Longtime Bank Leader Joins Source Former Onb, West One President Returns To City

D. Michael Jones, former president of Old National Bancorp, will return to Spokane next week as president of Source Capital Corp.

The company, which specializes in commercial loans secured by real estate, also said incumbent President Alvin J. Wolff Jr. would continue as board chairman.

Wolff has headed Source since it was organized out of the bankruptcy of Selectors Inc. in 1991.

In 1994, the company earned $936,000. Vice President Les Clark said 1995 results should be released soon.

Jones was president of West One Bancorp until Dec. 26, when the Boise-based bank merged with U.S. Bancorp.

U.S. Bancorp was also the holding company that in 1987 acquired Old National Bancorp, where Jones had worked since 1973. Jones moved on to Moore Financial Group, which later changed its name to West One.

“I am pleased to be joining Source Capital and look forward to helping Fritz Wolff and the board of directors build a financial services company that in time will be a leading force in commercial real estate and other financial services in the Pacific Northwest,” Jones said.

He said he expects to add factoring and leasing to Source’s activities, and will hire former associates to help manage those areas.

Jones said other options open to him with the merger of West One would have taken him out of the Northwest. “We think this is the one to go forward with,” he said, noting that he and his wife are from Spokane, and that her parents remain in the area.

Wolff said Jones’ experience with a larger organization and connections in financial circles should help Source make better use of its $12 million in capital.

Acquisition of another company is one possible expansion route, he said.

“The company has come along nicely,” Wolff said. “We have lots of room to grow.”

, DataTimes