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News Now

CU System
Closed bank worked closely with CU mortgages
WASHINGTON (9/22/09)--The Federal Deposit Insurance Corp. (FDIC) Friday seized two subsidiaries of Irwin Financial Corp., a Columbus, Ind.-based banking company that worked in the past with credit unions on mortgage lending. The actions bring the total number of failed banks this year to 94. Citing previous cease-and-desist orders and directions for the banks to increase capital, regulators closed the $2.7 billion asset Irwin Union Bank and Trust Co., based in Columbus, Ind., and $493 million asset Irwin Union Bank of Louisville, Ky. The failures were estimated to cost FDIC $850 million. The institutions' holdings were transferred to First Financial Bank, Hamilton, Ohio, FDIC said. Irwin Mortgage Corp., a wholly owned subsidiary of Irwin Financial Corp., formerly offered mortgage loans through sales staff located onsite at about 50 credit unions. In 2005, it sold its credit union lending business to American Home Mortgage, a subsidiary of American Home Mortgage Investment Corp. (News Now March 17, 2005). The community mortgage loan production branches were located in Arizona, California, Colorado, Hawaii and Washington. Irwin also sold 17 branches and its Carson, Calif.-based loan operation to Pinnacle Financial Corp. (News Now March 19, 2005). American Home Mortgage Investment Corp. later went bankrupt in August 2007(News Now Sept. 20, 2007).


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