Newspaper article Sarasota Herald Tribune

Indiana-Based Bank Opening in Sarasota

Newspaper article Sarasota Herald Tribune

Indiana-Based Bank Opening in Sarasota

Article excerpt

THE MONEY MINDERS

An Indiana bank is following its customers to Southwest Florida.

1st Source Bank plans to open an office in Sarasota to serve clients who have retired or spend winter months in the area.

The branch will be the first in Florida for the $5.4 billion- asset bank that is based in South Bend.

"We have a client base that includes lots of people that have either relocated to Florida full time or are snowbirds," said Chris Strafford, the bank's senior vice president who heads its Personal Asset Management Group.

1st Source will lease about 1,500 square feet of space on the seventh floor of the office building at 1800 Second St. It hopes to open late this year or in early 2017, Strafford said.

While it will offer a full array of banking products, including loans, the office will focus on providing private banking and trust services to customers, he said.

"We thought about this for a long time," Strafford said. "Being able to have wealth-management services makes a lot of sense in Florida to be closer to those customers to service their needs. We decided now is the time."

A current 1st Source banker will head the office with a small staff to start.

The bank, owned by the publicly traded 1st Source Corp., now has 81 offices and calls itself the largest locally controlled financial institution in the northern Indiana-southwestern Michigan area. It also operates 22 1st Source Specialty Finance Group locations, eight trust and wealth-management offices and 10 insurance offices.

The Federal Reserve Bank of Chicago approved the branch application on Sept. 30.

1st Source posted second-quarter earnings of $14.47 million, or 56 cents per share, compared with $15.63 million, or 59 cents per share, one year earlier.

Analyst BauerFinancial Inc. gave the bank its highest, five- star, or "superior," rating in its latest report. …

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