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The board and management team of $74 million Lake City Federal Bank in Lake City, Minnesota, had plenty of reasons to begin pursuing a merger before its recent sale. The 90-year-old institution’s then-CEO was nearing retirement, and most of the candidates for the job wanted to work remotely from the Twin Cities, 70 miles north, or get paid more than the bank could afford. At the same time, the regulatory burdens and technology costs were getting too great to shoulder. When the other local bank in this picturesque Mississippi River town of 5,200 was acquired and started to introduce the…
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WRITTEN BY
John Engen
Contributing Writer
John Engen is a contributing writer for Bank Director. He has more than 30 years of experience as a business journalist, writing for a variety of newspapers and magazines, and was a foreign correspondent for the Associated Press. He graduated with a degree in economics and international relations from the University of Minnesota and did his post-graduate work in Asian studies at the University of Hawai’i.