SOUTH BEND | 1st Source Bank has been recognized by Forbes as one of America’s Best Banks in its annual review of the nation’s 100 largest publicly held financial institutions. 1st Source ranked No. 25 on the list based on an analysis of asset quality, capital adequacy and profitability. 1st Source ranked higher than any other bank based in Indiana or southwestern Michigan.
“I’m very pleased that Forbes has named 1st Source one of the best banks in the country,” said Christopher J. Murphy III, 1st Source chairman and CEO. “Our success is due to the excellent personal service my colleagues provide to our clients. ... At 1st Source, we are committed to being distinctively convenient, providing straight talk and sound advice to our clients, and always keeping their best interests in mind.”
To rank the nation’s best banks, Forbes used data collected by SNL Financial. SNL gauged each bank based on eight criteria including, for example, return on average equity, net interest margin, nonperforming loans, and so on. The data is based on regulatory filings of public banks and thrifts through the third quarter of 2012.
1st Source Corp., parent company of 1st Source Bank, has assets of $4.55 billion and is the largest locally controlled financial institution headquartered in the northern Indiana-southwestern Michigan area. The corporation includes 76 banking centers in 17 counties, 22 1st Source Bank Specialty Finance Group locations nationwide, nine Trust and Wealth Management locations and nine 1st Source Insurance offices. For more information, visit www.1stsource.com.