Approval Granted for 1st Source Purchase of Branches in St. Joseph, Michigan.Business Editors 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)--May 21, 2001 1st Source Corporation (Nasdaq:SRCE SRCE Source ), parent company of 1st Source Bank, today reported the Federal Reserve Bank of Chicago The Federal Reserve Bank of Chicago is one of twelve regional Reserve Banks that, along with the Board of Governors in Washington, D.C. and the Indiana Department of Financial Institutions have granted approval for 1st Source to purchase two bank branches in St. Joseph, Michigan St. Joseph is a city in the U.S. state of Michigan. As of the 2000 census, the city population was 8,789. It lies on the shore of Lake Michigan, at the mouth of the St. Joseph River, about 60 miles due east of Chicago. It is the county seat of Berrien County6. St. . The offices were offered by Old Kent Financial Corporation as a condition to the approval of their merger with Fifth Third Bancorp. The banking centers are located at 715 Ship Street and 4009 Red Arrow Highway in St. Joseph. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Christopher J. Murphy III, Chairman of 1st Source Corporation, "Our highest priority is the satisfaction of our new customers and welcoming our new colleagues into the 1st Source family. We'll work very hard to minimize any disruptions during the change and look forward to the opportunities presented by this purchase. We're eager to serve our new clients as soon as the transformation is complete and look forward to becoming more involved as a corporate partner in the Lakeshore region." When complete, 1st Source Bank will have three locations in the St. Joseph area, five locations in Berrien County Berrien County is the name of two counties in the United States, both named for John M. Berrien:
See Lower Peninsula. . The acquisition of the branches is expected to be completed in late July. 1st Source Corporation takes pride in its identification as the largest locally owned 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 innovative products and highly personalized services. 1st Source also competes for business nationally by offering specialized financing services for used private aircraft, automobiles for leasing and rental agencies, heavy duty trucks, construction and environmental equipment. The corporation includes 48 banking locations in twelve counties, 8 Trustcorp Mortgage offices in Indiana, Ohio, Michigan and North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. ; and 23 locations 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. 1st Source may be accessed on its home page at "www.1stsource.com." Its common stock is traded on the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. 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, and other information contained in 1st Source's SEC filings, may express "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. ." Those "forward-looking statements" may involve risk and uncertainties, including statements concerning future events, performance and assumptions and other statements that are other than statements of historical facts. 1st Source wishes to caution readers not to place undue reliance on any forward-looking statements, which speak only as of the date made. Readers are advised that various factors -- including, but not limited to, changes in laws, regulations or generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting ; 1st Source's competitive position within the markets served; increasing consolidation within the banking industry; unforeseen changes in interest rates; any unforeseen downturns in the local, regional or national economies -- could cause 1st Source's actual results or circumstances for future periods to differ materially from those anticipated or projected. 1st Source does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to any forward-looking statements to reflect the occurrence of unanticipated events or circumstances after the date of such statements. Except for the historical information contained herein, this press release contains forward-looking statements that are provided to assist in the understanding of anticipated future financial performance. However, such performance involves risks and uncertainties which may cause actual results to differ materially from those in such statements. |
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