Profile: 1st Source Corp (SRCE.O)

SRCE.O on Nasdaq

28.82USD
23 Jul 2014
Price Change (% chg)

$-0.10 (-0.35%)
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$28.92
Open
$29.06
Day's High
$29.25
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$28.81
Volume
13,877
Avg. Vol
44,971
52-wk High
$33.21
52-wk Low
$25.51

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1st Source Corporation, incorporated in 1971, is a bank holding company that provides, through its subsidiaries, an array 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 most of its 75 banking center locations in 17 counties in Indiana and Michigan. 1st Source Bank’s Specialty Finance Group, with 23 locations nationwide, 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, construction equipment, and environmental equipment. At December 31, 2011, the Company had consolidated total assets of $4.37 billion, loans and leases of $3.09 billion and deposits of $3.52 billion.

1st Source Bank

1st Source Bank is a wholly owned subsidiary of the Company that 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 variety 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 and cash management services. 1st Source Bank provides a range of consumer banking services, including checking accounts, online banking, including bill payment, telephone banking, savings programs, installment and real estate loans, home equity loans and lines of credit, drive-through and night deposit services, safe deposit facilities, automated teller machines, debit and credit card services, financial literacy seminars and brokerage services.

1st Source 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 can be broken down into five areas: auto and light trucks; environmental equipment; medium and heavy duty trucks; new and used aircraft, and construction equipment.

The auto and light truck division consists of financings to automobile rental and leasing companies, light truck rental and leasing companies, and special purpose vehicles. The auto and light truck finance receivables generally range from $100,000 to $20 million with fixed or variable interest rates and terms of one to five years. Environmental equipment financing handles trash and recycling equipment for municipalities and private businesses, as well as equipment for landfills. Receivables generally range from $50,000 to $5 million with fixed or variable interest rates and terms of one to five years. The medium and heavy duty truck division provides financing for highway tractors and trailers and delivery trucks to the commercial trucking industry. Medium and heavy duty truck finance receivables generally range from $500,000 to $15 million with fixed or variable interest rates and terms of three to seven years.

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. Aircraft finance receivables generally range from $500,000 to $15 million with fixed or variable interest rates and terms of one to ten years. Construction equipment financing includes financing of equipment (asphalt and concrete plants, bulldozers, excavators, cranes, and loaders) to the construction industry. Construction equipment finance receivables generally range from $100,000 to $15 million with fixed or variable interest rates and terms of three to five years. It 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.

Specialty Finance Group Subsidiaries

The Specialty Finance Group also consists of separate wholly owned subsidiaries of 1st Source Bank. It includes 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.

1st Source Insurance, Inc. is a wholly owned 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 nine offices.

1st Source Corporation Investment Advisors, Inc.

1st Source Corporation Investment Advisors, Inc. (Investment Advisors) is a wholly owned subsidiary of 1st Source Bank. Investment Advisors provides investment advisory services to trust and investment clients of 1st Source Bank and to Wasatch Advisors, Inc., the investment advisor of the Wasatch Mutual Fund family.

1st Source Capital Trust IV and 1st Source Master Trust

The Company’s subsidiaries include 1st Source Capital Trust IV and 1st Source Master Trust. These subsidiaries were created for the purposes of issuing $30 million and $57 million of trust preferred securities, respectively, and lending the proceeds to 1st Source.

Company Address

1st Source Corp

100 NORTH MICHIGAN STREET
SOUTH BEND   IN   46601
P: +1574.2352000

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