1st Source Announces Bank Management Positions

Fri May 13, 2011 1:00pm EDT

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1st Source Announces Bank Management Positions

Christopher J. Murphy III, Chairman and CEO of 1st Source Corporation announces several changes in bank management and responsibilities.

Wellington “Duke” Jones III has been promoted to Vice Chairman of the Board effective June 30, with his current role and responsibilities as President and Chief Operating Officer ending at that time. In his new role, Jones will continue to work on strategic execution, the formalization of the bank’s 2013 plan and will serve as a mentor for managers during the transition of his responsibilities.

Jones joined 1st Source Bank in 1976 and has held a number of positions in top management at the bank. He has also been involved in the community extensively, and is currently a member of the board of directors of Memorial Health Systems, the Memorial Hospital/Health System Finance Committee and the Boys and Girls Clubs of St. Joseph County. Duke has served on several other community boards, including the United Way of St. Joseph County, the Morris Performing Arts Center and the Center for History.

1st Source Bank also announces the promotions of Jim Seitz to Executive Vice President of Community Banking; Steve Wessell to Executive Vice President of Private Banking, Wealth Management, Asset Advisors, Investment Management, Insurance and Information Technology and John Griffith to Executive Vice President of Administration.

“These changes are designed to bring people of complementary talents and experiences together to focus on the greatest opportunities for the bank,” said Christopher J. Murphy III, Chairman and CEO of 1st Source. “All three Executive Vice Presidents will have direct responsibility for areas traditionally under their direct control and will have additional responsibilities spanning the whole corporation. And, with Duke’s promotion to Vice Chairman of the Board, there will be continuity in our strategic planning and execution.”

Jim Seitz, who is responsible for consumer and electronic banking, will now directly manage the bank’s Regional Presidents in Indiana and Michigan, as well as the areas of Consumer Lending and Mortgage, Electronic and Mobile Banking, Branch Administration, Deposit Operations and corporate-wide Marketing. Since joining 1st Source in 1980, Seitz has served as a Regional Manager, Supervisor of Banking Centers, Director of Online Banking and Manager of Consumer and Electronic Banking.

Seitz received his M.B.A. from the University of Notre Dame and his B.S. in Business Marketing from Indiana University. He is active in the community with the Community Home Buyers Corporation, St. Anthony de Padua Church, the Juvenile Diabetes Association, the South Bend Country Club and the Indiana University and Notre Dame Alumni Associations.

In his new role as Executive Vice President, Steve Wessell, who manages Personal Trust, Private Banking, Wealth Management, Asset Advisors, Investment Management, and Insurance will add Information Technology as a new area of focus. Wessell joined 1st Source in 1995 as the head of the Personal Asset Management Group. He has over 40 years of experience, having held positions as portfolio manager, account administrator, tax manager, operations manager and controller.

Wessell received a B.S. in Business Management from Aquinas College. He is a board member of the Industrial Revolving Loan Fund.

As Executive Vice President of Administration, Griffith will oversee the company’s Finance, Accounting, Control, Treasury, Human Resources, Loan Review, Compliance and Legal areas. Since joining 1st Source in 2001, Griffith has served as General Counsel and a member of the bank’s executive management team.

Griffith received his J.D. from Cornell Law School and his Bachelor’s Degree from Washington University. Prior to joining 1st Source, he was a partner at McDermott, Will & Emery in Chicago, where he was a member of the firm’s Corporate Department, specializing in insolvency, bankruptcy and business reorganization. He is involved in the community as a board member of Junior Achievement of Michiana and a finance council member and school board member of St. Anthony de Padua.

1st Source Corporation, parent company of 1st Source Bank, has assets of $4.41 billion and is the largest locally controlled financial institution headquartered in the northern Indiana-southwestern Michigan area. The Corporation includes 75 banking centers in 17 counties, 22 1st Source Bank Specialty Finance Group locations nationwide, eight Trust and Wealth Management locations and seven 1st Source Insurance offices.

1st Source common stock is traded on the NASDAQ Global Select Market under “SRCE” and appears in the National Market System tables in many daily newspapers under the code name “1st Src.” Since 1863, 1st Source has been committed to the success of the communities it serves. For more information, visit www.1stsource.com.

1st Source Corporation
Angie Dvorak, 574-235-2128