1st Source

#4781

Rank

$1.5B

Marketcap

United States

Country

Leadership team

Mr. Christopher J. Murphy III (Pres, CEO & Chairman)

Mr. Brett A. Bauer (Sr. VP, CFO & Treasurer)

Mr. John B. Griffith (Exec. VP, Chief Risk Officer, Gen. Counsel & Sec.)

Products/ Services

Banking, Finance, Financial Services

Number of Employees

1,000 - 20,000

Headquarters

South Bend, Indiana, United States

Established

1863

Company Registration

SEC CIK number: 0000034782

Net Income

100M - 500M

Revenue

100M - 500M

Traded as

SRCE

Social Media

URL

https://www.1stsource.com

Overview

Location

Recognition and Award

References

Summary

1st Source Corporation operates as the bank holding company for 1st Source Bank that provides commercial and consumer banking services, trust and wealth advisory services, and insurance products to individual and business clients. Its consumer banking services include checking and savings accounts; certificates of deposit; individual retirement accounts; online and mobile banking products; consumer loans, real estate mortgage loans, and home equity lines of credit; and financial planning, financial literacy, and other consultative services, as well as debit and credit cards. The company also offers commercial, small business, agricultural, and real estate loans for general corporate purposes, including financing for industrial and commercial properties, equipment, inventories, accounts receivables, and renewable energy and acquisition financing; and commercial leasing, treasury management, and retirement planning services. In addition, it provides trust, investment, agency, and custodial services comprising administration of estates and personal trusts, as well as management of investment accounts for individuals, employee benefit plans, and charitable foundations. Further, the company offers equipment loan and lease products for construction equipment, new and pre-owned aircraft, auto and light trucks, and medium and heavy duty trucks; and finances construction equipment, aircrafts, medium and heavy duty trucks, step vans, vocational work trucks, motor coaches, shuttle buses, funeral cars, automobiles, and other equipment. Additionally, it provides corporate and personal property, casualty, and individual and group health and life insurance products and services. As of December 31, 2021, the company operated through 79 banking centers in 18 counties in Indiana and Michigan, as well as Sarasota County in Florida. 1st Source Corporation was founded in 1863 and is headquartered in South Bend, Indiana.

History

Firstsource started its operations in 2001 as ICICI InfoTech Upstream Ltd, a business process outsourcing organisation wholly owned by ICICI Bank, India’s largest private financial services organisation. Its name was changed to Firstsource Solutions Limited in 2006. The same year, Firstsource opened a branch office in the Philippines. In 2007, it became a public company listed on the Indian Stock Exchange.

Acquisitions

In 2002, the company acquired Customer Asset.com with its two subsidiaries and Tawny Dove Ltd. One year later they acquired FirstRing India Pvt Ltd to gain customer acquisition and credit card services capabilities. In 2005, they acquired RevIT to expand their services into the healthcare sector. One year later, in December 2006, they acquired Business Process Management Inc with the aim to enhance the company capabilities in the healthcare sector. In November 2021, Firstsource announced to acquire the US mortgage services provider The StoneHill Group.

Public offer

Firstsource made a public offer in February 2007 and was listed on the National Stock Exchange and Bombay Stock Exchange in India on February 22, 2007.

Mission

Our mission is to be the leading provider of business process outsourcing, technology services, and talent-based outsourcing solutions, enabling our clients to achieve their business goals through improved operational and financial performance.

Vision

Our vision is to be the most trusted partner for our clients, providing innovative solutions and services that help them succeed in their markets.

Key Team

Ms. Andrea Gayle Short (Exec. VP)

Mr. Jeffrey L. Buhr (Exec. VP & Chief Credit Officer of 1st Source Bank)

Mr. Lanny Scoby (City Pres of Kalamazoo Market-1st Source Bank)

Mr. Chris Strafford (Sr. VP)

Mr. Kevin C. Murphy (Exec. VP & Chief Digital Officer)

Mr. Lawrence J. Mayers (Regional Pres of 1st Source Bank)

Mr. Christopher L. Craft CFA, CTP (Pres & COO of Specialty Fin. Group - 1st Source Bank)

Recognition and Awards

First Source has won multiple awards for its services and customer service, including the UK National Outsourcing Association's Global BPO Excellence Award, and the International Association of Outsourcing Professionals Global Outsourcing 100 list. The company has also been named to the Inc. 5000 list of the fastest-growing private companies in the United States for three consecutive years.