FDIC: Irwin Union Bank & Trust Of Columbus, Ind., Closed
18 September 2009 - 11:55PM
Dow Jones News
Regulators have closed two banks controlled by an Indiana-based
company.
The Federal Deposit Insurance Corp. said the banks were Irwin
Union Bank, F.S.B., Louisville, Ky., and Irwin Union Bank and Trust
Company, Columbus, Ind.
The lenders are subsidiaries of Irwin Financial Corp. (IFC), of
Columbus, Ind.
The FDIC was named as the receiver. To protect depositors, the
FDIC entered into an agreement with First Financial Bank, National
Association, of Hamilton, Ohio, to assume all of the deposits of
the two banks.
Irwin Union Bank and Trust Company was closed by the Indiana
Department of Financial Institutions. As of Aug. 31, it had total
assets of $2.7 billion and total deposits of approximately $2.1
billion.
Irwin Union Bank was closed by the Office of Thrift Supervision.
As of Aug. 31, it had total assets of $493 million and total
deposits of approximately $441 million.
-By Jeff Bater, Dow Jones Newswires; 202-862-9249;
jeff.bater@dowjones.com