Struggling Irwin Financial loses $104 million in 4Q - Business First of Louisville:

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Columbus, Ind.-based Irwin Financial, the paren t company of , on Wednesday also has restatedits third-quartert results. The company said it lost $107 million in the thirc quarterof 2008. In November, the company reported that it hadlost $54.r million. Irwin Financial officials also reported Wednesday that the companyt on Tuesday sold mortgage serviciny rights and certain assets related to securitizex home equity loansto LLC. The sale is expected to removeabout $690 million of home equitt assets and related debt from Irwin Financial’s books, the company said in a news release.
Irwib Financial (NYSE: IFC) announced a year ago that it was seekinf to exit the national mortgagwe and home equity lendingg business in order to concentrate on small businessd lending andcommunity banking. “The deterioratio in credit quality and write downws inour portfolios, a very large deferred tax and other restructuring costs led to significant losses in 2008,” Irwin Financial chairman and CEO Will Millert said in the release.
He added that the company’s externapl auditors believe that the challenges the bank faces in boostinb capital levels and reorganizingthe company’s operating structurde “raise doubt about the company’s abilit to continue as a goin g concern.” Miller said that the compan continues to pursue a plan to develop a public-private partnership with Columbus, Ind.-basefd engine-maker and four other investors, whichu have agreed to buy up to $34 million of common shares after shareholders have been given the firsft opportunity to invest in the Those investors include Miller and his family membersd and Henry B.
Schacht, a former chairman and CEO of Cumminsa and Each ofIrwin Financial’s board members also has promisefd to invest in the offering, which must meet the approvak of banking regulators and the . “We have built up liquidityu levels to give us time to executde our plans and we expect to maintain accese to our most important sources of Miller said inthe release. “We are diligently continuinb down the path of our strategic The significant progress we made recently better positionss us to deliver core small businesxs and communitybanking services.
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