Skip Navigation Documents in Portable Document Format (PDF) require Adobe Acrobat Reader 5.0 or higher to view,download Adobe® Acrobat Reader.
Lake Bank
man writing with pen at desk

Customer Merger FAQs

Our goal is to make the transition to Park State Bank as smooth as possible and keep you informed along the way.  Please read over our Frequently Asked Questions (FAQs) to help explain the transition process.


GENERAL INFORMATION:

When will The Lake Bank become Park State Bank?

A: The merger will occur over the weekend of May 21. All Lake Bank offices will close after normal business hours on Friday, May 21 and we will not be open on Saturday, May 22.  Lake Bank customers can begin using any Park State Bank locations as of May 24. 

 

How does this conversion affect me?

A: You should have received our Customer Resource Guide in the mail.  This resource guide will provide you with everything you need to know about how your existing account(s) will transition to Park State Bank. In many cases, there will be little to no change to the way you bank.

 

Will I still see the same Lake Bank employees?

A: Yes. The same familiar and friendly faces will be in the branches to assist you with all your financial needs.

 

Will there be a change in lobby and drive-through hours?

A: No. Lobby and drive-through hours will remain the same.

 

Will branch phone numbers change?
A: No. All branch phone numbers will remain the same.

 

Who can I contact if I need assistance with the conversion?

A: Our dedicated team is here to make it easy.  If you have any questions regarding the conversion, please call 1-866-221-4160. 

Saturday, May 22 and Sunday, May 23: 10am-3pm

Monday-Friday, May 24 through June 4: 7:30am-7pm

After June 4, Monday-Friday: 8am-5pm


DEPOSIT ACCOUNT INFORMATION:

Will there be changes to my account number?

A: Unless otherwise notified, your checking, savings, CDs, IRAs, and loan account number(s) will not change. Any account number changes will be communicated in advance of the conversion.


Will there be changes to my accounts?

For more information on how your accounts may change, please click HERE(Opens in a new Window) to see a detailed comparison chart. 

 

What if I want a different product type for my account?

A: If you determine that a different account is more appropriate for you, you may visit or call your local branch to change your account type anytime on Monday, May 24 or thereafter.

 

Will my routing number change?

A: The Lake Bank's routing number will change to Park State Bank’s routing number, 091900119.  On Monday, May 24, or thereafter please update all payments and deposit activities connected to your account(s) to this routing number, 091900119.   While The Lake Bank's routing number will be in place for a period of time it is important to get all of your information transferred over. 

 

Can I still use my Lake Bank checks?

A: Yes. Please continue to use your Lake Bank checks. When you need to reorder checks they will be converted to Park State Bank’s information IF you order your checks through the bank. If you order checks on your own from another vendor you will need to update the routing number to, 091900119.

  

Will I need to update my Direct Deposit information?

A: Yes. We highly recommend that you give your new routing number 091900119 to any person or company who automatically debits or credits your account(s).

Instructions to Update Your SSA Direct Deposit

Instructions to Update Your VA Direct Deposit

 

Will I need to update my automatic payments?

A: Yes. If you have automatic payments tied to your checking account or savings account, you will need to update that information with your new Park State Bank routing number 091900119 for each payee.


DEBIT/ATM/CREDIT CARD INFORMATION

Can I still use my Lake Bank Debit/ATM card?

A: Yes. Please continue to use your Lake Bank Debit/ATM card(s) after the merger. Debit/ATM cards will be reissued as Park State Bank cards in July 2021. If you have any recurring payments, such as a utility bill or subscription made with your Lake Bank debit card, these payments will still process as normal until you receive a replacement card in the mail.

 

Will the daily limit on my debit card for ATM and point-of-sale transactions change?

A: Yes.  Point of Sale limits will be $1,000 per day and ATM limits will be $510 per day starting Monday, May 24, 2021.

 

Can I use an ATM during conversion?

A: Yes. Lake Bank debit card purchases and ATM cash withdrawals should not be interrupted during the conversion..

 

Can I use my Lake Bank Credit Card?

A: Yes. Please continue to use your Lake Bank Visa® credit card(s) after the merger. Once your card expires or if you need a replacement card you will then receive a Park State Bank Visa® credit card.


STATEMENT INFORMATION

When will I receive my account Statement from Park State Bank?

A: Your final Lake Bank statement will contain account activity through end of the business day Friday, May 21. Going forward all Park State Bank statements will be processed on the last business day of the month beginning on Monday, May 31, 2021.

 

(!) Important Note: Customers will receive three statements in May. A statement will be processed at your normal statement time, another statement will be processed at the time of the conversion and a new statement will be processed on May 31.

 

I currently receive eStatements; will I continue to receive an eStatement notification?

A: Yes. You will still be enrolled in eStatement.  Your final Lake Bank eStatement will contain account activity through end of the business day Friday, May 21. Going forward all Park State Bank eStatements will be processed on the last business day of the month beginning on Monday, May 31, 2021.

 

(!) Important Note: You will notice a new look and feel to your eStatements starting May 31, 2021. eStatements will now be located under the “Documents” page and they will also be available to view in the mobile banking app.

 

If I have a question after the merger about a transaction that occurred before May 24, who do I contact?

A: You may call or stop by any of your local branch locations. A customer service representative will be happy to assist you with your questions or concerns.


CDs / IRAs / SAFE DEPOSIT BOX

Will there be any changes to my Certificates of Deposit or Individual Retirement Account?

A: No. Your account number and term will not change. The interest rate and APY (annual percentage yield) on your account will remain the same through the current term and interest will continue to compound as it does now.

 

Can I withdraw money from my CD prior to the maturity date?

A: Yes. However, early withdrawal penalties will apply if money is withdrawn before the maturity date.

