1st Source
| Company type | Public |
|---|---|
| Industry | Financial services |
| Founded | 1863 |
| Headquarters | South Bend , United States |
Area served | Indiana, Michigan, Florida |
| Products | Banking, Specialty Finance (aircraft, trucks, construction machinery loans), Insurance |
1st Source Corporation is a financial institution headquartered in South Bend, Indiana. It manages 1st Source Bank, which maintains 81 branches throughout Indiana and Michigan. The bank's Specialty Finance Group specializes in providing loans for aircraft, trucks, and construction machinery. Moreover, 1st Source Insurance delivers a range of insurance products and related services.
History
The organization was established in 1863 under the name First National Bank of South Bend. In the early 1930s, it combined with First National and Union Trust, resulting in the creation of First Bank and Trust Company. Guided by Ernest M. Morris, the bank endured the challenges of the Great Depression and inaugurated its initial branch in 1935. A second branch was launched in 1946. By the end of the 1950s, it had become the seventh largest bank in Indiana. The institution adopted the name 1st Source Bank in 1981.
In 2007, the company consolidated its Trustcorp Mortgage Company subsidiary into its primary banking division.
During December 2014, approximately $8 million was allocated by 1st Source to establish two new branches and renovate six existing locations in Fort Wayne, Indiana. This initiative introduced a "side-by-side" banking approach that removes conventional teller counters.
Further growth occurred in Fort Wayne with construction commencing on two more branches in December 2015.
By 2016, among Indiana banks with assets below $10 billion, 1st Source led in Small Business Administration lending.
In October 2016, regulatory authorities approved the bank’s plan to open a branch in Sarasota, Florida.