Irwin Financial

FDIC sues executives over Irwin failureRestricted Content

May 25, 2013
Chris O'Malley
The Federal Deposit Insurance Corp. has filed suit against four former officers of defunct Irwin Financial Corp. banks, alleging they “closed their eyes to known risks” in approving loans that contributed to the banks’ 2009 takeover by regulators.
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Judge tosses out lawsuit blasting Irwin executivesRestricted Content

October 6, 2012
Greg Andrews
A judge dismissed a lawsuit filed by Irwin Financial Corp.'s bankruptcy trustee, saying the only party with the right to bring suit was the bank’s receiver, the Federal Deposit Insurance Corp. It didn't do so by last month's deadline.
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Bank directors feeling greater scrutinyRestricted Content

October 15, 2011
Francesca Jarosz
Tough economy, regulations dampen interest in the positions.
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First Financial singled out as growing company in troubled industryRestricted Content

September 17, 2011
 IBJ Staff
The bank that took over operations of failed Irwin Union Bank of Columbus two years ago recently announced the purchase of all 22 Flagstar Bank branches in Indiana.
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First Financial buying Flagstar's 22 Indiana branches

August 16, 2011
Greg Andrews
First Financial said the $23 million purchase gives it a rare opportunity to expand its presence in the Indianapolis metro area at a time there are few acquisition targets available.
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Cost cutting planned by Integra Bank's new owner

August 1, 2011
 IBJ Staff and Associated Press
Old National Bank President Bob Jones said an undetermined number of jobs will be eliminated, with the bulk of them being branch managers and other management positions.
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Integra Bank's auditor says situation may be dire

February 1, 2011
 IBJ Staff
Monday’s announcement is the latest ominous news for Integra, which is at risk of becoming the second Hoosier financial institution to fail since the financial crisis began in 2008.
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Irwin Financial trustee poised to sue insiders

November 13, 2010
Greg Andrews
Court papers reveal officers and directors of the holding company for the failed Columbus-based bank will soon be defendants in a $40 million suit.
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Court of Appeals upholds Miller estate decision

September 30, 2010
Kathleen McLaughlin
The Indiana Court of Appeals has sided with former Columbus, Ind., banker Will Miller in an estate battle launched by his older brother, Hugh. In an opinion issued Thursday, the court said Will Miller was correct to spend more than $20 million over 3-1/2 years on the upkeep of properties owned by the wealthy Columbus family.
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Feds take over $20M Irwin pension shortfall

August 23, 2010
 IBJ Staff
The Pension Benefit Guaranty Corp. estimates Irwin Financial Corp.’s pension plan is 56 percent funded, with assets of $26.7 million to cover $47.2 million in benefit liabilities.
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First Merchants, First Financial mull expansionRestricted Content

August 7, 2010
Norm Heikens
Acquisitions situate banks to seek market share in Indianapolis.
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Miller brothers who shared in fortune fighting over $3 million

June 5, 2010
Kathleen McLaughlin
J. Irwin Miller’s two sons have been battling for years over who should have paid expenses on the wealthy Columbus family’s homes and businesses, but their fight isn’t about the money—especially after they inherited at least $20 million apiece.
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New collateral rules for Indiana deposits may favor big banks

May 22, 2010
Peter Schnitzler
New state rules designed to protect government cash from bank failures might have an unintended consequence: helping the biggest banks and hurting the smallest.
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Report: Examiners failed to curb risky lending at Irwin Union

May 5, 2010
 IBJ Staff and Bloomberg News
The now-defunct Irwin Union Bank and Trust almost tripled in size from 2000 to 2005 as it extended credit to subprime mortgage borrowers with insufficient collateral.
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Banks gobble TARP money, suffer losses

December 26, 2009
Peter Schnitzler
The housing meltdown and recession gave banks in Indiana and across the nation their biggest test in decades.
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First Financial gets sweet deal on Irwin Financial's bank assetsRestricted Content

October 24, 2009
Greg Andrews
It’s good to be among the favored few, those blessed by the Federal Deposit Insurance Corp. to scoop up the remnants of failed banks. Because it was on the FDIC list of approved buyers, Cincinnati-based First Financial Bancorp was able to acquire Columbus, Ind.-based Irwin Financial Corp.’s banking operations under terms that would make any deal-maker proud.
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FDIC fee hitting small banks particularly hardRestricted Content

October 3, 2009
Scott Olson
Fees imposed on U.S. banks to rebuild a Federal Deposit Insurance Corp. fund nearly depleted by scores of bank failures is expected to sap profits of small financial institutions. Community banks with less income than their larger counterparts are particularly at risk of having their 2009 earnings erased by the charges after an emergency fee on banks took effect June 30.
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Irwin Financial files for bankruptcy liquidation

September 21, 2009
Peter Schnitzler
Columbus-based Irwin Financial Corp. has filed for Chapter 7 bankruptcy, setting the stage for the liquidation of the remaining assets of the troubled banking company.
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Unfinished federal bailout sealed Irwin's failure

September 21, 2009
Peter Schnitzler
Up to the end, Columbus-based Irwin Financial Corp. anticipated a government bailout that never materialized.
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Australian owner abandons efforts to sell Chase TowerRestricted Content

September 19, 2009
Greg Andrews
Macquarie Office Trust of Sydney has quietly pulled the 48-story Chase Tower off the market, along with a property in Boston and a property in Denver that failed to draw juicy enough offers.
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Regulators close Irwin banking operations

September 18, 2009
 IBJ Staff
State and federal regulators shut down the two banking subsidiaries of ailing Irwin Financial Corp. of Columbus. The action makes Irwin Union Bank and Irwin Union Bank FSB the first financial institution failures in Indiana since steep losses hit the industry last year.
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Irwin Financial admits outlook dire

September 16, 2009
Greg Andrews
Shares of Irwin Financial Corp. plummeted this morning after the banking company disclosed that regulators have ordered it to bolster its capital by the end of the month to levels "it has no realistic prospect of achieving."
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Irwin Financial narrows losses, continues restructuring

August 5, 2009
Scott Olson
Irwin Financial Corp. narrowed its losses in the second quarter, as the company continued to restructure or face the possible suspension of its business.
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Regulators hike Irwin Union's capital requirements

July 27, 2009
Peter Schnitzler
Regulators have told Irwin Union Bank FSB that it must boost its capital by the end of next month or face the possible suspension of its business.
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