Wednesday, September 22nd, 2021

1st Source responds to new tax legislation

Posted: Friday, February 2, 2018

1st Source Corporation (NASDAQ: SRCE), parent company of 1st Source Bank, announces important investments in its people as a result of record performance in 2017 and new tax legislation opportunities. These new investments include the following:

The issuance of ten shares of 1st Source stock currently valued at $500 in early 2019 (which must be held for three years) to all employees who were active with the company December 31, 2017 and also active with the company on December 31, 2018; an additional performance award base pay increase of $500 to eligible colleagues; a significant increase in the company’s higher education tuition reimbursement program to an annual benefit of $6,000 from $3,000.

Christopher J. Murphy III, chairman and CEO stated. “We believe in shared ownership among all our colleagues at 1st Source. We also believe the new tax act gives us additional funds to invest in the company’s long-term future. We have increased our dividend to shareholders, we have and will invest in new systems to better serve clients, and we are investing more in the education and personal development of our colleagues. This strongly aligns with our culture and values. We also want all our colleagues to think like owners. As owners we obsess about our clients, we work tirelessly to grow the company, and we should eliminate needless bureaucracy and waste all the while helping our clients realize their dreams.”