Irwin Union Bank Shut Down by FDIC – Bank Failure 94 in 2009
Posted on | September 19, 2009 | No Comments
Irwin Union Bank, F.S.B along with Irwin Union and Bank Trust Company were shut down by the FDIC on Friday, September 18th, 2009. These two bank failures bring the total number of FDIC closures to 94. The FDIC estimates the hit will be about $850 million for both financial institutions.
From the FDIC website:
“Federal and state regulators today closed Irwin Union Bank, F.S.B., Louisville, Kentucky, and Irwin Union Bank and Trust Company, Columbus, Indiana, respectively. The institutions are banking subsidiaries of Irwin Financial Corporation, Columbus, Indiana. The regulators immediately named the Federal Deposit Insurance Corporation (FDIC) as the receiver for the banks. To protect depositors, the FDIC entered into a purchase and assumption agreement with First Financial Bank, National Association, Hamilton, Ohio, to assume all of the deposits of the two banks.
Irwin Union Bank and Trust Company, Columbus, Indiana, was closed by the Indiana Department of Financial Institutions. As of August 31, 2009, it had total assets of $2.7 billion and total deposits of approximately $2.1 billion. Irwin Union Bank, F.S.B., Louisville, Kentucky, was closed by the Office of Thrift Supervision. As of August 31, 2009, it had total assets of $493 million and total deposits of approximately $441 million.”
The entire press release is available at this link.
If you had assets or loans with either of these companies you can go to the FDIC link located here to get valuable information. For more information on bank failures please make sure to check out Subprime Blogger every Saturday. We will update you with the latest failures and the information you need to know if you used that particular bank. Please bookmark the Bank Failure category below for easier access.
Author: Heather Best
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