Ash Brokerage Secures $20M Loan (VIDEO)

By Corinne Rose

December 11, 2013 Updated Dec 11, 2013 at 7:40 PM EDT

FORT WAYNE, Ind. (21Alive) -- Ash Brokerage secured some of its financing for its new building downtown from a long-time partner -- Lake City Bank.

And that relationship is continuing in more ways than one.

Founded in 1872, Lake City Bank expanded to the Fort Wayne market in 1999 and brought on Ash Brokerage as a client soon after.

So it jumped at the chance to loan Ash Brokerage $20 million for its new company headquarters in downtown Fort Wayne.

Mike Kubacki is Lake City's chairman and CEO. He says Fort Wayne is a vibrant community where businesses are growing, and that Lake City is invested in supporting regional development.

"It matters what's going on in the downtown. And out of that then comes this building, it's going to be a terriffic asset. We're really proud to be a part of it. So we want to be downtown. A good downtown is good for the region and we want to be supportive of that," Kubacki says.

As it happens, Lake City Bank is growing so quickly that it's been running out of room at its four locations in Fort Wayne and it needed to find space for a fifth.

“Really is somewhat coincidental that at the same time, Tim Ash is thinking about the future of his company. He decides to build a really terriffic building in downtown Fort Wayne and just at the same time that the growth of our business necessitates expansion, so we come together," Kubacki says.

With $600 million in deposits in Allen County, lake city is the largest Indiana-based bank here.

And it will continue to grow by being the first committed tenant in the Ash building, occupying 4,000 of the 20,000 square feet on the first floor with a full-service bank with drive-through, commercial banking, and its wealth advisory group.

The move will create positions for 10 additional employees.




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