1st Source Corp. Completes $400 Million Securitization.SOUTH BEND South Bend, city (1990 pop. 105,511), seat of St. Joseph co., N Ind., on the great south bend of the St. Joseph River, in a farming and mint-growing region; inc. as a city 1865. , Ind.--(BUSINESS WIRE)--July 16, 1998--1st Source Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :SRCE SRCE Source ) announced today it has completed securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. financing of $400 million in loans; $215 million for new funding, $100 million for future growth, and $85 million for replacement funding. The purpose of the securitization is to fund the continued national growth of the 1st Source Bank Specialty Finance Group. 1st Source Corp. takes pride in its identification as the largest locally owned financial institution headquartered in the Northern Indiana-Southwestern Michigan area with assets of $2.51 billion. While delivering a comprehensive range of consumer and commercial banking services, 1st Source Bank has distinguished itself with innovative products and highly personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. services. The corporation includes 47 banking centers in 12 counties, five Trustcorp Mortgage offices in Indiana and Ohio, and 14 sales offices nationwide for the 1st Source Bank Specialty Finance Group. With a history dating back to 1863, 1st Source has a tradition of providing superior service to customers while playing a leadership role in the continued development of the communities in which it serves.
CONTACT: 1st Source Corp.
Larry Lentych, 219/235-2702
Tom Flournoy, 219/235-2707
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