1st Source named one of top 1,000 banks worldwide

2013-08-20T07:00:00Z 1st Source named one of top 1,000 banks worldwideJoseph S. Pete joseph.pete@nwi.com, (219) 933-3316 nwitimes.com

People who deposit their money in 1st Source Bank would have little to fear in the event of a financial panic, according to a trade publication.

That's because the South Bend-based bank was ranked 38th soundest in the country by The Banker Magazine, which evaluated soundness by analyzing capital-to-asset ratios.

The Banker Magazine also named 1st Source one of the top 1,000 banks in the world. The financial institution, which has eight branches in Porter County and a few in LaPorte County, was ranked No. 859 on the global list and No. 129 in the United States.

The London-based trade magazine for financial professionals has been ranking banks internationally since 1970, in an effort to give a sweeping view of the health and wealth of the banking industry.

Only 167 of the more than 7,000 banks in the United States made the list.

"Since 1863, we've been committed to offering outstanding client service, maintaining strong credit quality and striving for a superior financial performance," said Christopher J. Murphy III, chairman and chief executive officer. "This recognition is the result of that commitment and the hard work and dedication of my colleagues at the bank."

1st Source placed highly in the U.S. rankings in many other areas, including asset size, pre-tax profits, performance rankings and return on assets.

Locally, the bank has locations in Chesterton, Hebron, La Porte, Michigan City, Portage, Valparaiso and Westville.

The U.S. Small Business Administration also recently recognized 1st Source as the Great Lakes Diversity Lender of the Year for 2013. The federal agency ranked 1st Source as the leader among all Indiana, Michigan and Ohio banks in supporting small businesses owned by minorities, women and veterans.

Small Business Administration officials looked how much banks loaned to such small businesses and the outreach they did to promote those loans.

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