Lakeland Bank lending at record levels

Oak Ridge — At a time when many institutions are cutting back on loans, Lakeland Bank is hitting record levels in its commercial and residential mortgage lending activities by offering innovative loan products for both home owners and businesses. “Last month, the media reported on President Barack Obama urging the nation’s largest banks to free up lending,” said Thomas J. Shara, president and CEO of Lakeland Bank. “At the local level, that’s absolutely not an issue. Even in the middle of a challenging economy, and perhaps because of it, we’re actively supporting the individuals and local businesses in the communities we serve.” In 2009, Lakeland Bank processed business loans and residential mortgages, resulting in 13 percent and 12 percent increases respectively over 2008, and with outstanding balances reaching record levels. “We believe that localized lending — serving clients where our employees work and live — is the most effective business model out there,” said Robert A. Vandenbergh, senior executive vice president, COO, Lakeland Bank. “It is sometimes difficult for larger banks, or those not headquartered in the area, to have the same intimate understanding of the local market that we do.” “For example, we recognize that most people will experience lifestyle changes every 10 to 15 years,” said Vandenbergh. “But if they automatically focus on a 30 year mortgage, this solution may not be well-suited to their needs. That’s why we offer a 15-year balloon mortgage with the lower rate and a monthly payout that is more closely aligned with the 30-year loan.” Lakeland Bank has put in place several services to help make banking easier and more convenient for its consumer and business customers. All of the branches have extended hours of operation and many are open seven days a week. Online banking allows 24/7 access to accounts. The bank offers next day availability on business deposits and QuickBooks accounting software online for businesses.