1st Source Corporation is a financial services company headquartered in

South Bend, Indiana South Bend is a city in and the county seat of St. Joseph County, Indiana, St. Joseph County, Indiana, on the St. Joseph River (Lake Michigan), St. Joseph River near its southernmost bend, from which it derives its name. As of the 2020 United S ...

. It operates 1st Source Bank, a

bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

with 81

branches A branch, sometimes called a ramus in botany, is a woody structural member connected to the central trunk of a tree (or sometimes a shrub). Large branches are known as boughs and small branches are known as twigs. The term ''twig'' usually ...

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. 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 The Great Depression (19291939) was an economic shock that impacted most countries across the world. It was a period of economic depression that became evident after a major fall in stock prices in the United States. The economic contagio ...

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. In December 2014, the bank opened 2 branches and remodeled 6 others in

Fort Wayne, Indiana Fort Wayne is a city in and the county seat of Allen County, Indiana, United States. Located in northeastern Indiana, the city is west of the Ohio border and south of the Michigan border. The city's population was 263,886 as of the 2020 Censu ...

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. In December 2015, the bank broke ground on 2 additional branches in Fort Wayne. In 2016, the bank made the most

Small Business Administration The United States Small Business Administration (SBA) is an independent agency of the United States government that provides support to entrepreneurs and small businesses. The mission of the Small Business Administration is "to maintain and stren ...

loans in Indiana among banks with less than $10 billion in assets. In October 2016, the bank received approval to open a branch in

Sarasota, Florida Sarasota () is a city in Sarasota County on the Gulf Coast of the U.S. state of Florida. The area is renowned for its cultural and environmental amenities, beaches, resorts, and the Sarasota School of Architecture. The city is located in the sout ...

References

External links

{{Finance links , name = 1st Source Corporation , google = SRCE , yahoo = SRCE , bloomberg = SRCE:US , symbol = SRCE , sec_cik = SRCE Banks based in Indiana American companies established in 1863 Banks established in 1863 Companies based in St. Joseph County, Indiana Companies listed on the Nasdaq South Bend, Indiana