
• Real estate loans

Digital Banking Services:
• 24/7 online banking platform accessible at lccbank.com
• Mobile banking app for account management
• Remote deposit capabilities
• Electronic statements
• Bill pay services
• ACH and wire transfer services (Routing Number: 091915832)
• ATM/Debit card services

The bank emphasizes accessible digital banking options while maintaining personalized, in-person service at its physical locations. Operating hours at branches are Monday through Friday, 9:00 AM to 2:00 PM, with extended availability through digital channels.

Question 6

What makes Lake Country Community Bank unique?

Accepted Answer

Lake Country Community Bank distinguishes itself through its unwavering commitment to local community banking. With over 95 years of continuous service to the same geographic area, the bank has built multi-generational relationships with customers.

Key Distinctive Features:

Local Ownership and Decision-Making: As a subsidiary of Morristown Holding Company, the bank maintains local ownership and makes lending decisions locally, enabling faster responses to customer needs and a deeper understanding of the community's economic conditions.

Personalized Service: With only 8 employees, the bank offers highly personalized service where customers know their bankers by name. This small size allows for flexible, relationship-based banking rather than automated, impersonal transactions.

Community Stability: The bank has operated through nearly a century of economic changes, demonstrating resilience and commitment to its service area. Its longevity provides customers with confidence in the institution's stability.

Rural Focus: Lake Country Community Bank specializes in serving rural Minnesota communities, understanding the unique needs of agricultural customers, small-town businesses, and families in less densely populated areas.

Question 7

What type of financial institution is Lake Country Community Bank?

Accepted Answer

Lake Country Community Bank is a Commercial Bank with a state charter, operating as a Fed nonmember institution supervised by the FDIC.

This classification means the bank is chartered under Minnesota state banking laws rather than federal banking laws, and it is not a member of the Federal Reserve System. Instead, it is regulated and supervised primarily by the FDIC and the Minnesota Department of Commerce.

As a commercial bank, Lake Country Community Bank is authorized to accept deposits, make loans, and provide a full range of banking services to both individuals and businesses. The bank operates as a traditional community bank, emphasizing relationship banking and serving the specific needs of its local market rather than pursuing aggressive growth or expansion into distant markets.

The bank is part of the Kansas City Federal Reserve District and serves as a true community banking institution, meeting the definition of a "community bank" as designated by regulatory authorities.

Lake Country Community Bank

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About Lake Country Community Bank in the United States