FINANCIAL_SERVICESAPPROVED

City of Lake Wales Awards Financial Services Contract to Southstate Bank (July 2026)

Lake Wales adopted Resolution 2026-12 authorizing a Capital Improvement Revenue Note, Series 2026B, with SouthState Bank for up to $7,052,000 at 3.90% interest. The 15-year financing will fund CRA land acquisition, downtown streetscaping, and public parking improvements supporting the Walesbilt/Grand Hotel.

Status
APPROVED
Document date
July 21, 2026
Contract type
FINANCIAL_SERVICES
Vendor
Southstate Bank
Agency
City of Lake Wales · FL

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Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo

Scope & details

The full contract record, as filed.

Contract amount
Principal amount not to exceed $7,052,000 at 3.90% interest
Contract type
FINANCIAL_SERVICES
Contract term
15-year repayment term, with principal amortizing from 12/01/2026 through 12/01/2040
Renewal date
2040-12-01
Renewal
Fixed-rate 15-year note with optional prepayment in whole or part at any time without penalty; no renewal after maturity is specified.
Document type
Minutes
Source document
City of Lake Wales City Commission Meeting Minutes 2026-07-21

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Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the financial services contract by City of Lake Wales?

Southstate Bank was awarded this financial services contract by City of Lake Wales, as recorded on July 21, 2026. The contract value is Principal amount not to exceed $7,052,000 at 3.90% interest.

How much is the Southstate Bank contract with City of Lake Wales worth?

The Southstate Bank contract with City of Lake Wales is valued at Principal amount not to exceed $7,052,000 at 3.90% interest, covering financial services work.

What type of contract is this?

This is a Financial Services contract, documented as a minutes record, structured as a not-to-exceed (ceiling) agreement.

Where was this contract approved?

This contract appears in City of Lake Wales City Commission Meeting Minutes 2026-07-21 (Minutes), dated July 21, 2026 from City of Lake Wales. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Southstate Bank hold?

Southstate Bank may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

View Southstate Bank's profile

What is City of Lake Wales currently buying?

Explore City of Lake Wales's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.

View City of Lake Wales's profile

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