1st Source
{{Short description|Financial services company}}
{{Infobox company
| name = 1st Source Corporation
| logo = 1st Source Bank logo.svg
| logo_caption = Logo
| image = 1st Source Bank South Bend Main Office.jpg
| image_caption = South Bend office
| type = Public
| traded_as = {{NASDAQ|SRCE}}
Russell 2000 component
| foundation = {{start date and age|1863}}
| location = South Bend, Indiana
| industry = Banking
| key_people = {{ubl|Christopher J. Murphy III (chairman & CEO|James R. Seitz (president)|Andrea G. Short (CFO)}}
| assets = {{increase}} $5.638 billion (2017)
| equity = {{increase}} $0.702 billion (2017)
| num_employees = 1,150 (2017)
| website = {{URL|http://www.1stsource.com/}}
| footnotes = {{cite web | url=https://www.sec.gov/Archives/edgar/data/34782/000003478218000033/sce-20171231x10k.htm | title=1st Source Corporation 2017 Form 10-K Annual Report | publisher=U.S. Securities and Exchange Commission | access-date=2018-03-21 | archive-date=2018-03-21 | archive-url=https://web.archive.org/web/20180321192722/https://www.sec.gov/Archives/edgar/data/34782/000003478218000033/sce-20171231x10k.htm | url-status=live }}
}}
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.
History
The company was founded in 1863 as the First National Bank of South Bend.{{cite news | title=A Look Back: Roots of South Bend's 1st Source Bank reach back to 1863 | url=https://www.southbendtribune.com/news/local/history/a-look-back-roots-of-south-bend-s-st-source/article_1ccd30d1-d781-5970-8269-c89b9ed70137.html | work=South Bend Tribune | date=November 6, 2017 | archive-date=November 6, 2017 | access-date=November 7, 2017 | archive-url=https://web.archive.org/web/20171106174346/https://www.southbendtribune.com/news/local/history/a-look-back-roots-of-south-bend-s-st-source/article_1ccd30d1-d781-5970-8269-c89b9ed70137.html | url-status=live }}
In the early 1930s, the company merged with First National and Union Trust to form First Bank and Trust Company.
Under the leadership of Ernest M. Morris, the bank survived the Great Depression and in 1935 it opened its first branch.
In 1946, the bank opened its second branch.
By the end of the 1950s, it was the seventh largest bank in Indiana.
In 1981, the bank changed its name to 1st Source Bank.
In 2007, the company folded its Trustcorp Mortgage Company subsidiary into its bank subsidiary.{{cite press release | url=http://www.businesswire.com/news/home/20070503005624/en/1st-Source-Bank-Completes-Acquisition-Trustcorp-Mortgage | title=1st Source Bank Completes Acquisition Of Trustcorp Mortgage Company | publisher=Business Wire | date=May 3, 2007 | access-date=December 3, 2017 | archive-date=December 4, 2017 | archive-url=https://web.archive.org/web/20171204222852/http://www.businesswire.com/news/home/20070503005624/en/1st-Source-Bank-Completes-Acquisition-Trustcorp-Mortgage | url-status=live }}
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.{{cite news | title=1st Source opens 2 new centers | url=http://www.journalgazette.net/business/1st-Source-opens-2-new-centers-3808899 | work=The Journal Gazette | date=December 4, 2014}}
In December 2015, the bank broke ground on 2 additional branches in Fort Wayne.{{cite news | title=1st Source Bank extending reach | url=http://www.journalgazette.net/Business/1st-Source-Bank-extending-reach-Aug-05-2014 | first=Paul | last=Wyche | work=The Journal Gazette | date=December 1, 2015}}
In 2016, the bank made the most Small Business Administration loans in Indiana among banks with less than $10 billion in assets.{{cite news | title=SBA loans their specialty | url=http://www.journalgazette.net/business/SBA-loans-their-specialty-17019270 | first=SHERRY | last=SLATER | work=The Journal Gazette | date=December 31, 2016 | archive-date=December 4, 2017 | access-date=December 3, 2017 | archive-url=https://web.archive.org/web/20171204061249/http://www.journalgazette.net/business/SBA-loans-their-specialty-17019270 | url-status=live }}
In October 2016, the bank received approval to open a branch in Sarasota, Florida.{{cite news | url=https://www.bizjournals.com/tampabay/news/2016/10/11/meet-the-latest-bank-to-eye-the-tampa-bay-market.html | title=Meet the latest bank to eye the Tampa Bay market for expansion | first=Margie | last=Manning | work=American City Business Journals | date=October 11, 2016}}
References
{{Reflist|1}}
External links
{{Finance links
| name = 1st Source Corporation
| google = SRCE
| yahoo = SRCE
| bloomberg = SRCE:US
| symbol = SRCE
| sec_cik = SRCE
}}
Category:Banks based in Indiana
Category:American companies established in 1863
Category:Banks established in 1863
Category:Companies based in St. Joseph County, Indiana