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1st Source Elects New Member to its Board of Directors
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
management
Rhea-AI Summary
1st Source Corporation recently elected Isaac P. Torres to its Board of Directors. Mr. Torres, President and CEO of InterCambio Express, brings extensive experience in internet-based industries and international payment systems. He qualifies as an Audit Committee financial expert under SEC guidelines and has a strong background in finance and accounting. This election follows the re-election of three other board members, ensuring continuity in leadership. All elected directors will serve until April 2025.
Positive
Isaac P. Torres brings expertise in international payment systems and finance.
His election is expected to strengthen the Board's leadership and vision.
Torres qualifies as an Audit Committee financial expert under SEC guidelines.
Negative
None.
International business leader to bring extensive leadership skills
SOUTH BEND, Ind.--(BUSINESS WIRE)--
1st Source Corporation announces the election of Isaac P. Torres to its Board of Directors. Mr. Torres is President and Chief Executive Officer of InterCambio Express, Inc., an internet-based money transfer service with a U.S.A. headquarters in Elkhart, Ind. and a Mexican subsidiary located in Puebla, Mexico. Mr. Torres has expertise in internet-based industries and international payment systems as well as extensive skills in finance, accounting compliance and international business.
Isaac P. Torres (Photo: Business Wire)
“We are pleased our shareholders voted to add Mr. Torres to our Board, and we look forward to his contributions to the leadership and vision for the future of 1st Source. His business background and decades of experience will blend well with our already strong Board,” states Christopher J. Murphy III, Chairman and Chief Executive Officer of 1st Source.
Mr. Torres qualifies as an Audit Committee financial expert under SEC guidelines. He serves on the boards of the Community Foundation of Elkhart County, Women’s Care Center and RISE-Moxie. He is a Committee Member of the South Bend & Elkhart Regional Partnership - Diversity & Inclusion Committee and the Indiana University Foundation Board. Mr. Torres holds a bachelor’s degree in Accounting from the National Autonomous University of Mexico and an MBA from Indiana University. He has also attained the Certified Anti-Money Laundering Specialist (CAMS) designation.
This election comes as three current board members - John F. Affleck-Graves, Chaired Professor of Finance, and former Executive Vice President and Chief Financial Officer of the University of Notre Dame, Daniel B. Fitzpatrick, founder, Chairman and Chief Executive Officer of Quality Dining, Inc., and Christopher J. Murphy IV, co-founder, owner and Chief Executive Officer of Catharsis Productions, LLC - were also re-elected to continue their service to the 1st Source Corporation Board of Directors.
All four above mentioned directors have been elected to terms that end April 2025 and will be subject to re-election at that time.
1st Source Corporation, parent company of 1st Source Bank, has assets of $8.0 billion and is the largest locally controlled financial institution headquartered in the northern Indiana-southwestern Michigan area. The Corporation includes 79 banking centers, 18 1st Source Bank Specialty Finance Group locations nationwide, nine Trust and Wealth Advisory Services locations and 10 1st Source Insurance offices. For more than 155 years, 1st Source has been committed to our mission of helping our clients achieve security, build wealth and realize their dreams. For more information, visit www.1stsource.com.
Who is Isaac P. Torres and what expertise does he bring to 1st Source Corporation?
Isaac P. Torres is the newly elected board member and the President and CEO of InterCambio Express. He has extensive experience in internet-based industries and international payment systems.
What is the significance of Isaac P. Torres's election to the Board of Directors?
His election is expected to enhance the leadership and vision of 1st Source Corporation, leveraging his expertise in finance and international business.
When will the newly elected board members' terms end?
The terms of all elected board members will end in April 2025, at which point they will be subject to re-election.
What does it mean that Isaac P. Torres is an Audit Committee financial expert?
This designation indicates that Torres meets the SEC's criteria for financial literacy and expertise, enhancing the board's governance and oversight capabilities.
