Should I Do It? Banking on 1st Source
1st Source (SRCE) is a stock that's been bashed lately by the market, along with many other lenders.
The company has about 70 branches in Michigan and Indiana, but more than half of the bank's loans are in the form of financing offered to buyers of aircraft, autos, trucks and construction equipment.
1st Source is attempting to boost its retail presence through the proposed $135 million acquisition of Fina Bancorp, announced Feb. 20. The deal, which is expected to close by the end of the second quarter, will add 26 branches and $600 million of assets to the company's coffers.
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