Chesterton Tribune



1st Source Bank to help clients hurt by government shutdown

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1st Source Bank has announced plans to help clients affected by the government shutdown.

Those clients may include not only federal employees who have been furloughed and are not currently receiving a paycheck but also businesses whose contracts with the government are right now in limbo or which aren’t being paid for work completed or underway.

To their clients who’ve been furloughed, 1st Source will be offering notes in amounts based on the take-home pay which they would normally receive over 60 days. The notes are to be paid back when clients receive their backpay or--if those work weeks are completely lost--under a payment schedule. A recent paystub will be used for verification.

1st Source’s business clients with cash-flow interruptions due to the shutdown should contact their business banker for an individualized solution.

“1st Source believes in keeping our clients’ best interests in mind,” 1st Source President Jim Seitz said. “We’d like to be proactive with our clients, and help to keep their bills manageable, their lifestyle intact and their credit rating unaffected. We don’t want our clients to suffer or fall behind because of a government stalemate. In our 150 years, we’ve seen good times and bad, and are happy to help.”

Those who believe they might be able to take advantage of 1st Source’s program should call LoanSource, at (888) 255-6644, or stop by their nearest banking center for more information.

1st Source Corporation, parent company of 1st Source Bank, has assets of $4.64 billion and is the largest locally controlled financial institution headquartered in the Northern Indiana-Southwestern Michigan area, with 76 banking centers in 17 counties, 22 1st Source Bank Specialty Finance Group locations nationwide, nine Trust and Wealth Management locations, and nine 1st Source Insurance offices. 1st Source common stock is traded on the NASDAQ Global Select Market under “SRCE” and appears in the National Market System tables in many daily newspapers under the code name “1st Src.”

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Posted 10/11/2013