source-20240425

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 25, 2024

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 5.02 Departure of Directors or Certain Officers; Election of Directors; appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On April 25, 2024, Chairman of the Board Christopher J. Murphy III announced that the Board of Directors of 1st Source Corporation (the “Company”) promoted Andrea G. Short to the position of President of the Company, in addition to her existing positions with the Company’s subsidiary, 1st Source Bank (the “Bank”). Ms. Short, who is 61 years old, has served as Executive Vice President of the Company since 2014. Christopher J. Murphy III will remain Chairman of the Board and Chief Executive Officer of the Company, in addition to his existing position with the Bank. Ms. Short does not have any family relationships with any members of the Company’s Board of Directors or any of the Company’s executive officers. Ms. Short and members of her immediate family are customers of and have had banking relationships with the Bank in the ordinary course of business and in compliance with applicable federal and state laws and regulations. Ms. Short has an existing employment agreement which remains unchanged.

A copy of the Press Release is included as Exhibit 99.1 and incorporated by reference herein.

ITEM 9.01 Financial Statements and Exhibits.

Exhibit 99.1: Press release issued by 1st Source Corporation on May, 1 2024.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

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: May 1, 2024						/s/ BRETT A. BAUER
						Brett A. Bauer
						Treasurer and Chief Financial Officer
						Principal Accounting Officer

Exhibit 99.1

Contact:

For Immediate Release:

Hannah Nichols

May 1, 2024

[email protected]

574-235-2128

1st Source Corporation Announces the Promotion of Andrea Short to President

Short continues role as President and CEO of 1st Source Bank

South Bend, Ind. (May 1, 2024) – Christopher J Murphy III, Chairman and CEO of 1st Source Corporation and Chairman of 1st Source Bank announced today that as part of 1st Source’s long-term succession planning, the Board of 1st Source promoted Andrea G. Short to President of 1st Source Corporation. Prior to this promotion, she served as Executive Vice President of the Corporation and will continue to serve as President and CEO of 1st Source Bank. She will also remain a member of the Board of Directors of both 1st Source Corporation and 1st Source Bank.

The role was previously held by Mr. Murphy, who will continue to serve as Chairman and CEO of 1st Source Corporation, as well as Chairman of 1st Source Bank. Mr. Murphy stated that he is pleased with the Board’s decision to promote Andrea Short as it speaks to her longstanding growth within the company where she has been a champion of the company’s culture, its values, and its commitment to long term performance for the benefit of its clients and shareholders.

“She is a proven leader who believes in our mission of helping our clients achieve security, build their wealth, and realize their dreams,” said Mr. Murphy. “This promotion also validates our commitment to the development of much of our future leadership from within the company. Andrea brings knowledge, history, and years of strong performance to her new position. I look forward to continuing to work with her in the years ahead.”

In response to the Board’s action, Ms. Short stated: “I am honored to be promoted to President of 1st Source Corporation and have had the pleasure of working with a great team here throughout my career,” said Ms. Short. “I love 1st Source because we are a community bank focused on the success of our neighbors, our colleagues, our clients, and our shareholders. I look forward to continuing the long commitment to our Board along with the Morris, Carmichael,

Raclin, and Murphy families. I am excited to lead our team as we continue to serve our communities well.”

Andrea Short has 40 years of banking experience with 26 of them at 1st Source. She began her career at 1st Source Bank in 1998 as Tax Director. In September of 2001, she was promoted to Vice President and Controller, responsible for all finance and accounting functions. In 2011, she was promoted to Senior Vice President, and in 2013 to Chief Financial Officer and Principal Accounting Officer. In October of 2014, she was promoted to Executive Vice President and given responsibility for the Loan and Retail Operations functions. In July of 2020, Ms. Short added the role of President of 1st Source Bank and a year later, relinquished the Chief Financial Officer role to focus all her energies as President of the Bank. In December of 2022, she also became CEO of the Bank.

Ms. Short is a Certified Public Accountant with a Bachelor of Arts from Alma College. She completed the University of Chicago Booth School of Business’ Chicago Management Institute and Northwestern University Business School’s Executive Marketing Program. She later graduated from the Harvard Business School’s Advanced Management Program. In her community, she has been involved with numerous organizations and currently serves on the Board of the South Bend Elkhart Regional Partnership and as Treasurer and Secretary of the Medical Education Foundation.




Andrea G. Short

1st Source Corporation, parent company of 1st Source Bank, has assets of $8.7 billion and is the largest locally controlled financial institution headquartered in the northern Indiana-southwestern Michigan area. The Corporation includes 78 banking centers, 18 1st Source Bank Specialty Finance Group locations nationwide, nine Trust and Wealth Advisory Services locations, 10 1st Source Insurance offices, and three loan production offices. For more than 160 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 https://www.1stsource.com/.

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