1st Source Bank


Overview / Commentary
574-235-2260
100 North Michigan Street
South Bend, IN 46601

1st Source Bank is headquartered in SOUTH BEND and is the 5th largest bank in the state of Indiana. It is also the 178th largest bank in the nation. It was established in 1922 and as of March of 2024, it had grown to 1,189 employees at 81 locations. 1st Source Bank has an A health rating.

Reviews (3)

Excellent Bank

I got my Mortgage through 1st Source and I was really impressed with the process. It's probably because they are a regional bank so they value home purchases in their region more than the big national guys do, but they have a lot more resources than the smaller community banks. Speaking of, I recently refinanced to a smaller community bank and am regretting it. 1st chance I get I'll be working with them again. Just good people imo.

Switched To 1St Source And Am Happy!

We had been with a local bank in our town for years until this year when a larger bank from another part of the state bought out our bank. We went along with the switch, which went very smoothly. But we were unhappy with the new bank's rates and transaction practices. So we searched for another local/regional bank. I am so pleased with 1st Source. From the first day I felt welcome and have had lots of help setting up accounts. And I love our branch; it is decorated with lovely rocks donated by another customer. That is a bank people love!

Do NOT Use 1St Source Bank

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If you are looking for a bank that has customer service or your best interest at heart do not use 1st source Bank.

This bank manipulates deposit times to hit your bank after they withdrawal transactions that were created after the deposit was made so that they can charge you multiple fees.

On top of that I had to do a stop payment on a check, they charged me a stop payment fee, then processed the check and paid it. When that created an overdraft in my account they charged me overdraft fees. I wasn't worried at first I assumed obviously they would correct their mistake and reverse the fees at least, but I was wrong. They were completely rude when trying to call the customer service and made it impossible for me to handle over the telephone . In order to get anything taken care of I had to go to the branch where my account was created. You can deposit your money at every 1st Source ATM or branch in the city, but only the branch where the account is created is able to correct the mistakes made by 1st Source. They make it as difficult as possible for the customer to be reimbursed for something that they should have never been charged for.

In the end I ended up feeling like I was being scammed by a bank that is supposed to be one of the top rated in the area. Save yourself the trouble find a credit union. Honestly the fees would probably be less with a prepaid debit card!



Health

Health Grade Components

Overall
FDIC Certificate #9087
Year Established1922
Employees1189
Primary RegulatorFED
Profit Margin
Return on Assets - YTD1.42%
Return on Equity - YTD12.7%
Annual Interest Income$116.5MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$8.66B$8.33B
LoansQ1 2024vs Q1 2023$6.42B$5.98B
DepositsQ1 2024vs Q1 2023$7.06B$6.8B
Equity CapitalQ1 2024vs Q1 2023$980.7MM$883.7MM
Loan Loss AllowanceQ1 2024vs Q1 2023$148MM$142.5MM
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$20.4MM$17.6MM
Real Estate OwnedQ1 2024vs Q1 2023$0$117K
Rates
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1st Source Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.04%$500-11 Month CD Special
4.50%$500-17 Month CD Special
0.90%$500$1m5 Year CD
0.90%$500$1m6 Year CD
0.80%$500$1m4 Year CD
0.75%$500$1m3 Year CD
0.57%$500$1m2 Year CD
0.52%$500$1m18 Month CD
0.50%$500$1m1 Year CD
0.15%$2.5k$1m182 Day CD
0.10%$2.5k$1m91 Day CD
0.09%$2.5k$1m32 Day CD
0.08%$25k$1m7 Day CD

1st Source Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.04%$500-11 Month IRA Special
4.50%$500-17 Month IRA Special
0.90%$500$1m5 Year IRA
0.90%$500$1m6 Year IRA
0.80%$500$1m4 Year IRA
0.75%$500$1m3 Year IRA
0.57%$500$1m2 Year IRA
0.52%$500$1m18 Month IRA
0.50%$500$1m1 Year IRA
0.15%$2.5k$1m182 Day IRA
0.10%$2.5k$1m91 Day IRA
0.09%$2.5k$1m32 Day IRA
0.08%$25k$1m7 Day IRA
Locations

Availability

South Bend Area

Interactive local rates map


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