1st Source Bank Named to 2013 Bank Director Magazine ‘Nifty Fifty’ List
South Bend, IN – 1st Source Bank has been named to Bank Director Magazine’s ‘Nifty Fifty’ list of high performing banks. 1st Source ranked #24 on the list which ranks the top 50 best users of capital based on profitability and capital strength. 1st Source ranked higher on the ‘Nifty Fifty’ list than any other bank in northern Indiana or southwestern Michigan and is one of only three in Indiana to have made the list.
“We are pleased to be recognized on Bank Director Magazine’s ‘Nifty Fifty’ list of high performing banks,” said Christopher J. Murphy III, Chairman and CEO of 1st Source. “This recognition reflects our strong position and our commitment to our clients and shareholders. Because of our strong balance sheet, we are able to be distinctively convenient, provide straight talk and sound advice to our clients, and always keep their best interests in mind, as we have for the last 150 years.”
In compiling the ‘Nifty Fifty’ list, Bank Director Magazine and Sandler O’Neill + Partners measured all banks and thrifts that publicly trade on the NYSE, NASDAQ, or NYSE Amex stock exchanges. The metrics of core return on tangible common equity and the ratio of tangible common equity to tangible assets were used to determine the rankings. Data was used from eight consecutive quarters through June 2012.
1st Source Corporation, 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.
Media contact: Angie Dvorak, (574) 235-2000