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 16, 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 16, 2020, 1st Source Bank, a subsidiary of 1st Source Corporation, issued a news release advocating additional funding for 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 16, 2020	/s/ ANDREA G. SHORT
	Andrea G. Short
	Treasurer and Chief Financial Officer
	Principal Accounting Officer

Document

Contact:	For Immediate Release:
Lindsey Horner	April 16, 2020
hornerl@1stsource.com
574-235-2506

1st Source Bank Stands by Small Businesses and Advocates for Additional Paycheck Protection Program Funding Amid COVID-19 Pandemic

South Bend, Ind. (April 16, 2020) – At present, the U.S. Small Business Administration (SBA) is no longer accepting applications for Paycheck Protection Program (PPP) loan funding, as the $349 billion allocated to this program through the CARES Act has been met. In the 13 days the PPP has been available, 1st Source Bank has been able to submit and gain approval for over $554 million of funding for 2,061 small business clients in our communities.

1st Source Bank is now advocating for the approval and immediate release of the additional $250 billion currently under consideration by Congress to extend the Paycheck Protection Program.

“The need for additional Paycheck Protection Program dollars is apparent, and we are doing everything in our power to make sure those dollars are brought to our communities quickly,” says Chris Murphy, CEO of 1st Source Bank. “I have personally reached out to our local members of the House of representatives and our U.S. Senators to express the importance of this additional funding and why the extension of this program is vital to our communities and the economy. I have encouraged my colleagues and counterparts to do the same. The sheer volume of applications and need for this support should be proof enough that small businesses across this country are continuing to struggle through this pandemic, and that additional help is needed to keep these businesses afloat and to protect their employees and families.”

As the decision to provide additional resources to the Paycheck Protection Program is being weighed by Congress, 1st Source Bank is continuing to ready the applications in our pipeline for prompt submission should the SBA re-open the application portal. To ensure as many PPP dollars as possible are brought into the communities we serve, 1st Source Bank will also extend our assistance to non-clients once our pipeline of current clients is exhausted.

“I encourage everyone to reach out to their local politicians to advocate for the approval of the additional $250 billion for the Paycheck Protection Program,” Murphy continues. “Small businesses are the bedrock of the communities we serve, and it is our responsibility to speak up on their behalf so that these businesses, and our communities, can continue to thrive.”

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.