A Layer of Protection During These Uncertain Times

As our communities struggle with the impacts of COVID-19, we want you to know we’re in this together and working to do what’s best for our customers.

During these difficult times, we would like to remind you of resources that can help protect your future during a world of uncertainty. Some customers choose to obtain a Home Equity Line of Credit (HELOC) to have in the event of financial hardship or unforeseen situations and expenses. Think of these as a safety net – it’s there if you need it.

As your trusted financial advisor, it is our responsibility to extend opportunities to help see you through these troubled times. For this reason, Lake Area Bank is now offering a special HELOC rate until 05/30/20. In addition to our existing no-closing cost* offer, we are introducing the following attractive introductory rate.

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Fixed APR^
for the first 12 months


Variable APR^^
thereafter during draw period as low as Prime -.50%

No Closing Costs*

10-year variable rate draw period followed by a 15-year amortized term

Up to 3 fixed rate lock options on balances advanced for 5, 10 or 15 year terms during the 10-year draw period

* Appraisal costs range from $180-$800. Customer responsible for any appraisal costs in excess of $180.
^ During the draw period there is an introductory discounted fixed rate of 2.79% APR in effect for the first 12 billing cycles. Thereafter, variable rate based on The Wall Street Journal prime rate (currently 3.25%) plus or minus a margin. Rates, terms & conditions effective as of 4/1/2020 for applications received 4/1/2020 to 5/30/2020. Lake Area Bank reserves the right to discontinue the introductory rate prior to 5/30/2020. Subject to credit approval. Minimum new loan amount of $25,000, or $25,000 added to an existing HELOC.
^^ APR is variable and based on The Wall Street Journal Prime Rate (“Prime”). As of 4/1/20, the best rate is Prime – .50%. Maximum APR 18%. Minimum APR 4%. Rate listed is minimum credit score of 760 with automatic payment from a Lake Area Bank account. A minimum loan amount of $10,000 to convert to a fixed rate, with a $50 lock fee during the draw period. Minimum APR of fixed rate is 4.00%.

Property insurance required; flood insurance required if property is in a flood hazard area. Must be age 18 years or older.


Contact any of our bank locations.

Forest Lake: 651-464-9001
Hugo: 651-407-3137
Lindstrom: 651-257-1117
Stillwater: 651-430-9500
White Bear Lake: 651-653-9619


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