10/11/2023

Credit Storm

With more than $1 trillion in commercial real estate debt maturing in 2023-24, how can banks work with their clients — and protect themselves?

Emily McCormick
Vice President of Editorial & Research
In 2022, when it became evident that inflation wasn’t transitory after all, and the Federal Reserve began raising rates, Mike Kubacki, the chairman of $6.5 billion Lakeland Financial Corp., had a realization. “Mike looked around the boardroom and said, ‘I may be the only person in this room that has ever actually been involved in business during an extreme inflationary environment, in combination with a rising rate environment.’ And he was correct,” recalls David Findlay, the CEO of Lakeland and its subsidiary, Lake City Bank in Warsaw, Indiana. Few in banking today have experienced the one-two punch of high interest rates and…

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