Lakefield Savings Bank

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Lakefield Savings Bank
PO Box 157, 313 Main Street
Lakefield, MN 56150
Phone: 507-662-6680
Fax: 507-662-5402

On July 17th, 1934 the Worthington Civic & Commerce Association expressed interest in helping organize a Federal Savings & Loan Association in Worthington. On January 16th, 1935, a representative from the Federal Home Loan Bank System was in Worthington to present organizational plans and on March 1, 1935, a meeting was held and the first Board of Directors was elected.

Worthington Federal was established to help the community prosper and make it possible for people to borrow funds to build homes. On March 30th, 1935, the first loan went on the books and was in the amount of $800.00. This was the beginning of our service to Worthington and the surrounding communities. Worthington Federal is proud of the number of loans that have been made and financed locally. Worthington Federal continues to service all loans made.

In 1978 Worthington Federal purchased the Lakefield Building & Loan Association and the name was changed to Lakefield Savings & Loan.

Although our location has changed a few times over the years and the cigar box once used to hold cash funds, has been replaced with state of the art technology. The one thing that hasn’t changed is the friendly, knowledgeable staff you’ve come to know.

Home Loans
A home mortgage is one of the largest and most important financial obligations you may ever assume. At Worthington Federal Savings Bank, we strive to find the mortgage that is right for you, whether it is a fixed or adjustable rate mortgage.
We do not sell our mortgages to a third party. Therefore, when you have a question, you have a local person to contact.

Home Equity Loans
Worthington Federal Savings Bank makes it easy for you to use the equity you have in your home to finance purchases. We offer Home Equity Loans with a fixed rate for a fixed term or a Line of Credit that you may draw on as your needs change.
Home Equity loan interest payments may be tax deductible. Consult your tax advisor on the deductibility.

Home Improvement Loans
For all types of improvements to your home from inside to out, Worthington Federal Savings Bank can assist you in improving the comfort of your home. We offer a variety of funding options for these products.

Personal Loans
Whether you are buying a new or used vehicle, motorcycle, RV or boat, Worthington Federal Savings Bank offers all types of consumer loans to fit your individual needs.

Commercial Loans
Worthington Federal Savings Bank provides loans on commercial and agricultural real estate and equipment. These loans have a competitive interest rate and the payment schedule can be built to fit your needs.