1st Source Bank is headquartered in South Bend and is the 4th largest bank in the state of Indiana. It is also the 185th largest bank in the nation. It was established in 1922 and as of June of 2020, it had grown to 1,190 employees at 83 locations. 1st Source Bank has an A health rating.
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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
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!
Data as of Q2 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 9087 |
| Year Established | 1922 |
| Employees | 1190 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.07% |
| Return on Equity - YTD | 9.03% |
| Annual Interest Income | $131.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2020vs Q2 2019 | $7.37B$6.65B |
| Loans | Q2 2020vs Q2 2019 | $5.60B$5.02B |
| Deposits | Q2 2020vs Q2 2019 | $5.99B$5.40B |
| Equity Capital | Q2 2020vs Q2 2019 | $834.9MM$778.3MM |
| Loan Loss Allowance | Q2 2020vs Q2 2019 | $131.3MM$104.9MM |
| Unbacked Noncurrent Loans | Q2 2020vs Q2 2019 | $61.8MM$11.5MM |
| Real Estate Owned | Q2 2020vs Q2 2019 | $303.00K$543.00K |
