Two more banks were closed by regulators on Friday, September 18th. The banks closed were 2 units of Irwin Financial Corporation. The banks closed include Irwin Union Bank, F.S.B., Louisville, Kentucky and Irwin Union Bank and Trust Company, Columbus, Indiana.
Information on the closed banks is provided below for affected customers.
Irwin Union Bank, F.S.B., Louisville, Kentucky and Irwin Union Bank and Trust Company, Columbus, Indiana
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.
Irwin Union B&T Company and Irwin Union Bank, F.S.B. had 27 locations between them and will reopen during their normal business hours beginning Saturday as branches of First Financial Bank. Depositors of the failed institutions will automatically become depositors of First Financial Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. All customers should continue to use their existing branches until First Financial Bank can fully integrate the deposit records of the two institutions.
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