 

If I have a Safe Deposit Box at The Lake Bank, can I keep it?

A: Yes. Your safe deposit box location and entry key will not change, and your box will remain secure. Safe Deposit Payments will be due annually starting March 1, 2022. Customers who make their future payments by auto pay will receive a $5 annual discount.


TELEPHONE BANKING

Will I have access to 24-Hour Telephone Banking?

A: Yes, beginning on Monday, May 24, please call 1-877-888-6800 or 218-885-8734 to access your account information
through our Telephone Banking system. When prompted, enter your account number, full social security number (SSN), and zip code. Once verified, the telephone banking system will prompt you to establish a personal identification number (PIN) for future access. 

 

What number can I call to access Telephone Bank?

A: Telephone Banking number(s) are 1-877-888-6800 or 218-885-8734.


ONLINE BANKING IMPORTANT INFORMATION:

What will happen to The Lake Bank’s website?

The Lake Bank's website will be redirected to Park State Bank’s website. Please bookmark Park State Bank’s website: parkstatebank.com(Opens in a new Window)

 

How will I access Online Banking?

A: The Lake Bank's online banking systems will convert to Park State Bank’s online banking system. Beginning Monday, May 24 visit parkstatebank.com(Opens in a new Window) or download the Park State Bank app to log in to your online banking account.

 

GET STARTED: Download our new Park State Bank Mobile Banking app at any time; however, you will not be able to log in to the app until May 24.

 

(!) Important Note:

  • You will log in to your new Park State Bank online banking account with the same username and password you used for The Lake Bank's online banking. However, it is extremely important for you to know what your User ID Alias is in order to access your online banking account on Monday, May 24. Many customers use Touch/Face ID so this is very important for you to know your User ID Alias. 
  • If you do not know your Online Banking password, there will be a password recovery option for first time logins.
  • 2-Factor Authentication (2FA) Enhanced Security: When you log in for the first time, you will be asked to provide a phone number to receive a call or text with a code to enroll in two-factor authentication. Two-factor authentication adds another layer of security to your account to make sure only you can log in. Anytime you log in on a new device, you will now be sent a code to the phone number you provide.

 

RECOMMENDED FOR ALL ONLINE/MOBILE BANKING USERS: Prior to May 21, log in to your online banking account using a browser and navigate to the eOptions page. Update your email address and review the User ID Alias listed on this page. That is the User ID you must use to log in to your online banking account on May 24.

Learn More About Online Banking Changes


MOBILE BANKING IMPORTANT INFORMATION

How will I access Mobile Banking?

A: Download our new Park State Bank Mobile Banking app at any time; however, you will not be able to log in to the app until May 24.

 

THINGS TO KNOW

  • Mobile Text Banking will no longer be an option beginning Friday, May 21, 2021.
  • eStatements will now be available in the mobile app.
  • 2-Factor Authentication (2FA) Enhanced security: When you log in for the first time, you will be asked to provide a phone number to receive a call or text with a code to enroll in two-factor authentication. Two-factor authentication adds another layer of security to your account to make sure only you can log in. Anytime you log in on a new device, you will now be sent a code to the phone number you provide.
  • Customer transaction history will carry over to the new system.

 

RECOMMENDED FOR ALL ONLINE/MOBILE BANKING USERS: Prior to May 21, log in to your online banking account using a browser and navigate to the eOptions page. Update your email address and review the User ID Alias listed on this page. That is the User ID you must use to log in to your account on May 24, 2021.

 

Can I access Park State Bank Online Banking from my iPad or tablet?

A: Yes. Download our new Park State Bank Mobile Banking app at any time; however, you will not be able to log in to the app until May 24.

Learn More About Online Banking Changes


EPAY INFORMATION

Will I still be able to pay my bills through Park State Bank’s ePay?

A: Yes. Your existing bill payees, payments, and settings will transfer to Park State Bank’s online bill pay system. Following the merger we recommend you log in to your online banking to ensure all information has transferred correctly.

 

NEW FEATURE! You will have the option to use Voicepay to make payments which are compatible with Alexa devices.


MOBILE DEPOSIT INFORMATION

Can I still make deposits using Mobile Deposit?

A: Starting May 24, 2021, The Lake Bank's mobile deposit will move to Park State Bank’s mobile banking system from your existing Lake Bank mobile app. You can download Park State Bank’s mobile banking app at any time prior to the merger. You will be able to use Mobile Deposit from Park State Bank’s mobile app beginning May 24.

 

NEW MOBILE DEPOSIT ENDORSEMENT REQUIREMENT: Beginning Monday, May 24, please use the following endorsement: “For Mobile Deposit Only PSB” with your signature.

 

(!) Important Note: On May 21, Deposit will no longer be available after 3pm for Lake Bank customers.

 

HOME EQUITY, AUTO, AND RECREATIONAL LOANS

Will my account number change?

A: Unless otherwise notified, your loan account number(s) will not change. Any loan account number changes will be communicated in advance of the conversion.

 

Will my loan term change?

A: No. The terms for your installment loans, lines of credit, and home equity loans will remain unchanged. Please continue using your Lake Bank coupon book to make payments. Loan payments can be mailed to the following address starting Monday, May 24:

Park State Bank

Attn: Loan Servicing

500 East Platt Avenue

Nashwauk, MN 55769


MORTGAGE LOANS

Will my account number change?

A: Unless otherwise notified, your loan account number(s) will not change. Any loan account number changes will be communicated in advance of the conversion.

 

Will my loan term change?

Your loan terms will not change.

 

How do I make my mortgage payment?

Please continue to make your loan payment as you normally would make it. Loan payments can be mailed to the following address starting Monday, May 24:

Park State Bank

Attn: Loan Servicing

500 East Platt Avenue

Nashwauk, MN 55769

Questions?