Forward Bank

Forward Bank has signed a definitive agreement to merge with Lake City Federal Bank based in Lake City, Minnesota. The merger will bring the total number of Forward Bank offices to 15 offices with 14 in Wisconsin and one in Minnesota.

The merger, which is subject to regulatory approval, is expected to be completed in the second quarter of 2024. Following the completion of the transaction, Lake City Federal Bank will continue to operate normally under its existing brand until later in 2024.

Customers will be contacted directly by Forward Bank with details in the coming months and should continue to work with the same team of professionals that has been serving the Lake City community for years. There are no changes to access to digital banking or the existing Lake City Federal Bank website. No action needs to be taken by customers at this time.

Bill Sennholz, CEO of Forward Bank, stated "our banks will work closely to ensure that the transition is smooth." Sennholz continued, "Forward Bank is excited to bring two like-minded mutual banks together to expand services in the Lake City community. We are committed to providing the highest level of customer care during this transition and throughout our relationship with each person or business."

"The alignment between our approach and that of Forward Bank will be quickly seen by our customers,” commented Jeff Coats, Lake City Federal Bank. “We are excited to bring the additional services that Forward offers to our customers and the community.”