1st Source redeems shares

East Allen Times:

SOUTH BEND - 1st Source Corp. announced plans Dec. 23 to repurchase 111,000 shares issued to the U.S. Treasury a year ago under the Capital Purchase Program.

The South Bend-based bank company was expected to repay $111.68 million to redeem the shares Dec. 29.

Christopher Murphy III, 1st Source’s chairman, said the bank never needed to rely on the Treasury Department’s investment. “Our participation in the Capital Purchase Program came out of an abundance of caution and a desire to support our government’s efforts to deal with frozen capital markets,” he said....