Exhibit 99.1
News Release [1st Source Logo]
P.O. Box 1602
South Bend, Indiana 46634
219 235 2000
FOR: Immediate Release CONTACT: Larry Lentych
April 5, 2001 219 235 2702
Thomas Flournoy
219 235 2707
Mortgage Servicing Rights Sale Completed By 1st Source Corporation
South Bend, IN--1st Source Corporation (Nasdaq:SRCE) today reported the
signing of a definitive agreement and completion of a $1.0 billion sale of
mortgage servicing rights held by its Trustcorp Mortgage Company subsidiary.
The preliminary agreement was executed and announced on January 17, 2001. This
action generated in excess of $6.5 million in net income for 1st Source
Corporation in the first quarter of 2001. 1st Source expects to release its
first quarter, 2001 earnings on April 24, 2001 in concert with its annual
meeting.
According to Christopher J. Murphy III, Chairman of 1st Source
Corporation, "The business cycles at the close of last year had created a
strong demand for mortgage servicing. This presented 1st Source with an
opportunity to maximize the value of a portion of the servicing portfolio
managed by Trustcorp Mortgage Company. With a reduction in rates early this
year, our loan origination in both 1st Source and Trustcorp continues at a
quick pace."
1st Source Corporation takes pride in its identification as the largest
locally owned financial institution headquartered in the Northern
Indiana-Southwestern Michigan area. While delivering a comprehensive range of
consumer and commercial banking services, 1st Source Bank has distinguished
itself with innovative products and highly personalized services. 1st Source
also competes for business nationally by offering specialized financing
services for used private aircraft, automobiles for leasing and rental
agencies, heavy duty trucks, construction and environmental equipment.
- MORE -
Page 2
1st Source Corporation
April 5, 2001
The corporation includes 48 banking locations in twelve counties; 23
locations nationwide for the 1st Source Bank Specialty Finance Group; and
Trustcorp Mortgage Company, a South Bend, IN based full-service mortgage banker
in its 27th year with 8 retail production offices in Indiana, Ohio, Michigan
and North Carolina, as well as production affiliates throughout the Midwest and
Southeast.
With a history dating back to 1863, 1st Source has a tradition of
providing superior service to customers while playing a leadership role in the
continued development of the communities in which it serves.
Except for historical information contained herein, the matters
discussed in this document, and other information contained in 1st Source's SEC
filings, may express "forward-looking statements." Those "forward-looking
statements" may involve risk and uncertainties, including statements concerning
future events, performance and assumptions and other statements that are other
than statements of historical facts. 1st Source wishes to caution readers not
to place undue reliance on any forward-looking statements, which speak only as
of the date made. Readers are advised that various factors -- including, but
not limited to, changes in laws, regulations or generally accepted accounting
principles; 1st Source's competitive position within the markets served;
increasing consolidation within the banking industry; unforeseen changes in
interest rates; any unforeseen downturns in the local, regional or national
economies -- could cause 1st Source's actual results or circumstances for
future periods to differ materially from those anticipated or projected.
1st Source does not undertake, and specifically disclaims any
obligation, to publicly release the result of any revisions that may be made to
any forward-looking statements to reflect the occurrence of unanticipated
events or circumstances after the date of such statements.
# # #