1st Source Bank wants to be more than just a financial institution to members of the Associated Equipment Distributors (AED).
“When our customers are calling us because they have issues that we’re not even part of, but they want to know what our aspect is and what we think, that’s what we strive to do – to become a true business consulting partner to our customers,” explained Larry Shute, president of 1st Source Bank’s Construction Equipment Finance Division.
The Indiana-based bank is a publicly traded, closely held institution that has been offering financial services since 1863. It has $6.32 billion in assets and has earned numerous national honors, including being named the “Top-Ranked Bank Headquartered in Indiana” by Forbes in 2018 and earning a 5-star “Superior” rating from BauerFinancial based on capital ratio, profitability/loss trend, credit quality and CRA rating.
Yet, give the bank a call and you’ll still get a human on the other end of the phone.
“We are not a big box bank lender ... there’s no big bureaucracy here,” Shute said. “You’re talking to the guy. You call for us and you don’t get a machine. You get a live person, and more than likely you’re going to be able to get to whoever you need to help you, whether it’s to help you solve your positive problem or solve your negative problem. We’re very available. We want to be close to the customer. That’s the way we operate.”
Focusing on the small and middle market, 1st Source Bank has been a member of AED since 1990 and has sponsored the annual Summit fun run for nearly as many years.
Shute believes the seasoned sales team’s familiarity with the equipment industry and their understanding of what it takes to run a small-to-mid-size organization makes the bank particularly suited to understanding the needs of many of AED’s members.
“We’re a smaller business too, and we’re somewhat family oriented because of the closely held piece of the organization, which allows us to understand all of those customers that are in the equipment rental business or the dealer business or construction-oriented,” he said. “We’re a steady influence and pretty knowledgeable on the equipment side. And also on running a business and managing people and teamwork, which is what the dealers are all about. We’re on the same level. We do the same thing.”
1st Source Bank offers a full array of banking products, including depository products, trusts, personal asset investment and insurance.
“We’ve got all the products, so we’re not just a transactional lender who is looking to do a million-dollar deal with someone and then never talk to you again until the next deal,” Shute said. “We are all about relationships.”
That means ensuring those relationships endure through good times and bad.
“I can’t tell you the number of customers we’ve had for 20 and 30 years,” Shute said. “One aspect of it is, we don’t go in and out of the market. When the economy turns or goes a little bit south, we don’t leave the market. We don’t cut people off. We’re still there. The negative problems up here, we’re more than anxious to help our customers through any of that. We’re not just, let’s repossess something and move on down the road. Helping is part of our business.”