WINONA LAKE - First Source Bank, Warsaw, held an investment seminar Friday at The Boat House, Winona Lake, for clients of the Personal Asset Management Group.

"We have been very pleased with the response to the opening of our Warsaw office 20 months ago," Christopher Murphy, chairman and CEO of First Source Bank, said.

Murphy announced Friday the formation of an advisory committee to assist First Source in providing personal asset management services in the Warsaw area. Dane and Mary Louise Miller, Rita Schobert and John and Maureen Hall were asked to serve on this advisory committee, which will meet quarterly and will review marketing ideas and investment products available and give feedback on services provided.

Murphy said First Source was founded in 1863 in South Bend.

"We have shareholders in all 50 states," he said. "Today, we have about $250 million in equity."

Murphy introduced Bruno P. Riboni, assistant vice president and investment officer, who spoke to clients regarding the economy and investments.

To look at today's economy, Riboni said, "you have to take a step back and look at the economy last year."

Last year's economy was a "strong economy with virtually no inflation." Now the "economy has definitely slowed down (and) unemployment is actually lower at 3.9 percent."

Inflation is at 3.5 percent and "most of that increase (is due to) a rise in energy prices," Riboni said.

He briefly discussed several issues that could slow down the economy. Issues included increased energy prices (such as fuel costs rising), increased expenditure in the stock market, the relationship between low employment and activity gains, a merging credit crunch (higher bankruptcy rate due to people not paying bills) and the election.

"A one-party domination may have a long-term impact on the economy," Riboni said.

Kevin A. Carey, assistant vice president and investment officer, spoke to clients about the stock market.

"I could probably sum up the stock market in two words - buy bonds," Carey said.

He also discussed four key elements that have pushed stock prices lower so far this year: energy, euro, earnings and the election.

"Our expectations for growth need to come down to a lower level," Carey said. "And I think we're going through that." He referred to this growth as "growing pains."

For 2001, Carey said, he foresees an "average growth in stock anywhere from 8 to 10 percent."

Steven J. Wessell, First Source vice president and group leader for investment division and trust, said Dane Miller, president and CEO of Biomet Inc., Warsaw, has been on the board since 1987. Wessel said Miller and other board members have "helped us in identifying what we need to do to improve our service to you (customers)."

Miller and Brent Wilcoxson, Winona Restoration, both spoke on recent improvements and future visions for Winona Lake.

"Winona Lake has been a dream of ours for quite a while," Wilcoxson said.

Six years ago, Miller and Wilcoxson partnered up to restore Winona Lake.

"Certainly that vision has not just been ours," Wilcoxson said. "It's been shared by a lot of people, a lot in this room, and we thank you."

Miller and Wilcoxson said Winona Lake started in the late 1800s with a quarter-million people visiting the lake in 1912.

"Dane and I wanted to take natural attributes and turn (Winona Lake) into a place of gathering again," Wilcoxson said.

Both Miller and Wilcoxson encouraged people to buy pottery and artwork from the Winona Lake artisan shops as good investments.

John Elliott, vice president and account officer, gave concluding remarks at the briefing.

"We started here and we're staying here," Murphy said. "Our intention is to never be sold." [[In-content Ad]]