Profile: 1st Source Corp (SRCE.O)
22 Jul 2016
1st Source Corporation (1st Source), incorporated on January 19, 1962, is a bank holding company. The Company, through its subsidiaries, provides a range of financial products and services. 1st Source Bank (the Bank), its banking subsidiary, offers commercial and consumer banking services, trust and investment management services, and insurance to individual and business clients through its approximately 80 banking center locations in over 20 counties in Indiana and Michigan. 1st Source Bank's Specialty Finance Group, with over 20 locations around the nation, offers specialized financing services for new and used private and cargo aircraft, automobiles and light trucks for leasing and rental agencies, medium and heavy duty trucks and construction equipment. The Company has consolidated total assets of approximately $5.19 billion, total loans and leases of over $3.99 billion, total deposits of approximately $4.14 billion and total shareholders' equity of over $644.05 million. 1st Source Bank offers a range of consumer and commercial banking services through its lending operations, retail branches and fee-based businesses.
1st Source Bank provides commercial, small business, agricultural and real estate loans to primarily privately owned business clients mainly located within its regional market area. Loans are made for a range of general corporate purposes, including financing for industrial and commercial properties, financing for equipment, inventories and accounts receivable, and acquisition financing. Other services include commercial leasing, cash management services and retirement planning services. 1st Source Bank provides a range of consumer banking products and services through its banking centers and at 1stsource.com. In a number of its markets, 1st Source also offers insurance products through 1st Source Insurance offices. The traditional banking services include checking and savings accounts, certificates of deposits and individual retirement accounts. 1st Source offers a range of on-line and mobile banking products, which include bill payment. 1st Source also offers a range of financial planning, financial literacy and other consultative services to its customers.
The Bank provides a range of trust, investment, agency and custodial services for individual, corporate and not-for-profit clients. These services include the administration of estates and personal trusts, as well as the management of investment accounts for individuals, employee benefit plans and charitable foundations. 1st Source Bank, through its Specialty Finance Group, provides a range of equipment loan and lease finance products addressing the financing needs of an array of companies. This group is broken down into areas, such as new and used aircraft; auto and light trucks; construction equipment, and medium and heavy duty trucks. Aircraft financing consists of financings for new and used general aviation aircraft (including helicopters) for private and corporate aircraft users, aircraft distributors and dealers, air charter operators, air cargo carriers and other aircraft operators. It provides international aircraft financing, primarily in Mexico and Brazil.
The auto and light truck division (including specialty vehicles such as shuttle buses, step vans, motor coaches and funeral cars) consists of fleet financings to automobile rental and leasing companies, light truck rental and leasing companies, and single to fleet financing for users of special purpose vehicles. Construction equipment financing includes financing of equipment (asphalt and concrete plants, bulldozers, excavators, cranes, loaders and trash and recycling equipment) to the construction industry. The medium and heavy duty truck division provides fleet financing for highway tractors and trailers and delivery trucks to the commercial trucking industry. The Company also generates equipment rental income through the leasing of construction equipment, medium and heavy duty trucks, automobiles, and other equipment to clients through operating leases.
The Specialty Finance Group also consists of separate subsidiaries of 1st Source Bank, which include Michigan Transportation Finance Corporation, 1st Source Specialty Finance, Inc., SFG Aircraft, Inc., 1st Source Intermediate Holding, LLC, SFG Commercial Aircraft Leasing, Inc. and SFG Equipment Leasing Corporation I. 1st Source Insurance, Inc. is a subsidiary of 1st Source Bank that provides insurance products and services to individuals and businesses covering corporate and personal property, casualty insurance, and individual and group health and life insurance. 1st Source Insurance, Inc. has approximately 10 offices. 1st Source Corporation Investment Advisors, Inc. (Investment Advisors) is a subsidiary of 1st Source Bank that provides investment advisory services for trust and investment clients of 1st Source Bank and to Wasatch Advisors, Inc., the investment advisor of the Wasatch Mutual Fund family.
1st Source Corp
100 N Michigan St
SOUTH BEND IN 46601-1630