8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 14, 2020

1st Source Corporation

(Exact name of registrant as specified in its charter)

Indiana	0-6233	35-1068133
(State or other jurisdiction of incorporation)	(Commission File No.)	(I.R.S. Employer Identification No.)

100 North Michigan Street, South Bend, Indiana 46601

(Address of principal executive offices)     (Zip Code)

574-235-2000

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock - without par value	SRCE	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

ITEM 8.01 Other Events.

On April 14, 2020, 1st Source Bank, a subsidiary of 1st Source Corporation, issued a news release announcing its participation in the Small Business Administration’s (SBA) Paycheck Protection Program (PPP). A copy of the news release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

ITEM 9.01 Financial Statements and Exhibits.

The following exhibit shall not be deemed as “filed” for purposes of the Securities Exchange Act of 1934, as amended.

(d) Exhibit:

99.1	1st Source Bank News Release

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	1st SOURCE CORPORATION
	(Registrant)
Date: April 15, 2020	/s/ ANDREA G. SHORT
	Andrea G. Short
	Treasurer and Chief Financial Officer
	Principal Accounting Officer

Document

Contact:	For Immediate Release:
Lindsey Horner	April 14, 2020
hornerl@1stsource.com
574-235-2506

1st Source and Other Indiana Banks Making Strides with CARES Act Small Business Loan Program

South Bend, Ind. (April 14, 2020) – By utilizing the Paycheck Protection Program (PPP) loan program made available through the CARES Act, 1st Source Bank and many other banks throughout Indiana are helping small businesses remain viable throughout the COVID-19 pandemic. Despite the fast-paced rollout, and early technical hiccups experienced with the loan filing platform across the country, 1st Source Bank has successfully processed roughly $400 million in PPP loans (at the time of this release), which are backed by the U.S. Small Business Administration (SBA), in the last 11 days.

“Small business is a vital component of our local economy, and our team is working tirelessly, day and night, to ensure we are supporting our clients and getting these much-needed PPP dollars into our communities,” says Jim Seitz, President of 1st Source Bank. “We’re pleased with the work they’ve done, and are continuing to do, to support so many of our clients, neighbors and partners.”

“Our bankers and loan processors are dedicated to helping our clients through this difficult time,” says Ryan Bell, head of the 1st Source Bank SBA Department. “We know that these dollars will have a direct impact on small businesses, their employees and our local economy overall. The amount of dedication our team has shown in getting these applications submitted and processed is tremendous, and we know our clients will benefit from that hard work.”

A benefit of PPP loans is that they can be forgiven, if in the two months following receipt of the funds, 75% is used for payroll and the other 25% is used only on eligible costs such as utilities, rent payment or interest on the business mortgage over the two months.

Small business owners affected by the COVID-19 pandemic – including sole proprietors and independent contractors – are encouraged to reach out to their banks for assistance.

For more information about the coronavirus and the Indiana banking community, visit: https://indiana.bank/covid-19-update-banks/.

1st Source Corporation, parent company of 1st Source Bank, has assets of $6.6 billion and is the largest locally controlled financial institution headquartered in the northern Indiana-southwestern Michigan area. The Corporation includes 80 banking centers, 15 1st Source Bank Specialty Finance Group locations nationwide, eight Trust and Wealth Advisory Services locations and ten 1st Source Insurance offices. For more than 155 years, 1st Source has been committed to our mission of helping our clients achieve security, build wealth and realize their dreams. For more information, visit www.1stsource.com.