Grants totaling more than $600,000 are on the way to the United Way organizations serving 18 counties across Michigan’s Great Southwest and Northern Indiana thanks to the generosity of 1st Source Bank and the 1st Source Foundation, all to address the challenges of the pandemic.
1st Source Bank and the 1st Source Foundation have announced the huge volume of grants to address COVID-19 challenges will be funded through The United Ways of the region, matching the footprint of the service area in which 1st Source Bank serves businesses and individuals through its banking centers.
Chris Murphy, CEO of 1st Source Bank, says, “I am pleased to announce that 1st Source Bank in concert with the 1st Source Foundation is making grants of a little over $600,000 in two distributions – $400,000 in the next two weeks and $200,000 in early September – to The United Ways of the 18 counties of Northern Indiana and Southwestern Michigan.” Murphy adds, “While we are committed to helping individuals, businesses and communities deal with the financial challenges brought on by the virus, we also believe that help needs to be directed at the physical, mental, social and spiritual health of the communities we serve, and the United Way is best equipped to make those decisions.”
The first grant of $400,000 will be distributed by the local United Way in each county to those organizations, either in their counties or elsewhere, that are doing the most to serve their county residents affected by COVID-19. The second grant of $200,000 will be distributed in the fall of 2020 based on an assessment by 1st Source Bank and 1st Source Foundation as to the needs of those same counties relative to their populations and 1st Source Bank’s deposit share in each.
Murphy went on to say, “We are grateful for all those in the not-for-profit sector and the health care community who are sacrificing to serve those in our communities facing the greatest challenge from the Coronavirus,” and concludes, “We are pleased to partner with committed and well-run United Way organizations, led by community volunteers who are best equipped to see that these monies are effectively used to help their community. Again, these dollars are not restricted to being used in any particular county, rather they are to be distributed to those organizations that most help the citizens of the county no matter where the provider of the essential services may be located.”
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 the mission of helping clients achieve security, build wealth and realize their dreams. For more information, visit online at www.1stsource.com.
