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): July 22, 2021

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 July 22, 2021, the Board of Directors of 1st Source Corporation (the “Company”) promoted Brett A. Bauer to the positions of Senior Vice President, Chief Financial Officer, Treasurer and principal accounting officer of the Company and the Company’s subsidiary, 1st Source Bank (the “Bank”). Mr. Bauer, who is 49, has served as Vice President and Chief Investment Officer of the Funds Management Division of the Bank since the end of 2012. In November of 2016, he was named Senior Vice President of the Bank. Mr. Bauer does not have any family relationship with any member of the Company’s Board of Directors or any of the Company’s executive officers. Mr. Bauer and members of his 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. It is expected that Mr. Bauer will enter into an agreement with substantially the same terms as other executive officer employment agreements.

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 July 28, 2021.

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: July 28, 2021	/s/ ANDREA G. SHORT
	Andrea G. Short
	Executive Vice President

Document

Exhibit 99.1

Contact:	For Immediate Release:
Lindsey Horner	July 28, 2021
hornerl@1stsource.com
574-235-2506

1st Source Announces the Promotion of Two Senior Leaders

Brett Bauer appointed as Chief Financial Officer and John Bedient as Chief Operations Officer

South Bend, Ind. (July 28, 2021) – Christopher J. Murphy III, Chairman and CEO of 1st Source Corporation announces the Board of Directors’ promotion of Mr. Brett Bauer to Chief Financial Officer and Treasurer of 1st Source Corporation and 1st Source Bank with responsibility for Accounting, Finance, Asset Liability Management, Treasury Management and Investor Relations; and that of Mr. John Bedient to Chief Operations Officer of 1st Source Bank overseeing a new Operations Group combining both deposit and loan operations. Mr. Murphy states that “both colleagues were promoted due to their long-term service and success at 1st Source, as well as their service, dedication and desire to live the Bank’s values. These new responsibilities harness the unique capabilities of each for the benefit of the company, their colleagues, and most importantly, the Bank’s clients and shareholders.”

Mr. Bauer has served as Chief Investment Officer since late 2012. In this role he has been responsible for managing 1st Source’s funding and treasury functions, bank liquidity, municipal and large CD pricing and services, a $1 billion-plus investment portfolio, and setting and managing the Bank’s asset liability policy and approach. He has also played a key role in vetting tax equity investments in 1st Source’s solar financing business and recently took over responsibility for the company’s Financial Analysis unit. He initially joined the Bank as a Corporate Trainee in 1999 before becoming a Trust Investment Analyst in 2000. Prior to his tenure with 1st Source, Mr. Bauer joined Bear Stearns Japan Ltd. in Foreign Securities Operations and later served as a Vice President in the Government Securities Portfolio Management area for Bear Stearns. Between the years 2006-2012, he held the roles of Investment Officer in Funds Management and Manager of Bank Investment Operations in the Funds Management Division.

Mr. Bauer graduated from the University of Notre Dame with a BS in Business Administration and Marketing and obtained an MBA from the University in 2013.

Mr. Murphy adds, “Throughout his career here Brett has lived our values and exhibited a balanced approach to managing our risks as well as using a collaborative approach to working with his colleagues. We know this approach and his dedication will serve him and our organization well as he enters his new role.”

Mr. Bedient has served as 1st Source’s Group Head of Administrative Services and Retail Operations since 2018 and has been a leader in the Bank’s retail and deposit services areas in various capacities since 2008. He joined the Bank as a Financial Analyst in Accounting upon completing his undergraduate degree, and in 1995 became the Assistant Controller in the Specialty Finance Group (SFG) and was later promoted to Assistant Vice President in this role. At the end of 1998 Mr. Bedient became a Sales Officer in SFG, during which time he gained invaluable experience serving clients and offering a full suite of products and services. In this role, he learned the importance of having a strong and effective operations team backing up the Bank’s sales and service officers. In late 2001, Mr. Bedient was asked to apply his accounting and analytical skills to the Bank’s securitization funding efforts dealing with outside investors, credit guarantors, and gain on sale accounting and reporting. In 2005, he became a key leader in 1st Source’s core conversion efforts, working with line and staff leaders across the Bank to install an upgraded and radically improved core system.

Mr. Bedient is a graduate of Indiana University with a BS in Finance and a Minor in Economics.

“John has proven his ability to handle complex organizations and tasks and has the analytical skills to work with his operations team to find new and better ways to simplify and better automate our businesses to serve clients well and operate more effectively and efficiently,” Mr. Murphy continues. “We know he will continue to apply this approach to his new responsibilities and will successfully utilize this perspective to best serve our clients and communities well into the future.”

Brett Bauer	John Bedient

1st Source Corporation, parent company of 1st Source Bank, has assets of $7.7 billion and is the largest locally controlled financial institution headquartered in the northern Indiana-southwestern Michigan area. The Corporation includes 79 banking centers, 18 1st Source Bank Specialty Finance Group locations nationwide, nine Trust and Wealth Advisory Services locations and 10 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. Member FDIC.