SOUTH BEND, Ind.--(BUSINESS WIRE)--1st Source Corporation (NASDAQ:SRCE) today reported that its wholly owned subsidiary, 1st Source Bank, has completed the transaction to acquire the business of Trustcorp Mortgage Company, also a wholly owned subsidiary of 1st Source Corporation. Folding the business of the Trustcorp subsidiary into the Bank will allow 1st Source to focus its home mortgage efforts on customers within the Bank’s retail footprint in Indiana and Michigan and provide the foundation for broadening its banking relationships with its clients. The majority of Trustcorp’s business had been focused on the wholesale mortgage market within the Midwest. Neither Trustcorp nor the Bank was exposed to the subprime market or to the more exotic mortgage products.
1st Source Bank and Trustcorp Mortgage Company presently hold a strong mortgage origination market share within the Bank’s traditional 15 county market of Northern Indiana and Southwestern Michigan. This market will continue to be the focus of the Bank’s home mortgage business and will help strengthen the 1st Source brand within the market. The acquisition puts all the products under one name, and lessens the possibilities of confusion or duplication of efforts.
According to Christopher J. Murphy III, Chairman of 1st Source Corporation, “The home mortgage business is changing, but what isn’t changing is the importance of a home mortgage to our clients and to the American family. We’d like to focus our mortgage efforts on building relationships with our clients and on helping our clients grow and prosper with face-to-face advice and service through our consumer banking network. Moving the mortgage business of Trustcorp into the Bank allows us to work toward our goal of more one on one service and the opportunity to develop the full set of relationships with our clients.”
1st Source Bank is the largest locally controlled financial institution headquartered in the Northern Indiana-Southwestern Michigan area. While delivering a comprehensive range of consumer and commercial banking services, 1st Source Bank has distinguished itself with highly personalized services. 1st Source Bank also competes for business nationally by offering specialized financing services for new and used private and cargo aircraft, automobiles for leasing and rental agencies, medium and heavy duty trucks, construction and environmental equipment.
1st Source Bank has 67 banking centers in 16 counties and 24 locations nationwide for the Bank’s Specialty Finance Group. With a history dating back to 1863, 1st Source Bank has a tradition of providing superior service to clients while playing a leadership role in the continued development of the communities in which it serves.
1st Source may be accessed on its home page at “www.1stsource.com.” Its 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."
Except for historical information contained herein, the matters discussed in this document express “forward-looking statements.” Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions indicate forward-looking statements. Those statements, including statements, projections, estimates or assumptions concerning future events or performance, and other statements that are other than statements of historical fact, are subject to material risks and uncertainties. 1st Source cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made. 1st Source may make other written or oral forward-looking statements from time to time. Readers are advised that various important factors could cause 1st Source’s actual results or circumstances for future periods to differ materially from those anticipated or projected in such forward-looking statements. Such factors, among others, include changes in laws, regulations or accounting principles generally accepted in the United States; 1st Source’s competitive position within its markets served; increasing consolidation within the banking industry; unforeseen changes in interest rates; unforeseen downturns in the local, regional or national economies or in the industries in which 1st Source has credit concentrations; and other risks discussed in 1st Source’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, which filings are available from the SEC. 1st Source undertakes no obligation to publicly update or revise any forward-looking statements.