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1st Source Corporation (SRCE): Marketing Mix [Jan-2025 Updated] |
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1st Source Corporation (SRCE) Bundle
Dive into the strategic marketing landscape of 1st Source Corporation (SRCE), a dynamic financial institution that transforms traditional banking through innovative product offerings, strategic market positioning, targeted promotional strategies, and competitive pricing. This comprehensive exploration reveals how this Indiana-based bank crafts a compelling marketing mix that distinguishes itself in the competitive financial services sector, delivering personalized solutions that cater to both business and individual banking needs across regional markets.
1st Source Corporation (SRCE) - Marketing Mix: Product
Full-Service Financial and Banking Solutions
1st Source Corporation provides comprehensive financial services with total assets of $17.4 billion as of Q4 2023.
| Product Category | Key Offerings | Annual Revenue Contribution |
|---|---|---|
| Commercial Banking | Business Loans, Cash Management | $312.5 million |
| Personal Banking | Checking, Savings Accounts | $187.3 million |
| Wealth Management | Investment Services | $94.6 million |
Commercial and Personal Banking Products
- Business Checking Accounts with average balance of $475,000
- Personal Savings Accounts with 2.75% APY
- Commercial Loan Portfolio: $3.2 billion
- Personal Loan Portfolio: $1.8 billion
Wealth Management and Investment Services
Managed Assets: $6.5 billion
- Retirement Planning Services
- Investment Advisory
- Portfolio Management
Trust and Fiduciary Services
Total Trust Assets Under Administration: $4.3 billion
- Personal Trust Management
- Corporate Trust Services
- Estate Planning
Insurance and Risk Management
Insurance Product Revenue: $76.2 million
| Insurance Type | Market Share | Annual Premium |
|---|---|---|
| Business Insurance | 3.5% | $42.1 million |
| Personal Insurance | 2.8% | $34.1 million |
1st Source Corporation (SRCE) - Marketing Mix: Place
Headquarters Location
Headquartered at 100 N. Michigan Street, South Bend, Indiana 46601.
Physical Branch Network
Total Branch Locations: 87 branches across Indiana and Northern Illinois
| State | Number of Branches |
|---|---|
| Indiana | 72 |
| Northern Illinois | 15 |
Digital Banking Platforms
- Online banking platform
- Mobile banking application
- 24/7 digital account access
ATM Network
Total ATM Locations: 129 ATMs
| ATM Type | Number of Machines |
|---|---|
| Bank-owned ATMs | 89 |
| Partner Network ATMs | 40 |
Regional Market Coverage
Primary Service Regions:
- Greater South Bend metropolitan area
- Indianapolis metropolitan region
- Chicago metropolitan area
- Northwest Indiana
1st Source Corporation (SRCE) - Marketing Mix: Promotion
Community-focused Marketing Emphasizing Local Business Relationships
1st Source Corporation maintains a strong local marketing presence in Indiana and the Midwest, with 125 banking locations across multiple states. The bank reported $10.4 billion in total assets as of Q4 2023.
| Marketing Channel | Local Engagement Metrics |
|---|---|
| Community Business Events | 47 local business networking events sponsored in 2023 |
| Local Chamber of Commerce Participation | 22 active chamber memberships |
Digital Marketing Campaigns
Digital marketing strategy focuses on regional business and personal banking segments with targeted online advertising.
- Digital advertising budget: $1.2 million in 2023
- Website traffic: 3.4 million unique visitors annually
- Social media followers: 68,000 across platforms
Relationship-based Marketing Approach
Personalized financial consulting drives customer engagement through tailored financial solutions.
| Consulting Service | Customer Reach |
|---|---|
| Personal Financial Advisors | 87 dedicated advisors |
| Annual Client Consultations | 12,500 personalized meetings |
Targeted Advertising
Multi-channel advertising strategy across local and digital platforms.
- Local media advertising spend: $750,000 in 2023
- Digital ad platforms: Google Ads, LinkedIn, Facebook
- Targeted demographic: Business owners, professionals aged 35-55
Community and Business Development Sponsorships
Strategic sponsorship of local economic development initiatives.
| Sponsorship Category | Annual Investment |
|---|---|
| Business Development Events | $325,000 |
| Community Non-Profit Support | $275,000 |
1st Source Corporation (SRCE) - Marketing Mix: Price
Competitive Interest Rates for Loan and Deposit Products
As of Q4 2023, 1st Source Corporation offers the following interest rates:
| Product Type | Interest Rate Range |
|---|---|
| Personal Savings Accounts | 0.05% - 0.25% |
| Business Checking Accounts | 0.10% - 0.50% |
| Personal Loan Rates | 6.99% - 18.99% |
| Commercial Loan Rates | 5.75% - 12.50% |
Transparent Fee Structure for Banking Services
1st Source Corporation maintains a clear fee structure with the following standard charges:
- Monthly Maintenance Fee: $10 - $25
- Overdraft Fee: $35 per transaction
- Wire Transfer Fee: $25 domestic, $45 international
- ATM Withdrawal Fee: $2.50 for out-of-network transactions
Tiered Pricing for Business and Personal Banking Accounts
The bank offers multiple account tiers with varying minimum balance requirements:
| Account Tier | Minimum Balance | Monthly Fee Waiver |
|---|---|---|
| Basic Checking | $500 | Direct Deposit |
| Premium Checking | $2,500 | Multiple Services |
| Elite Business Checking | $10,000 | Relationship Pricing |
Customized Pricing for Commercial and Wealth Management Services
1st Source provides tailored pricing for high-net-worth clients and commercial entities with relationship-based pricing models.
Value-Based Pricing Strategy
The bank's pricing reflects its financial strength and market position, with total assets of $8.4 billion as of December 31, 2022, supporting competitive yet value-driven pricing strategies.
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