A major investment banking firm has named its annual all star list of small cap banks, and a South Bend-based financial institution made the cut.
1st Source Corp., the parent company of 1st Source Bank, got recognized on the prestigious Sandler O'Neill Bank & Thrift Sm-All Stars list, which ranks the top 31 publicly traded banks and thrifts in the United States with a market cap below $2.5 billion. 1st Source has a major retail presence in Porter and LaPorte counties.
"I am very pleased with our recognition as one of the top performing banks in the country," said Christopher J. Murphy III, 1st Source Chairman and CEO. "Since 1863, we've been committed to offering outstanding client service, maintaining strong credit quality, and striving for a superior financial performance. This recognition is a result of that commitment and the hard work and dedication of my colleagues at the bank."
Sandler O'Neill + Partners L.P. is New York City-based investment bank and dealer-broker for the financial services industry, with offices in Chicago and other major cities. The company's focus is on serving banks and thrifts.
Every year, Sandler O'Neill releases a list of the nation's top performing banks and thrifts, after evaluating about 450 publicly traded institutions on the criteria of profitability, growth, credit quantity and capital strength.
This year, only 1st Source Bank and 30 other banks were recognized as Sm-All Stars.
1st Source has assets of $4.64 billion and has 76 banking centers in northern Indiana and southwestern Michigan. The 150-year-old company, whose stock is traded on the NASDAQ Global Select Market under the symbol SRCE, also has 22 specialty finance group locations nationwide.
Locally, the bank has branches in Chesterton, Hebron, La Porte, Michigan City, Portage, Valparaiso and Westville.