1st Source

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1st Source Corporation
TypePublic company
NasdaqSRCE
IndustryBanking
Founded1863; 158 years ago (1863)
HeadquartersSouth Bend, Indiana
Key people
Christopher J. Murphy III, Chairman & CEO
James R. Seitz, President
Andrea G. Short, CFO
Total assetsIncrease $5.638 billion (2017)
Total equityIncrease $0.702 billion (2017)
Number of employees
1,150 (2017)
Websitewww.1stsource.com
Footnotes / references
[1]

1st Source Corporation is a financial services company headquartered in South Bend, Indiana. It operates 1st Source Bank, a bank with 81 branches in Indiana and Michigan. The bank's Specialty Finance Group provides financing for aircraft, trucks, and construction equipment. 1st Source Insurance provides insurance products and services.[1]

History[edit]

The company was founded in 1863 as the First National Bank of South Bend.[2]

In the early 1930s, the company merged with First National and Union Trust to form First Bank and Trust Company.[2]

Under the leadership of Ernest M. Morris, the bank survived the Great Depression and in 1935 it opened its first branch.[2]

In 1946, the bank opened its second branch.[2]

By the end of the 1950s, it was the seventh largest bank in Indiana.[2]

In 1981, the bank changed its name to 1st Source Bank.[2]

In 2007, the company folded its Trustcorp Mortgage Company subsidiary into its bank subsidiary.[3]

In December 2014, the bank opened 2 branches and remodeled 6 others in Fort Wayne, Indiana at a cost of about $8 million. All 8 locations do not use traditional teller windows in favor of "side-by-side" banking where tellers share their screens and work space with clients.[4]

In December 2015, the bank broke ground on 2 additional branches in Fort Wayne.[5]

In 2016, the bank made the most Small Business Administration loans in Indiana among banks with less than $10 billion in assets.[6]

In October 2016, the bank received approval to open a branch in Sarasota, Florida.[7]

References[edit]

  1. ^ a b "1st Source Corporation 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ a b c d e f "A Look Back: Roots of South Bend's 1st Source Bank reach back to 1863". South Bend Tribune. November 6, 2017.
  3. ^ "1st Source Bank Completes Acquisition Of Trustcorp Mortgage Company" (Press release). Business Wire. May 3, 2007.
  4. ^ "1st Source opens 2 new centers". The Journal Gazette. December 4, 2014.
  5. ^ Wyche, Paul (December 1, 2015). "1st Source Bank extending reach". The Journal Gazette.
  6. ^ SLATER, SHERRY (December 31, 2016). "SBA loans their specialty". The Journal Gazette.
  7. ^ Manning, Margie (October 11, 2016). "Meet the latest bank to eye the Tampa Bay market for expansion". American City Business Journals.

External links[edit]