SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* WELCH M SCOTT (Last) (First) (Middle) 6 LONGWOOD CT. (Street) ELKHART IN 46516 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol LAKELAND FINANCIAL CORP [ LKFN ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 07/14/2004
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options (Right to buy)	$13.5							06/13/2005	06/13/2010	Common Stock	500		500	D
Stock Options (Right to buy)	$13.625							01/09/2006	01/09/2011	Common Stock	1,000		1,000	D
Stock Options (Right to buy)	$15.125							02/08/2005	02/08/2010	Common Stock	600		600	D
Stock Options (Right to buy)	$19.4375							02/09/2004	02/09/2009	Common Stock	575		575	D
Stock Options (Right to buy)	$34.37							12/09/2008	12/09/2013	Common Stock	500		500	D
Phantom Stock	$0							01/01/2003	01/01/2003	Common Stock	2,084.9		2,084.9	D
Phantom Stock	$0							01/07/2003	01/07/2013	Common Stock	297.3		297.3	D
Phantom Stock	$0							01/28/2003	01/28/2013	Common Stock	17.3		17.3	D
Phantom Stock	$0							04/28/2003	04/28/2013	Common Stock	16.5		16.5	D
Phantom Stock	$0							07/10/2003	07/10/2013	Common Stock	238		238	D
Phantom Stock	$0							07/30/2003	07/30/2013	Common Stock	14		14	D
Phantom Stock	$0							10/27/2003	10/27/2013	Common Stock	15		15	D
Phantom Stock	$0							01/16/2004	01/16/2014	Common Stock	233		233	D
Phantom Stock	$0							01/26/2004	01/26/2014	Common Stock	13		13	D
Phantom Stock	$0							04/28/2004	04/28/2014	Common Stock	19		19	D
Phantom Stock	$0(1)	07/14/2004		A		281		07/14/2004(2)	07/14/2014(3)	Common Stock	281	$32.35	281	D

Explanation of Responses:

1. Each phantom stock unit exersises into 1 share of Common Stock.

2. Phantom stock is exercisable after the directors' retirement as a Board member.

3. Phantom shares expire after the directors' retirement as a Board member.

	Teresa A. Bartman, Attorney-in-Fact	07/15/2004
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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