Kristin L. Pruitt, president of Lake City Bank, Warsaw, has been elected to the Federal Reserve Bank of Chicago’s board of directors for a three-year term from 2025-27. The regional Fed bank serves the Seventh Federal Reserve District, which comprises Iowa and most of Illinois, Indiana, Michigan and Wisconsin. Pruitt joined Lake City in 2008 as senior vice president, general counsel. She has served as president since 2023. She serves on the boards of the Northern Indiana Regional Development Authority, Community Investment Fund of Indiana, Community Foundation of St. Joseph County and Boys & Girls Clubs of the Northern Indiana Corridor.
Kentland Bank was named 2024 Small-Business Lender of the Year by the Indiana Statewide Certified Development Corporation. Community First Bank of Indiana, Kokomo, was first runner-up. ISCDC is a division of Cambridge Capital Management Corporation, an IBA associate member, that works with local banks to issue below-cost expansion loans from the U.S. Small Business Administration 504 Loan program. The accolade is awarded based on the largest number of SBA 504 loans as a percentage of the bank’s deposits. The bank with the most approved SBA 504 loans overall was Citizens State Bank, New Castle. Elliott Somers of Citizens State Bank was honored as the banker with the most SBA 504 loans approved for 2024, and Brad Duncan of Centier Bank, Merrillville, was awarded as the individual generating the most SBA 504 dollars in loans. The Statewide CDC worked with Indiana banks to approve 38 loans totaling more than $52 million in 2024, more than 10% better than its previous record of $47 million set in 2023. It has approved nearly $900 million in financing for more than 1,725 Indiana companies since its founding in 1983, representing more than $2.2 billion in expansion financing that created or saved more than 30,000 jobs.
