The Federal Deposit Insurance Corp. closed two subsidiaries of a $3.2 billion-asset banking company in Indiana on Friday, bringing the year's bank failure total to 94. The failures of $2.7 billion-asset Irwin Union Bank and Trust Co., of Columbus, Ind., and $493 million-asset Irwin Union Bank, of Louisville, Ken., will wind up costing the FDIC's insurance fund $850 million. Both institutions were owned by Irwin Financial Corp., located in Columbus. The agency transferred their holdings to First Financial Bank, Hamilton, Ohio. Three years ago Irwin sold its mortgage banking subsidiary, including a $14 billion servicing portfolio.
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