Lakeland Financial Corporation is a bank holding company that owns all of the outstanding stock of Lake City Bank. The Bank's activities cover all phases of commercial banking, including checking accounts, savings accounts, time deposits, the sale of securities under agreements to repurchase, commercial and agricultural lending, direct and indirect consumer lending, real estate mortgage lending, safe deposit box service and trust and brokerage services. As of December 31, 2003, the Bank had 43 offices in 12 counties throughout northern Indiana. In trust, the Bank recognizes a wholly owned subsidiary, LCB Investments Limited, which manages a portion of its investment portfolio. The Company conducts no business except that incident to its ownership of the outstanding stock of the Bank and the operation of the Bank.