Company type | Public |
---|---|
Nasdaq:
SRCE Russell 2000 component | |
Industry | Banking |
Founded | 1863 |
Headquarters | South Bend, Indiana |
Key people | |
Total assets | $5.638 billion (2017) |
Total equity | $0.702 billion (2017) |
Number of employees | 1,150 (2017) |
Website |
www |
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]
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]